No place to hide: Aromatics market in turbulence through 2023 and beyond
Global aromatics markets are going through unprecedented turbulence causing some strategic shifts in direction for the industry.
European industrial output is being hard hit by high natural gas and electricity prices, while the downstream sectors are being impacted by the economic recession and reduced consumer spending arising from inflationary pressures.
Mainland China has undergone a period of rapid capacity expansion in aromatics over recent years, moving the country significantly closer to self-sufficiency in benzene, styrene, phenol, and paraxylene, reducing the need for imports from other parts of the world.
Long term, the global energy transition will lead to refinery rationalization which may affect feedstock availability for aromatics producers.
As a market player, how are you reforming your business strategy as the market continues to evolve and create greater uncertainty?