ABSTRACT
Chapter 3 gives a broad overview of the economic developments and market trends in the energy sector in general and with a focus on refining and petrochemicals. The review includes a look back onto the recent past, an initial assessment of the impact of COVID-19, and an outlook on the trends forecasted for the next 15 years. The outlook focuses on the decarbonization of the fuel market and its impact on the refining industry and the development of alternative energy and fuel sources to meet the global and regional demand. This trend is mainly driven by environmental concerns and the global commitment to reduce the emission of greenhouse gases, especially carbon dioxide and sulfur oxides. In parallel, the chemical and petrochemical industries will see slightly reduced, but still significant growth numbers, driven by the rising demand of consumer products in growing and developing economies like China and India. These developments set the framework for future trends in the integration of refining and petrochemicals.
