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Global Chemicals Quick Review
Asian ethylene glycol prices hit a two-month low
According to Axis data, in the week ending November 1, the spot price of ethylene glycol in the Asian market closed at 541~545 US dollars / ton (CFR major ports in China), the lowest level
since September 6.
Asian ethylene glycol market sentiment is likely to continue to be affected
by upcoming new capacity.
The expansion of ethylene glycol capacity in China, especially coal-based capacity, is cited as the main reason for
the overall price decline in ethylene glycol in Asia since 2018.
In the future, three new ethylene glycol plants will be put into operation
in Asia.
Petronas Bengalan Refinery and Petrochemical Company (PRef-Chem) will start production of its 750,000-tonne ethylene glycol plant in Malaysia by the end of the year, while Hengli Petrochemical may start production of its 900,000-tonne ethylene glycol plant
in China by the end of November.
In the first quarter of 2020, Zhejiang Petrochemical also plans to put into operation a 750,000-ton ethylene glycol plant
.
Global production of API group II and III base oils increased significantly
At the annual meeting of the European Lubricant Industry Alliance in Cannes, France, in late October, Mike McCabe, global marketing director for Lubrizol AG, said the base oil market was changing as the industry responded to new product sources, the market's increasing demand for lubricant performance and a variety of other challenges; The most significant change is the significant increase in global production of API Group II and III base oils, mainly due to the demand for premium lubricant quality in the
automotive sector.
Mike McCabe said that by 2023, the global base oil market will add 9 million mt of Class II base oil and 4 million mt of Group III base oil, including 2.
6 million mt of capacity commissioned in China in the past 18 months and 1.
2 million mt of new Class II base oil capacity
added by ExxonMobil this year in Rotterdam and Singapore.
Energy reform will reduce domestic energy consumption
Saudi Prince Salman told delegates at a Future Investment Initiative conference in Riyadh: "Compared to previous projections, the energy reforms started in 2016 will reduce domestic energy consumption by 2 million b/d, mostly in liquid form
," Saudi Prince Salman told delegates.
We prefer exports over inefficient use of energy
.
"Although Saudi Arabia still generates electricity by burning oil, the country is undergoing reforms to reduce domestic oil consumption
.
Saudi Arabia wants 70 percent of its electricity to come from natural gas and 30 percent from renewable sources
.
Saudi Arabia has begun to reduce subsidies for some products, including gasoline, electricity and natural gas for industrial use, in an effort to increase crude oil exports
.
The global polymer catalyst market is set to grow strongly
Alain Rynwalt, vice president of polymer catalysts business at Nouryon, said that the global catalyst market for major polymer types was estimated to be worth $4.
25 billion in 2018, of which polymerization initiators accounted for about 18% of the market share and the market value was about $765 million
.
The polymer catalyst market is growing at an average annual rate of 3%~4%, and this growth rate is expected to continue until 2025
.
Looking ahead, the polymer catalyst market is expected to grow at an average annual rate greater than GDP
.
He also pointed out that the reason why the polymer catalyst market has been growing is that the demand for polymers is growing
.
