The ministry of trade, industry and energy in South Korea recently urged domestic petrochemical firms to diversify their portfolios to cope with the anticipated slowdown in the industry and overcome protectionism. After excellent show in the last three years, the petrochemical industry is likely to experience a downturn, the ministry said.

The slowdown may be due to global trade disputes and the expanding supply from North America, it said.

The government will, however, make efforts to support the growth of domestic petrochemical firms, according to a news agency report.

Domestic players should ease their dependency on naphtha, a key industrial base material, and set eyes on other materials, the ministry said. As naphtha is made from crude oil, it is vulnerable to fluctuations in global oil prices.

Companies should take pre-emptive steps to prepare for the hydrogen economy and seek ways to expand investment and find new opportunities in the segment. (DS)

Fibre2Fashion News Desk – India

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