As a result of megatrends, such as an expanding middle class, urbanization, and sustainability, chemical demand is growing faster than the broa
a
economy. When individuals enter the middle clas
s
s
s
their discretionary spending increases, and their b
habits change. People who once shopped at loca
food is sold in plastic-based packaging. They star r
to buy appliances and cars, which have significan
a net increase in households because city households tend to have fewer people. More households equates to increased demand for ene
b
l markets begin to shop at grocery stores, where
a
t plastic content. In addition, the movement of people from rural to urban settings produces
n
t t
t
e
and chemicals. Finally, chemical products are ess
e for reducing the environmental impact of human
s
e
progress. As examples, lighter plastic components
in vehicles increase fuel efficiency, and plastic packaging extends the life of food products,
reducing spoilage and waste. In addition, many plastic products can also be reused or recycled.
These megatrends are most pronounced in emerging economies,
resulting in increased global trade to meet demand. With the volume
of chemical products traded between regions expanding, we plan to build
on our existing global supply chain and commercial and technical resources
to further penetrate growth markets. For example, we recently enhanced our global supply chain by updating our enterprise management system to improve both our systems capabilities and business processes. The upgraded system delivers enhanced data visibility, improved user interfaces, and new tools for optimization. These advances will make global product flows to customers more robust through dynamic coordination among manufacturing, supply chain, and customer service organizations. We are also continuing to expand our sales and marketing workforces in Asia Pacific, Latin America, and the Middle East to better serve growing demand in these regions.