Plastics will help offset the slowing motor fuel market and drive global oil demand until 2050, according to the International Energy Agency. Emerging economies including China and India are boosting demand for petrochemical products ranging from plastic containers to fertilisers. Such demand would offset the impact on the oil industry of the growth of electric vehicles and more efficient combustion engines. The IEA says petrochemical products will take almost half by of global oil demand by 2030 and a third 2050. Its report said support for recycling would only have a minor impact despite a campaign against plastic waste.
Plastics will help offset the slowing motor fuel market and drive global oil demand until 2050, according to the International Energy Agency. Emerging economies including China and India are boosting demand for petrochemical products ranging from plastic containers to fertilisers. Such demand would offset the impact on the oil industry of the growth of electric vehicles and more efficient combustion engines. The IEA says petrochemical products will take a third of global oil demand by 2030 and almost half by 2050. Its report said support for recycling would only have a minor impact despite a campaign against plastic waste.