The chemical industry has evolved from building blocks of consumer goods to an essential force in global development and energy innovation.
Few understand that evolution better than Bob Patel, Peter Huntsman and Gary Adams — three longtime leaders who’ve guided the sector through decades of change and disruption.
Patel, former CEO of LyondellBasell, identified three defining themes: innovation, resilience and sustainability. He emphasized how chemicals and plastics have become embedded in daily life and noted the industry’s ability to withstand downturns by remaining flexible — operationally and financially.
"My take on innovation is that, as the industry has innovated over these 40 years, chemicals and plastics have become a part of our everyday life. In some ways, they enable everyday life, and so they’re essential," he said.
Veteran leaders signal next chapter: Resilience, innovation and realism
From left are Lyn Tattum S&P Global, Gary Adams with Chemical Market Associates, Bob Patel formerly with LYB, Peter Huntsman with Huntsman and Mark Eramo with S&P Global.
He added that companies succeed or struggle based on what they do with capital at the top of the cycle — a key factor in how they navigate the bottom.
Adams, former CEO of Chemical Market Associates, agreed, pointing to the industry’s deep resilience and relevance. He said the sector has always responded to market shocks by finding new openings for growth, even in volatile periods.
"This is an extremely resilient industry. What you make is important to daily lives around the world… and the performance of those products… was critically important to the recovery [during COVID]," he said.
The remarks came during a panel at the 2025 World Petrochemical Conference in Houston, where the three leaders shared perspectives on global competition, energy policy and the shifting industrial influence.
Huntsman, chairman and CEO of Huntsman Corp., cautioned against the risks of short-sighted energy and climate policy in Europe. He said the region’s approach to industrial regulation has severely weakened its economic base.
"Europe, in my opinion, has decided to commit suicide when it comes to the industrial base of their economy, and we’ll continue to see that play out," he said.
He contrasted Europe’s decline with China’s long-term planning, which he said is aimed at sustaining industrial leadership for generations. "You build a facility that’s going to be there for 40 years… You go there for a multi-generational opportunity."
Reflecting on the global shift, Huntsman recalled that Chinese companies were almost nonexistent among the top global producers decades ago. "You look at it today, and it’s almost the complete opposite," he said.
The panel also discussed recent disruptions in global supply chains. Patel stressed that optionality and diversification now matter more than ever, especially as companies reconsider asset ownership versus strategic partnerships.
"Flexibility is super important, and then invest in what creates value… The key, I think, is to build this resilience and flexibility through your supply sources," he said.
Turning to future growth regions, Patel and Adams saw long-term opportunities in Africa and India but acknowledged challenges in offsetting slower Chinese demand. "Africa will certainly be prominent in the next 40 years. But the next five, I think it’s difficult," Patel noted.
As the conversation turned to green hydrogen and sustainability efforts, Patel advocated for measured action based on realistic economics. "It’s difficult to see a business model today without subsidies… there has to be a path to a self-sustaining economic model over the medium term. Part of that is scaling up and part of that is innovation."
Huntsman took a sharper tone on the politics of the energy transition. He criticized policies that demonize petrochemicals while relying on the very innovations the industry produces.
"That’s the hypocrisy that I see — that you attack what’s working… This whole energy transition, I think, is rife with… forgive me, being passionate about this whole thing, but it’s… it’s nonsense."
Despite the challenges, the panelists were optimistic about the future. Adams said he envied the next generation entering the workforce. "The last 40 years, it’s been a hell of a ride, and I think the next 40 years is going to be just as… just as exciting."
Patel echoed that sentiment. "Actually, I can’t think of another industry where you can go and impact climate and the world… it’s an industry that has a history of innovation, and it will continue to innovate and impact every single human being on the planet."
