Major changes are underway in demand patterns for chemicals and polymers.
They are being driven by demographics.
The ‘BabyBoomers’ (those people born between 1946-70 in the major industrial countries) are the richest, and largest, generation the world has ever seen:
• As they entered the 25 – 54 age group, they caused an explosion of demand.
• This is the age when people marry, settle down, have children.
• It is therefore the period of peak demand for most chemicals and polymers.
• Now, as the chart shows, they are moving into the 55+ age group.
• 55+ is the time when people tend to save more, and spend less.
• The Boomers also now have the longest life expectancy of any generation.
• So they will have to save more.
• This means major changes in Western demand patterns.
• It also means export-driven development models in emerging economies must change Instead, Asian and Latin American countries will have to refocus on domestic demand.
Next month, in association with ICIS, the blog will running a Workshop on the New Normal in Singapore. The aim will be to help participants to better understand, and profit from, these massive changes.
Please click here if you would like further details.
Helping you navigate the new normal