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Global Chemicals Quick Review
The growth rate of lubricant demand in Japan has slowed
In 2017, Japan's lubricant demand growth rate is 1.
2%, and the Japan Petroleum Association predicts that Japan's lubricant demand growth rate will slow to 0.
7% this year, and the demand is expected to reach 1.
3 million tons
.
The association expects Japan's marine lubricant demand to remain weak this year, while automotive and industrial lubricant demand will continue to grow
.
Japan's marine lubricant demand is expected to fall 2.
6% to 66,000 mt
this year due to lower shipments of petroleum products and construction-related cargoes in the country.
This year, Japan's automotive lubricant demand is expected to increase by 0.
2% to 490,000 tons, accounting for about 38% of
Japan's total lubricant demand this year.
Among them, the lubricant demand for gasoline engine vehicles is expected to remain unchanged, while the lubricant demand for diesel engine vehicles is expected to increase
slightly.
Japan's industrial lubricant demand is expected to increase by 1.
4% to 739,000 tons this year, accounting for about 57% of Japan's
total lubricant demand.
U.
S.
ethylene spot prices hit a new high in the past six months
Recently, due to increased export demand and logistics issues, the price of ethane raw materials in the United States rose to 44.
75 cents per gallon from 40.
625 cents per gallon at the end of last week
.
Since ethane is the raw material for most cracking plants in the United States, its sharp rise in price will inevitably lead to an increase
in ethylene prices.
On September 6, the spot price of ethylene in the United States rose sharply to 19.
25 cents/lb from 16.
25 cents/lb last week, the highest
since a 1.
5 million ton cracker in the United States was commissioned in early 2018.
Despite this, the current spot price of ethylene in the United States is still lower than at the end of 2017
.
The global plastic additives market will grow rapidly
Plastic additives are mainly used in compound formulations to improve chemical and physical properties
.
Plastic additives used in industry include performance improvers, mixtures, stabilizers and processing aids
.
Lucintel's latest market report says that the market size of plastic additives will exceed $50 billion
per year in the next five years due to the growing impact of the construction, packaging, consumer goods and automotive industries.
Due to the growth of industrial production and the increase in economic activity in emerging markets in Asia and South America, the compound annual growth rate is expected to reach 4.
5%
from 2015 to 2022.
Among them, the antioxidant market is expected to gain more than $2.
1 billion by 2022
.
Global demand for offshore oil and gas rigs will grow in the coming years
IHS Markit's first global mobile oil and gas rig forecast report shows that high oil prices and falling offshore oil and gas project costs are driving increased demand for offshore oil and gas rigs, especially deepwater projects, and the growth trend will continue into 2020
.
The report notes that the offshore oil and gas market is slowly recovering from a prolonged downturn, with global demand for average mobile offshore oil and gas rigs, including jack-up rigs and floating rigs, increasing by 13% to 521 rigs between 2018 and 2020, surpassing the 453 projected in 2018
.
