The petrochemicals sector will be dominant force in the crude oil industry as it will represent nearly half of global crude oil demand growth to 2050. As per report, presently petrochemicals account for 14% of global oil consumption and 8% of gas usage, making it the largest industrial energy consume.Crude oil consumption of the petrochemicals industry is likely to soar to around 20m bbl/day over the next 32 years, while gas consumption is expected to increase by 56bn cubic metres (cbm)/day, and 83bn cbm/day by 2050.
