National oil and gas conglomerate PTT Plc expects its petrochemical business units to benefit from the development of new products to serve lifestyles that have become more focused on health and environmental stewardship.
Soracha Ruanpan, PTT’s analyst for downstream businesses, said products would be needed in various sectors, including healthcare, wellness and mobility.
Demand for the products would also be driven by ageing societies and concerns over global warming, she said.
Global warming has led the state and business sectors to campaign for a reduction in carbon dioxide emissions, while the population of those aged 65 and up continues to increase worldwide, said Ms Soracha.
“Plastic packaging will prove useful for the elderly, especially those who need lightweight plastic materials or who have eye problems,” she said.
Ms Soracha was speaking during PTT’s recent forum on the outlook for the petrochemical sector.
In the healthcare and wellness sector, she believes the production of medical equipment made from plastic materials should grow, along with higher demand for prostheses, including artificial legs, teeth and other body parts.
More plastic materials are projected in the electric mobility sector as governments promote electric vehicles (EVs), which will help cut carbon dioxide emissions, said Ms Soracha.
Lightweight plastics can also be used for components in EV batteries.
Last year, the number of EVs in the global market was 15.5 million, she said. The number is expected to soar to 59 million by 2030, assuming many countries, phase out oil-powered cars, said Ms Soracha.
She said she believes PTT’s petrochemical business can seek business opportunities in plastic recycling as such materials can be used in the production of auto parts as well as packaging and building materials.
