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Global Chemicals Quick Review
The GCC countries will further invest in the petrochemical industry
The chemical industry in the Gulf Cooperation Council (GCC) region will continue to attract new investment
.
With oil prices continuing to fluctuate and cheap feedstock dividends fading, the region is exploring more opportunities
in the high value-added chemical industry.
According to estimates by the Gulf Petrochemical and Chemical Association (GPCA), chemical investment in the GCC region has exceeded $140 billion
in the first 10 months of 2019 through joint ventures and M&A transactions.
"So far this year, the GCC region has attracted significant investment in refining, petrochemicals, distribution, storage and other sectors, driven by
the consolidation of regional producers' businesses, diversification of business portfolios and entry into high-growth markets," the GPCA said in a statement.
”
The German chemical and pharmaceutical industry performed sluggishly
Due to the deteriorating business environment, the German Chemical Industry Association (VCI) has repeatedly lowered its production forecast
for the country's pharmaceutical and chemical industry this year.
VCI forecasts for March production to be down 3.
5% from 2018, 4% in July, 6% in September, and 7.
5%
more recently.
VCI said that 2019 was a difficult year for the German chemical and pharmaceutical industry, which was adversely affected
by the slowdown in global economic growth and Sino-US trade frictions.
Demand for chemicals from German customers declined, as did exports of chemicals
.
The industry predicts that the development of the German chemical and pharmaceutical industry in 2020 will not be better than in
2019.
Hans Van Bylen, Chairman of VCI, said: "At present, our member companies predict that business will not improve in the coming months, the economy will remain sluggish next year, and foreign markets are unlikely to provide any strong impetus
for the reversal of the chemical industry.
”
Lower vehicle sales led to a slowdown in demand for automotive lubricants in India
Weak car sales in India, the world's fourth-largest auto market, have forced automakers to cut production
.
Amid weak demand, sales of vehicles (including passenger cars, commercial vehicles, tricycles and two-wheelers) in India fell 16.
4% year-on-year to 13.
9 million units
between April and October 2019, according to the latest data from the Association of Indian Automobile Manufacturers.
Demand for filled lubricants in Indian auto factories has slowed
over the past few months.
Shailendra Gokhale, managing partner of Mumbai-based Rosefield DAA International Consulting, said that since the lubricant filling demand in automobile manufacturing plants is directly related to vehicle production, the reduction in automobile production will lead to a decline
in lubricant filling demand in automobile manufacturing plants.
Global demand for bioplastics will grow by more than 15% in the next 5 years
Novel biopolymers, such as polypropylene and polyhydroxyalkanic acid, are driving the rapid growth
of bioplastics.
At the 14th European Bioplastics Conference held in Berlin, Germany, Hasso von Pogrell, head of the European Bioplastics Association, said that due to the steady growth of consumer demand for sustainable products and the continuous efforts of the bioplastics industry to develop innovative materials with better performance and functionality, global demand for bioplastics will increase by more than 15%
in the next five years.
Global bioplastics production capacity will increase from 2.
1 million tons in 2019 to 2.
4 million tons
in 2024.
Subregionally, Asia remains the world's leading bioplastics production hub, with more than 45% of bioplastics produced
in Asia.
The production capacity of bioplastics in Europe will grow rapidly, and the region's global production capacity is expected to increase to 30%
by 2024.
