Petrochemicals align well with long term sustainability goals and so there are a lot of opportunities for growth, according to Bryan Glover, President of Honeywell UOP. In an interview with CNBC-TV18, Glover added that he expects petrochemicals to see 3-4 percent growth annually in the near future.

Honeywell UOP believes that in the long term there will be a slowdown in the refining business growth globally.

"We think the long term trends for the next couple of years in refining are in order of one percent growth in demand annually and slowing into the early 2030s. So petrochemicals are really the other side of it where we see 3-4 percent growth annually going forward in basic petrochemicals," he explained.

In general, petrochemicals align well with long term sustainability goals because of the value that plastics play in terms of light-weighting and improving the energy efficiency of consumer products that are made.

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Glover said that refining fuel production in Asia is coming back but it hasn’t bounced back as quickly as in some other areas.

“Refining fuel production in Asia is coming back but it hasn’t bounced back as quickly as in some areas in North America for instance. In Asia it is little more of an uneven story, some economies are reopening quicker than others but in general, we see demand coming back fairly strongly.”

Watch the video for more.