A Glut of Made-in-China Plastic Will Dent Oil’s Growth Machine
- Global petrochemicals sector in oversupply until 1H 2025: S&P
- Aggressive expansions, primarily from China, to drive glut
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Once touted as a key driver of global oil profits, the plastics industry is staring down years of anemic margins as giant plants in China look set to send a deluge of production into the market.
The construction of more than 20 petrochemical projects — to produce raw materials that go into making everything from plastic packaging to clothing and detergents — will be completed across China this year, said industry consultant ICIS.