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Global Chemicals Quick Review
India's refining expansion has lagged behind fuel demand growth
India's Esar Oil recently said that because India's domestic demand for refined oil products is growing faster than new refining capacity, the country's fuel exports may decrease
in the next four years.
Essar Chief Executive Officer B.
"In the next 3~4 years, apart from some existing refinery capacity expansion projects, there are really no other major new refinery projects
in India," Anand said.
"India's growing disposable income has helped boost demand for refining fuels including gasoline, jet coal and liquefied petroleum gas (LPG), but India's refining capacity growth may not keep pace with demand growth
in the coming years.
Anand said that India's domestic refinery projects will only have about 350,000 b/d of refining capacity in the next four years, and India's dependence on LPG imports may increase, while it is restricting exports of refined products such as gasoline and diesel to meet domestic demand
.
Asahi Kasei enters the modified polyphenylene ether market in China
Asahi Kasei has signed a joint venture agreement with China Bluestar (Group) Co.
, Ltd.
to produce and sell modified polyphenylene ether (mPPE)
in China.
The two companies aim to produce 30,000 tons of polymer PPE and 20,000 tons of mPPE
.
Asahi Kasei and China Bluestar (Group) Co.
, Ltd.
have created two joint ventures to produce and sell
mPPE business in China.
Financial details of the agreement were not disclosed
.
Asahi Kasei said, "The two companies will begin to study the construction of new 2,6-xylenol, PPE and mPPE production facilities, and promote detailed economic evaluation of the joint venture, with the goal of making a final investment decision
by March 2018.
" ”
The global marine lubricants market will grow rapidly
According to a new report by Transparency Market Research, a US-based consulting firm, the global marine lubricants market is expected to grow at a compound annual rate of 4.
1% through 2024, during which the marine lubricants market value will increase by $1 billion to $3.
3 billion.
The Asia-Pacific market is the world's largest marine lubricant market, and marine lubricant demand is expected to grow the fastest
.
Demand for marine lubricants in Asia Pacific will continue to grow
during the forecast period, driven by increased marine activity in Australia, the Philippines, Indonesia, Singapore, India, Japan, and China.
"With the globalization of trade, increasing interdependence among countries across the globe is driving increased marine transport activities, which is expected to stimulate the global marine lubricants market, in addition, the development of marine aquaculture and offshore transportation may also herald a boom
in the marine lubricants market.
" ”
The global hydrogen vehicle market will grow steadily
Since Toyota Japan began selling hydrogen vehicles in Japan and California in mid-2015, the global hydrogen vehicle market is growing steadily
.
South Korea's Hyundai Motor Company and Japan's Honda Motor Company have also entered the hydrogen fuel vehicle retail market
.
In 2016, Toyota significantly increased the production of Mirai hydrogen vehicles from 700 units in 2015 to about 2,000 units, and this year Toyota plans to increase the production of hydrogen vehicles to about 3,000 units
.
South Korea's Hyundai expects to produce about 1,000 Tucson fuel cell vehicles this year and will sell them to 18 countries
.
Japan's Honda Motor Co.
will also produce 1,000 Clarity fuel cell vehicles
this year.
These three car companies are the only automakers currently selling fuel cell vehicles in the U.
S.
market, and they are expected to reach 10,000 hydrogen vehicles by 2020
.
