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ACC forecasts U.
S.
chemical production to fall 3.
3 percent this year.
According to the provisional forecast report released by the American Chemistry Council (ACC) on April 17, due to the negative impact of the new crown epidemic, the production of chemicals in the United States is expected to decrease by 3.
3% this year, including a 2.
9% decline in the production of basic chemicals and a 4.
4%
decline in the production of specialty chemicals.
Kevin Swift, chief economist at ACC, said: "ACC usually updates its forecasts twice a year, and this new interim forecast is intended to reflect the potential impact
of the coronavirus pandemic.
Although there is a large degree of uncertainty in the forecast, the downside risk in the
short term is certain.
Previously, ACC predicted that U.
S.
chemical production would grow by 0.
4%
this year.
Significant reductions in activity in the automotive and construction markets, major end markets for chemicals, will pull down chemical production
.
ACC expects U.
S.
new housing starts to fall to 1.
08 million units and car sales to 13.
1 million this
year.
The coronavirus pandemic has led to greater challenges in the automotive petrochemicals market
Due to the impact of the new crown epidemic, consumers' consumption priorities have changed, and petrochemicals, which are widely used in the automotive industry
, are in an industry downturn.
Demand for synthetic rubber, polypropylene (PP), acrylonitrile-butadiene-styrene copolymer (ABS), polystyrene (PS) and other materials will decline
like never before.
At a time when the global economy is facing its worst recession since the Great Depression of the 30s, buying a new car will be the last thing
people want to think about.
The automotive industry is the main consumer of petrochemicals in the world, and petrochemicals account for more than
1/3 of the average raw material cost per vehicle.
Anne Sun, an analyst at Axuns, said: "Affected by the novel coronavirus pandemic, the global automotive industry, which has been sluggish in recent years, is in even more difficulty
.
However, due to the different supply and demand structures of the automotive industry, the impact on petrochemicals may vary
from country to country.
”
Global lubricant demand will fall sharply in 2020
Industry analysts say that the impact of the new crown epidemic on the global lubricant market demand is at least the same
as it was during the global financial crisis in 2008.
Ernie Henderson, president of K&E Oil Consulting, said U.
S.
lubricant demand could fall by 20 percent
this year.
By contrast, analysts estimate that in 2009, the first full year since the global financial crisis erupted in 2008, the U.
S.
lubricants market shrank by about 10 percent
.
Total demand fell by about 15 per cent
in 2008 and 2009.
In March, market research firm Freedonia predicted that U.
S
.
lubricant demand would shrink as much as in 2009.
A recent report by IHS Markit predicts that global lubricant consumption (excluding marine lubricants) will fall by 9.
5% this year, compared with a 7.
2%
decline in the global lubricant market in 2009.
The coronavirus pandemic has turned the plastics industry around
The plastics industry, previously in turmoil due to plastic waste pollution, has seen the global coronavirus pandemic as an opportunity to see plastic as a valuable material and a safer option
during infectious disease outbreaks.
Not only that, according to industry observers, the pandemic indicates that the plastics industry will buy time to oppose the implementation of plastic bans and use regulations, especially single-use plastics
.
In light of the coronavirus pandemic, and considering that reusable plastics or containers could be vectors for viruses and other pathogens, some countries and some states in the United States have postponed bans
on plastic use.
For example, retail stores in New Hampshire and Maine in the United States are reportedly using single-use plastic bags, most of which are made
from recyclable materials.
