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Energy

Chemical Economics Handbook

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Published November 2023

In 2023, fossil fuels continue to dominate global energy markets. While crude oil remains the major global source of transportation fuels, power and heat, the source of energy that has grown the most over the past decade has been natural gas. Increasing production and export capacity as well as its better environmental performance and strong policy support in key markets have led to rising natural gas consumption, particularly in North America, the Middle East and Northeast Asia. In the meantime, the development of renewables has been uneven across the world, largely dependent on supportive government policies as well as evolving technologies and improving cost of production.

The following pie charts show world consumption of energy by region and by fuel:

Energy requirements continue to grow globally, driven by expanding population, improving living standards in heavily populated areas and continued urbanization. The rise in renewable energy has remained insufficient to tackle the global warming issues and durably curb GHG emissions. The COVID-19 pandemic also had a profound impact on global energy markets, with significant short-term declines seen across many sectors. Despite the fact that GHG emissions have slowed, the absolute level of emissions continues to increase, except for the unprecedented drop in 2020. Under the current macroeconomic and energy scenario, GHG emissions are projected to rise in the near-term (2024) before declining from 2025 onward.

This report provides S&P Global Commodity Insights’ base case scenario (the Inflections scenario) including the latest forecasts by fuel, sector and region. The energy inflections scenario is driven by four factors: price differential, environmental concerns, technology improvements and energy security.

For more detailed information, see the table of contents, shown below.

S&P Global’s Chemical Economics Handbook – Energy  is the comprehensive and trusted guide for anyone seeking information on this industry. This latest report details global and regional information, including

Key benefits

S&P Global’s Chemical Economics Handbook – Energy  has been compiled using primary interviews with key suppliers and organizations, and leading representatives from the industry in combination with S&P Global’s unparalleled access to upstream and downstream market intelligence and expert insights into industry dynamics, trade and economics.

This report can help you

  • Identify trends and driving forces influencing chemical markets
  • Forecast and plan for future demand
  • Understand the impact of competing materials
  • Identify and evaluate potential customers and competitors
  • Evaluate producers
  • Track changing prices and trade movements
  • Analyze the impact of feedstocks, regulations, and other factors on chemical profitability
Buy individual report now Contact:
customercare@ihsmarkit.com
Find the chemical expertise you need Contact a chemical expert or request a demo today.
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Contents

Executive summary 4
Summary 6
Introduction 11
Primary and final energy demand by region 12
World 12
Primary energy consumption 12
Crude oil 15
Natural gas 17
Coal 18
Hydroelectricity 19
Nuclear power 20
Renewables 22
Biomass and others 23
Final energy consumption 24
Power generation 26
Coal 27
Natural gas 28
Crude oil 29
Nuclear power 29
Hydroelectric power 30
Renewable power 31
Biomass and others 34
World prices 35
GHG emissions and energy intensity 36
North America 39
Primary energy consumption 39
Final energy consumption 41
Power generation 43
GHG emissions and energy intensity 46
Central and South America 47
Primary energy consumption 48
Final energy consumption 49
Power generation 51
GHG emissions and energy intensity 54
Western Europe 55
Primary energy consumption 55
Final energy consumption 57
Power generation 59
GHG emissions and energy intensity 62
Central and Eastern Europe 63
Primary energy consumption 63
Final energy consumption 65
Power generation 67
GHG emissions and energy intensity 70
CIS and Baltic States 71
Primary energy consumption 71
Primary energy demand by sector 73
Power generation 75
GHG emissions and energy intensity 78
Middle East 79
Primary energy consumption 79
Final energy consumption 81
Power generation 83
GHG emissions and energy intensity 86
Africa 87
Primary energy consumption 87
Final energy consumption 89
Power generation 91
GHG emissions and energy intensity 94
Indian Subcontinent 95
Primary energy consumption 95
Final energy consumption 97
Power generation 99
GHG emissions and energy intensity 102
Northeast Asia 103
Primary energy consumption 103
Final energy consumption 105
Power generation 107
GHG emissions and energy intensity 110
Southeast Asia 111
Primary energy consumption 111
Final energy consumption 113
Power generation 115
GHG emissions and energy intensity 118
Additional resources 120
Revisions 121
Data Workbook 122

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