Sabic said it expects a gradual recovery in petrochemical markets, citing growth prospects in urea, its S-Oil venture and its Fujian operations, according to a report by Chemical Week published on October 26. Petrochemical prices fell 10% in the third quarter.
The company plans to increase its urea production capacity by 54%, positioning fertilizer as a growth pillar amid weak polymer and intermediate pricing.
Sabic's outlook comes as global petrochemical producers contend with oversupply, particularly in China, and soft demand across many derivative chains.
The same report noted that North American chemical railcar volume totaled 46,863 carloads in the week ended October 17, down 0.8% week on week but up 1.6% year on year, according to Association of American Railroads data.
Industry commentary cited in the report highlighted India's chemical sector as a key building block for agriculture, healthcare, automotive, renewable energy, electronics and semiconductors.
