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27DIRECTORYOFSINGAPOREPROCESS&CHEMICALSINDUSTRIES2023/2024EnergydemandisonanupwardtrajectoryinspiteofeffortstotampdownconsumptioninthefaceofclimatechangeTheInternationalEnergyAgency(IEA)expectsglobaldemandforoiltohitarecord1021millionbarrelsperday(bpd)in2023followinga22millionbpdincreaseThiscouldincreasetoasmuchas110millionbpdby2045basedonaprojectionby theOrganisationof thePetroleumExportingCountriesGrowthinAsiawillcontinuetofueldemandThisistheregionwherethegrowthinenergydemandwillbeandmoretocomeS&PGlobalsViceChairmanDanYergintoldtheEnergyAsiaconferenceinKualaLumpurinJune2023South-eastAsiaspopulationaloneis50%greaterthantheEuropeanUnionsheaddedOilandgaswilllikelyremaintheleadingsourcesofenergyfordecadestocomeasthetransitiontowardscleanerfuelswilltakeyearsEnergytransitionisgoingtotakealotlongeritsgoingtocostalotmoremoneyandneednewtechnologiesthatdontevenexisttodayMrJohnHessCEOofUSoilcompanyChemicalManufacturingOutput2018-202220182019202020212022(p)Petroleum439280384388219961351933533962Petrochemicals396754319927254722390695424992SpecialtyChemicals10250712119511310514299164304Others4909551715548526985572171Total9876378772246426409554731195429Source:EconomicDevelopmentBoardNetAssetInvestmentinManufacturingbyIndustryCluster,2018-202220182019202020212022Electronics30883459036475149859149944Chemicals2142489134114097998622BiomedicalManufacturing948923446382176908436PrecisionEngineering640315744291689683TransportEngineering396370091280336721664GeneralManufacturing29473950123431484367TotalManufacturing5304410884213060184857173716Source:EconomicDevelopmentBoard020406080100120201220132014201520162017201820192020202120222023USDollarsperBarrelSource:Statista
