S&P Global Platts

Downturn in Petrochemicals

The global petrochemical market has entered a cyclical downturn, driven by new capacity starting up which has overwhelmed demand growth. Producers in all regions have cut petrochemical operating rates due to low margins which are forecast to last into 2024. Economic run cuts will continue to be required and margins will remain under pressure in all regions across the entire petrochemical value chain.



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