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IEA: Petrochemicals will account for 55% of crude oil demand in 2050

 Last Update: 2021-11-02
 Source: Internet
 Author: User

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Recently, the International Energy Agency (IEA) stated that by 2050, the electrification of transportation, industrial and residential heating will make the petrochemical industry a major consumer of crude oil, accounting for 55% of fossil fuel demand

The IEA stated in its "Global Energy Outlook 2021" that under all potential backgrounds of the global energy structure, the use of crude oil as a raw material for the petrochemical industry will increase

In addition, the recycling rate of plastics and other petrochemical-derived products is expected to increase, but with the urbanization of emerging economies and the increase in demand for consumer products, the use of petrochemicals will also increase

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