Bioplastics Threaten Big Oil

Bioplastics Threaten Big Oil

Most people might assume transportation, with hundreds of millions of people in the developing world acquiring cars for the first time. However, according to the International Energy Agency (IEA), the petrochemical industry will represent the largest source of additional oil consumption through 2040. By 2040, the IEA actually sees oil demand from passenger vehicles declining, while road freight accounts for a growth of 4 million barrels per day (mb/d). Aviation adds 3 mb/d and maritime shipping adds another 1.4 mb/d. On the other hand, the manufacturing of petrochemicals such as plastics will add 6.2 mb/d to global oil demand […]