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The outlook for the global chemical market in 2020 is cautiously optimistic
Despite the weak performance of global chemical production in 2019, industry insiders have a positive
outlook for 2020.
The American Chemistry Council (ACC) forecasts a 2% increase in global chemical production in 2020, up from 1.
2%
in 2019.
The easing of US-China trade tensions would give producers a boost of confidence
.
Kevin Swift, chief economist at ACC, said: "A successful resolution of trade tensions will help ease uncertainty
.
Recent months have shown that a full recovery of China's economy is only possible if trade tensions resume, including
in Europe and elsewhere.
The outlook for the industry should improve in 2020, with global chemical production expected to grow by 2% and 2.
7% in 2020 and 2021, respectively, and an average growth rate of 2.
4%
over the next three years.
”
In 2020, the downstream demand of the Asian acetic acid market will be stronger
In view of the significant increase in production capacity of purified terephthalic acid (PTA) and vinyl acetate monomer (VAM) industries in Northeast Asia, the downstream demand of the Asian acetic acid market will be stronger this year, and the acetic acid market prospects are promising
.
In 2020, China's new PTA production capacity will reach 9.
6 million tons, and acetic acid is required as a solvent
in PTA production.
Domestic acetic acid consumption is also expected to increase, and in October 2020, Lotte BP Chemical's new 200,000-ton VAM plant in Ulsan, South Korea, will start trial operation, which will significantly increase acetic acid consumption
.
There are no acetic acid plant shutdown plans in Asia in the first quarter of 2020, and in the short term, the supply of acetic acid in Asia is likely to be sufficient
.
However, from the second quarter, several units will be shut down for maintenance, and the supply of acetic acid will become tight
.
Refiners around the world are ramping up their production of clean ship fuels
Refiners around the world have upgraded processing equipment and adjusted operations to boost production of low-sulphur residue fuel and marine diesel (MGO) in preparation for
stricter ship fuel standards that began to be implemented Jan.
1.
The global shipping industry consumes about 4 million barrels of marine fuel every day, and the new regulations will affect more than 50,000 merchant ships, opening up an important market
for fuel producers.
Marine fuel supplier Peninsula Petroleum plans to double its supply of very low sulphur fuel oil (VLSFO) in Europe and the Americas to 600,000 tonnes
by the end of 2020.
The Gonwall Group will overhaul the Rotterdam refinery in March to produce low-sulphur fuel oil (LSFO).
Most refineries along the U.
S.
Gulf Coast have also spent significant sums refurbishing distillation and coking plants to accommodate the changes
.
China's lubricant market will shrink slightly in the next few years
George Morvey, industrial manager of Klein's energy practice business, said that the United States and China are currently the two largest lubricant markets in the world, which have the greatest
impact on global lubricant demand, product trends, supplier positioning, synthetic lubricant penetration and channel shifting 。 According to Klein estimates, the United States will still be the world's largest lubricant market by 2023, and China will rank second, but the Chinese market is expected to shrink at an average annual rate of 0.
3% by 2023; India is in third place, followed by Russia, Japan, Brazil, Germany, Indonesia, South Korea, Mexico, Canada, the United Kingdom, Thailand, Nigeria, Turkey, France, Italy, Australia, Egypt and Saudi Arabia
.
