The wave of maleic anhydride integration project put into production hits

Plastic ban opens up demand for new biodegradable materials

On December 9, Zhuhai Zhongguan Petrochemical's annual output of 100,000 tons of degradable green new materials project was approved

In fact, since the beginning of this year, in order to further improve market competitiveness, many petrochemical companies such as Qixiang Tengda and Shenghong Petrochemical are deploying the n-butane-maleic anhydride-BDO-degradable new material industry chain, and the integration of maleic anhydride projects The wave of production is coming quietly

Tight supply and demand, market prices soaring

"It's going crazy, it's going crazy, it's going up by 4,000 yuan (ton price, the same below) in 5 days!" Recently, the downstream manufacturers of maleic anhydride lamented that the price of maleic anhydride received a higher level in one day

"The closing price of international crude oil continued to rise, providing momentum for the rise of bulk commodities, and also driving the price of maleic anhydride

Regarding the trend of the maleic anhydride market in the later period, the maleic anhydride product analyst of the business agency believes that the current impact of the epidemic still exists, shipments in Zhejiang continue to be blocked, factories in other regions continue to limit shipments, and the on-site supply tension continues.

Plastic ban opens up demand space

"At present, on the basis of stable and increasing traditional demand, the application of new degradable materials will open up the potential demand for maleic anhydride

BDO downstream of maleic anhydride is one of the important raw materials for PBAT and PBS

　　It is worth noting that the current new capacity of BDO is mainly based on the acetylene aldehyde process using calcium carbide as a raw material.

　　In addition to BDO, maleic anhydride, another downstream succinic acid, is the raw material for PBS production

　　According to Changjiang Securities' estimates, if the new PBS and PBAT installations can be put into production as scheduled, it will boost the demand for BDO and succinic acid, and then drive the potential demand for maleic anhydride of about 2.

　　Integrated projects are favored

　　"Considering the high price of maleic anhydride, it is not cost-effective to purchase maleic anhydride to produce BDO, and the raw material of maleic anhydride, n-butane, also needs to be purchased.

　　Qixiang Tengda, a leading domestic maleic anhydride company, will actually produce 230,000 tons of maleic anhydride in 2020.

　　Unlike Qixiang Tengda through seeking cooperation to extend the industrial chain, Shenghong Petrochemical adopts direct investment to build a relatively complete industrial chain

　　In addition, the third phase of the Fuqing Jiangyin Zhongjing Petrochemical Science and Technology Park is expected to be fully operational in 2024, with production capacity of 800,000 tons/year maleic anhydride and 600,000 tons/year BDO, which can realize the extension of the Zhongjing Petrochemical industry chain; New shares issued an announcement on the adjustment of the first phase of the light hydrocarbon comprehensive utilization project on October 27.

　　It can be seen that with the continuous strengthening of the government's plastic restriction legislation and law enforcement, the increasing public awareness of environmental protection, and the reduction of costs brought about by technological progress or government subsidies, there is huge room for future development of new biodegradable materials