John Verity, vice president of ExxonMobil Chemical Co.'s global polyolefins business, urged plastics leaders to take a long-term view of the industry, which he said will continue to grow faster than the overall global economy.
Despite our short-term challenges, the long term remains very bright, Verity said in a May 17 keynote speech at Antec 2010 in Orlando.
Verity said the industry has struggled through a very challenging and turbulent recession, and also faces a series of unprecedented attacks on plastics and chemicals. That is why it's critical for our industry to maintain a long-term focus and to look through this down cycle to a brighter and more sustainable future, he said.
Verity started at Exxon in 1980, selling polyethylene in the U.K. Right away, oil price shocks sent the economy into a deep recession. But he said the industry bounced back. It will bounce back this time, though the recovery will be uneven, as growth in countries like China and India will be stronger than the U.S. and Asia.
In fact, he said, China and India will account for 60 percent of the increase in global petrochemical demand during the next 10 years.
When you take a long-term view, the outlook for our industry remains strong. This is because of the essential and critical role that plastics play in all of our lives, Verity said.
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