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In the next 10 years, ethylene production capacity in the Middle East will increase significantly
The latest report from the Gulf Petrochemical and Chemical Association (GPCA) says ethylene capacity in the Middle East Gulf Cooperation Council (GCC) countries, including Saudi Arabia, Kuwait, the United Arab Emirates, Qatar, Oman, Bahrain and Yemen, will continue to increase
rapidly.
However, due to the limitation of the supply of ethane raw materials and the gradual disappearance of the cost advantage of ethane raw materials, the raw material composition of the cracking plant is changing, and the raw materials are becoming more homogenized, which is forcing producers in the region to increase overseas investment
.
According to GPCA, ethylene production capacity in GCC countries will increase significantly by 53% from the current level to 39.
4 million tons in the next 10 years, equivalent to an average annual increase of about 1.
5 million tons
.
The global PE market will face more pressure in 2020
Affected by the significant expansion of production capacity in the United States, the global polyethylene (PE) market has been in an oversupply situation
in 2019.
More new PE capacity will be put into operation in 2020 (especially from China), and Axis' supply and demand database shows that 6.
95 million tons of new PE capacity will be added globally in 2019 and 8.
34 million tons in 2020
.
PE will face greater oversupply pressure, and producers' profits will remain subdued
.
A PE price war has begun
.
Although some projects in China may be delayed, the global PE market may still face a further worsening of the oversupply, especially if
downstream demand growth continues to slow.
There are still opportunities in the U.
S.
industrial lubricants market
According to Klein & Company, the demand for industrial lubricants (excluding process oil) in the United States was 2.
4 million tons in 2018, and the demand for industrial lubricants in the United States will decline at an average annual rate of 0.
3% by 2023, but the demand for synthetic lubricants used in some specific industrial sectors is still rising
.
George Movey, industry manager for Klein & Company's Energy Practice business, said in a webinar: "We see synthetic lubricants' market share in the industrial sector increase from about 22% in 2018 to 23%
in 2023.
"The rubber and plastic products industry is currently the most important industrial lubricant application area, accounting for about 20% of the industrial lubricant demand in the United States in 2019, followed by electrical equipment and energy transmission, and ranked third in the chemical industry
.
"
The global metalworking fluids market will continue to grow rapidly
Metalworking fluids are a small but important part of
the lubricants industry.
They have good lubricity, cooling, detergent and emulsion stability and help reduce heat and friction
during cutting, milling, rolling or forming.
Metalworking fluids provide the cooling and lubrication needed for countless industrial applications to keep machines running
efficiently.
The global demand for metalworking fluids remains strong, especially from the automotive and aerospace sectors
.
According to a recent report by Global Market Insight, the global metalworking fluid market demand will grow at an average annual rate
of 4.
5% by 2025.
