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Global Chemicals Quick Review
The pace of global agrochemical innovation is accelerating
Recently, IHS Markit analysts predict that in the next 3~5 years, agricultural product production will grow strongly, and prices will increase, which will benefit
pesticide and fertilizer producers.
Driven by good profitability expectations and meeting growing global demand for food and bioenergy, suppliers will proactively help farmers decarbonize, which will accelerate major innovations
in agrochemicals.
Global sales of crop protection products in agrochemicals increased 5% year-on-year to $65.
1 million in 2021, both due to the increase in demand due to the decarbonization of agricultural products and the increase in high-end products due to their own decarbonization
.
Crop protection chemicals are facing unprecedented regulatory pressure
.
Since 2019, 40% of the top 20 agrochemicals have faced regulatory and legal scrutiny
.
But because the demand for crop protection has not waned, emerging high-end products with better environmental performance have formed a good substitute for the original product, which has stimulated innovation in the crop protection chemicals industry, and any products that are eliminated can be filled
by new products.
Lubricant consumption declined in Japan
According to data released by a Japanese government agency on February 28, Japan's lubricant consumption fell to 93,700 tons in January 2022, down 7%
from 100,300 tons in the same period last year.
Consumption in January fell 9% from 102,000 mt in December and hit its lowest level
since 61,900 mt in August last year.
Japan's lubricant production, including exports, fell 23% to 146,500 mt in January from 179,900 mt in the same period last year, although output in January was slightly higher than December's 146,100 mt
, METI reported.
Japan's lubricant exports in January fell 63% year-on-year to 52,200 tons, but increased by 5% from December last year; Imports edged up to 13,200 mt from 12,900 mt in the same period last year, down 51%
from 26,900 mt in December.
