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Issue 2, 2018 - Global Chemicals Quick Facts

 Last Update: 2022-11-11
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Global Chemicals Quick Review

Global Chemicals Quick OverviewGlobal Chemicals

The market pattern of lubricants in Latin America is changing

At the ICIS Pan American Base Oils and Lubricants Conference in Jersey City, New Jersey, USA, in December 2017, some attendees said that the Latin American lubricants market landscape is changing
.
On the one hand, the number of cars in Latin America is increasing rapidly, and the demand for lubricants is also growing rapidly; On the other hand, the region is becoming more stringent in emission restrictions, resulting in a rapidly growing
demand for high-quality lubricants.
Yair Rodriguez, account manager at Lubrizol Mexico, noted that the Latin American automotive market is the second fastest growing market in the world, with 113 million vehicles in the region in 2016 and 127 million units expected by 2021
.
Latin America continues to tighten emission limits, which is also contributing to the demand for
high-quality lubricants.
In the short term, the demand for API I base oils will dominate in major Latin American countries, and the demand for API group II and III base oils will also grow rapidly
.

The outlook for Asia's chemical industry in 2018 is positive

Market research firm PCI Wood Mackenzie said the outlook for Asia's chemical industry remains positive
in 2018.
Demand for chemical products in China will stabilize, Japanese chemical companies are raising their profit forecasts, and India's economic growth will accelerate
.
Steve Jenkins, vice president of chemical consulting at PCI Wood Mackenzie, predicts strong economic growth in China, India and Indonesia as a positive sign
for the chemical industry in Asia.
Jenkins said that although Japan's economic growth will not be strong, Japanese chemical companies are able to achieve profitable growth
by focusing on the technologically advanced materials business.
In addition, the continued weakness of the yen will increase the profit level
of Japanese chemical companies in yen terms.
Jenkins pointed out that for China, the world's largest chemical market, consumer demand is supporting chemical production
.
For example, the widespread use of mobile online shopping has stimulated stagnant demand
for consumer goods in inland provinces.

Songwon aims to be the world's leading specialty chemicals company

Founded in 1965, Songwon Industrial Group has grown from a small-scale manufacturer of plastic additives in Korea to the world's second largest producer of
polymer stabilizers in just 52 years.
Songwon Industrial Group has developed four new business areas, including electronic chemicals, coating stabilizers, fuel and lubricant additives, and functional monomers
.
Maurizio Butti, CEO of Songwon Industrial Group, said: "We believe that the company already has a competitive advantage and see great potential
for sales revenue and performance growth from these new business areas.
The ultimate goal is to achieve double-digit growth over
the next five years.
Butti became CEO of Songwon Industrial Group in March 2016
.
His long-term goal is to build Songwon Industrial Group into a leading global specialty chemicals company
.
"We have a good foundation for achieving this goal, but achieving it will require redoubling our efforts in optimizing human resources, innovation, cost competitiveness, sustainability and environmental health and safety
," he said.
”

Global spending on oil and gas exploration and production will continue to grow‍

Global spending on oil and gas exploration and production will continue to grow

According to Barclays' 33rd annual survey of oil and gas exploration and production expenditures, the recovery process of global upstream oil and gas spending remains unaffected and is unlikely to tighten significantly in most of the world's oilfield services and equipment markets
.
According to the survey, global spending on oil and gas exploration and production will increase by 8% in 2018, up
from 4% growth in 2017.
While global spending on oil and gas exploration and production declined for two consecutive years in 2015 and 2016, the past two recoveries show that operators remain cautious about
oil prices.
After a significant 35% increase in 2017, North American spending on oil and gas exploration and production will grow by a further 21% in 2018, once again leading the global growth rate in spending on oil and gas exploration and production
.

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