Chemical makers fret over their future

The world’s petrochemical industry is in a perilous state. It is facing its worst business downturn in a generation because producers overbuilt capacity just as the global economy stalled during the COVID-19 pandemic. The problem is particularly bad in Europe, where nearly every major petrochemical producer is reviewing assets for closure . At the same time, the industry is navigating the energy transition away from fossil fuels, carefully deciding which low- carbon projects to take on, which to shelve, and which raw materials to bet on for the future. Complicating the process is a new US administration that is creating volatility over trade and decarbonization policy. These were themes at the 40th World Petrochemical Conference, hosted by S&P Global and held in Houston March 17–21. The event drew nearly 1,500 attendees from the petrochemical industry and from adjacent sectors such as plastic products, trading, energy, and finance. A dramatic moment