The volatile impact of the coronavirus pandemic hit at the same time the petrochemical industry was entering a downcycle.
The volatile impact of the coronavirus pandemic hit at the same time the petrochemical industry was entering a downcycle. Demand has already started to slow, while a surplus in capacity is eroding margins and value. The global disruption that the pandemic has brought will only serve to further exacerbate these issues.
Several factors are at play, but the key one is the global clampdown in the use of plastics. The damage plastics cause to the environment and oceans is well documented, and more countries and businesses are cutting back on these petrochemically produced products. Indeed, 250 organizations—collectively responsible for 20% of the plastic packaging produced around the world—have
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