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Commenting on UK Chancellor Philip Hammond's Budget announcement of a new tax on the manufacture and import of plastic packaging that contains less than 30% recycled plastic, Wood Mackenzie Head of PET, Philip Marshall, said:
Following the opening of the new Turkmengaz gas and chemicals complex, located in Kiyanly, Turkmenistan, Wood Mackenzie Chemicals Analyst Laurie Baxter commented:
Following the escalation of trade tariff disputes between the world’s two largest economies, China and the U.S., Wood Mackenzie Chemicals expects that U.S. polyolefins exports to China will be negatively impacted by 50% in 2019.
The total volume of PET bottles collected in West Europe during 2017 was near 2 Mt, compared to an estimated 3.2 Mt of bottles placed in the market, according to Wood Mackenzie Chemicals' latest report on the RPET market in West Europe.
Higher base chemicals demand and feedstock security for heavy naphtha are driving the development of a new wave of mega-integrated refinery and chemical sites in China. Private Chinese chemical producers, including Hengli and Rong Sheng, are back-integrating their chemical plants with refineries by building mega-integrated facilities. Wood Mackenzie expects these projects to come on stream in the next 12 to 24 months.
Commenting on the announcement that the US will impose a 25% tariff on $16 billion worth of Chinese goods, including chemicals, Ashish Chitalia, Wood Mackenzie Principal Analyst, said:
According to PCI Wood Mackenzie's latest review of the European marketplace, 'Flexible Packaging European Supply Demand Report', Poland continued to be the fastest growing major flexible packaging market in Europe in 2017, increasing by over 5% during the year.
PCI Wood Mackenzie's latest review of the North American marketplace, 'Flexible Packaging North America Supply Demand Report', reveals North America’s $24 billion flexible packaging industry remains the largest regional market in the world, accounting for around 28% of global flexible packaging demand in 2017.
Commenting on the announcement that INEOS has approved a €2.7 billion capital project to build both a world scale ethane cracker and a PDH (Propane Dehydrogenation) unit in Northern Europe, Patrick Kirby, PCI Wood Mackenzie Principal Analyst, said:
Following China's imposition of retaliatory tariffs on US goods over the weekend, our experts weigh in on the potential impact the move will have on different commodities.
Commenting on the UK Government's plans to introduce a plastic bottle deposit scheme, Helen McGeough, PCI Wood Mackenzie, Senior Consultant, commented:
India is poised to double its oil product demand growth (190 kb/d) in 2018 after a sluggish 2017, when demand grew by only 93 kb/d. Last year, demand growth was at its slowest in the past three years.
Follwoing the EU's pledge to make all plastic packaging recyclable by 2030, Helen McGeough, PCI Wood Mackenzie Senior Consultant, commented
The year 2018 will be recorded as the "transition year" for the polyethylene industry. Widely anticipated North American polyethylene resin will hit the global markets, China's ban on importing scrap plastic will challenge the prevailing trends, and new tax structures in the United States and India will show its full impact on the plastic industry.
The sub region of South East Asia could potentially become a world leader in importing plastic waste, according to PCI Wood Mackenzie's 'RPET China Study – China Waste Import Ban 2017'.
The introduction of India's Goods and Services Tax (GST) has lifted oil demand in the country this year. Crude oil, natural gas, diesel and gasoline are currently exempt from the GST. However, diesel and gasoline demand are indirectly affected by the impact of GST on vehicle prices and sales, especially in the logistics sector.
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