Demand Overall, by 2050, primary chemicals demand is expected to increase by 2.3 times.499 By this time, green ammonia will represent 60% of demand and methanol will account for 20%.500 Ammonia saw modest annual increases of around 1% and methanol of approximately 6.5% over the past decade.501 However, production stagnation was noted in 2022, due to external factors like the energy crisis. While ammonia will grow significantly to full new net-zero applications such as shipping and power, non-ammonia chemicals will experience the greatest impacts of circularity. To align with net-zero goals, the industry must pivot from fossil fuel-based feedstocks to more sustainable options. This includes increasing the use of electricity and bioenergy and enhancing recycling and material efficiency. Current reliance on coal, particularly in regions like China, is being scrutinized due to its high emission intensity, with expectations of a 30% reduction in coal use by 2030.502 Despite the B2B green premium of 55%503 on average, the impact of the increased manufacturing cost to end user products is limited to low single- digit percentages. Top countries/regions in primary chemical production and demand FIGURE 63PRIMARY CHEMICALS Source: Statista.504,505Chemical sales worldwide (2023) 1 China 54.9% 2 US 11.2% 3 Germany 4% 4 India 2.3% 5 All other countries 27.6%Percentage of overall consumption (2023) 1 China 30.6% 2 US 6.9% 3 Germany 2.5% 4 India 2.4% 5 Japan 1.7% 115 Net-Zero Industry Tracker: 2024 Edition

Net Zero Industry Tracker 2024