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Strict environmental regulations, coupled with rising awareness regarding eco-friendly coatings and better alternatives to traditional products, are expected to propel market growth.
The global paints and coatings market was estimated to be valued at more than $140 billion in terms of revenue in 2019 and is predicted to grow at a CAGR of 5.4% from 2020-2027.
As market conditions evolve, ExxonMobil will continue evaluating the impacts of decreased demand on its 2020 production levels, as well as longer-term production impacts.
ExxonMobil recently announced it is reducing its 2020 capital spending by 30% and lowering cash operating expenses by 15% in response to low commodity prices resulting from oversupply and demand weakness from the COVID-19 pandemic.
The company is closely monitoring the COVID-19 pandemic and has adjusted work arrangements to ensure a healthy work environment and support communities where it operates.
ExxonMobil’s long-term growth plans are reportedly rooted in the company’s efforts to meet the world’s increasing demand for reliable and affordable energy while reducing emissions and risks associated with climate change.
ExxonMobil recently announced that it continues to make progress on the its long-term growth plans by investing through the commodity price cycle to capture high-value opportunities and grow earnings and cash flow potential.
Dow expects that the retrofit will enable it to continue to meet growing demand for its businesses serving consumer, infrastructure, and packaging end markets while also remaining within its stated near-term capital expenditure targets.
Dow recently announced that it will retrofit proprietary fluidized catalytic dehydrogenation (FCDh) technology into one of its mixed-feed crackers in Plaquemine, La., to produce on-purpose propylene.
