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They are fast becoming the biggest driver of global oil demand. The growth in demand for petrochemical products means that petrochemicals will account for more than one-third of oil demand growth by 2030 and nearly half of oil and feed demand growth by 2050, even more than trucks, air transportation and shipping.

Petrochemicals are poised to consume another 56 billion cubic meters of natural gas by 2030, roughly half of Canada's total gas consumption today. After two decades of stagnation, new dynamics in oil and gas are driving global competition, and thanks to the shale gas revolution, the United States has returned to prominence as a low-cost region for chemical production.

Today, the United States has about 40% of the world's ethane-based petrochemical production capacity. However, the Middle East remains the low-cost champion for key petrochemicals. Developing economies have enormous potential for the growth of petrochemical industries worldwide. Countries including the People's Republic of China and the United States will experience the greatest growth.

Short-term capacity building and long-term growth are being shaped by Asia and the Middle East. The United States is expected to increase its share of the global ethylene (steam cracking) market to 22% by 2025, having increased its share by nearly 20% since 2017. Along with the Middle East, the United States has a feedstock advantage with access to cheap ethane due to abundant natural gas resources.

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