Union Budget 2021, which was announced on Monday laid significant emphasis over the launch of a green hydrogen project and is being visualized as a game changing initiative by the analysts.The government for developing a green economy has allocated INR 15000 million to the Indian Renewable Energy Development Agency (IREDA) and the National Hydrogen Mission.Get more info: https://www.chemanalyst.com/NewsAndDeals/NewsDetails/hydrogen-energy-mission-an-indian-government-initiative-towards-developing-a-green-economy-6475The launch of Green Hydrogen Mission in 2021-22 for the generation of Hydrogen from Green Resources could viably serve in reducing India’s carbon footprints in the coming years.The technology for the mission will be based on the process of electrolysis provided that the electricity produced is via a clean source.Pricing Overview: https://www.chemanalyst.com/Pricing/PricingoverviewProposed Hydrogen Energy Mission is a critical step as till date it is the only feasible way to achieve zero carbon emissions from steel and cement industries by retrofitting the existing fuel technology with hydrogen for process heat requirements.Supporting the initiative, Director of Climate Trends stated that the step towards establishing a green Hydrogen economy is welcomed.As the Budget 2021 emphasized on rebuilding India, it is in line with the present global trend on implementing a shift to green energy alternatives.India has established an ambiguous target for reaching a capacity of 175 GW of renewable energy by 2022.Even though the dilemma over commercial viability over Hydrogen Technologies still persists across the globe but currently it is being considered as the most feasible source that could lead to zero carbon emissions in the coming years.
Pressure on maritime supply chains after the sudden rebound in demand since the second half of 2020 has caused huge congestion at ports, leading to unprecedented increase in prices and extended delay of scheduled deliveries.After Asia and Europe, which have recorded a steep hike in freight charges amidst congestion on the sea lines and container shortage, Middle East is the next country announcing severe tightness of supplies in its petrochemical sector.Under the pressure of delivering any backlogs of previous contract purchases, various producers are refraining from booking any spot contracts in the near-term.In case of chemical commodities, sturdy demand for Polyethylene (PE) in the regional market has also hindered its deliveries to the Middle East especially from its major supplier US.As most of the sellers have already sold their cargoes for this month and are poised to sanction new contracts for February by the end of January, the prices of Polypropylene (PP) are likely to witness upsurge in the Middle Eastern countries.Several production turnarounds in Asia have given the room to the regional PET sellers to cater to the domestic demand which has thus reduced the overseas delivery pressure.China’s Resources Chemicals and Zhejian Wakai New Material PET resin plants with the capacity of 400 KTPA each, have been shut for maintenance since December with no resumption date in sight.
According to ChemAnalyst report, “Global Acrylic Acid Market: Plant Capacity, Production, Operating Efficiency, Technology, Demand & Supply, Application, End Use, Distribution Channel, Region, Competition, Trade, Customer & Price Intelligence Market Analysis, 2015-2030”, the global Acrylic Acid market is expected to grow at a healthy CAGR of 5.9% during the forecast period on account of its increasing demand for manufacturing Acrylate Esters, which are the key raw materials for manufacturing of paints, coatings, adhesives, acrylic textiles and other products which are widely used in the construction sector.The major demand driving factor of Acrylic Acid is the growing manufacturing of superabsorbent polymers (SAPs) which hold nearly 40% share in the global Acrylic Acid demand.owing to their ability to soak large amount of liquid.Acrylic Acid is an exceptionally reliable choice for building and construction industry due to its increased usage in various applications such as floor polish formulations, paints, and others.The Acrylic Acid market growth witnessed slight downward shift in 2020, as several countries adopted strict lockdown measures to curb the spreading of COVID-19, consequently leading to raw material disruptions and reduced offtake from the downstream acrylic ester industries.Acrylic Acid prices were subjected to acute volatility during FY20 under the influence of unstable raw materials and feedstock availability issues due disrupted trade amid COVID-19 outbreak in 2020.Download Sample Report @ https://www.chemanalyst.com/ChemAnalyst/RequestFormAccording to ChemAnalyst report, “Global Acrylic Acid Market: Plant Capacity, Production, Operating Efficiency, Technology, Demand & Supply, Application, End Use, Distribution Channel, Region, Competition, Trade, Customer & Price Intelligence Market Analysis, 2015-2030”, some of the major Acrylic Acid players operating in the global market are BASF SE, The Dow Chemical Company, Nippon Shokubai Co. Ltd., Arkema, LG Chem Ltd., Zhejiang Satellite Petrochemical Co., Ltd., Shanghai Huayi Acrylic Acid, Sinopec Beijing Eastern Petrochemicals, Taixing Jurong Chemical Co. Ltd. and others.China is the world's leading producer and consumer of Acrylic Acid and being the world’s largest country by population, holds vast potential towards accelerating the growth of global Acrylic Acid market.
Growing sales of passenger vehicles, increasing demand from mining sector and growth in construction activities in the country to drive Australia automotive coolant market through 2025According to ChemAnalyst report, “Australia Automotive Coolant Market By Vehicle Type (Passenger Car, Commercial Vehicle, Two-Wheeler and OTR), By Product Type (Ethylene glycol, Propylene glycol and glycerol), By Technology (Inorganic acid technology, Organic acid technology and Hybrid organic acid technology), By Demand Category (OEM Vs.Replacement) and By Region, Forecast & Opportunities, 2025”, Australia automotive coolant market was valued USD 267.06 Million in 2019 and is forecast to grow at CAGR of over 9% in the next five years to reach USD 340.61 Million by 2025.Australia’s export sector is largely dependent on the country’s natural resources.Ethylene glycol is expected to hold major share during the forecast period, on account of low price, availability and demand in the market, so the majority of lubricant manufacturer prefer to use ethylene glycol for manufacturing of automotive lubricants.Regionally, Australia automotive coolant market has been segmented into regions including New South Wales, Victoria & Tasmania, Queensland, Western Australia and Northern Territory & Southern Australia.New South Wales is expected to hold major share in the market owing to major provinces and attracting an increasing number of people to migrate to this region.Some of the major players operating in Australia Automotive Coolant market are Royal Dutch Shell Plc, Castrol Australia Pty Ltd, Chevron Australia Downstream Pty.Ltd., Penrite Oil Co Pty Ltd., Valvoline Australia Pty Ltd, Caltex Australia Ltd., Total Oil Australia Pty Ltd, Nulon Products Australia Pty Ltd, Exxon Mobil Corporation Ltd, Fuchs Lubricants (Australasia) Pty Ltd, etc.Download Sample Report @ https://www.chemanalyst.com/ChemAnalyst/RequestForm“North South Wales is expected to dominate the automotive coolant market during the forecast period, owing to increase in shift of people in the region for better opportunity and livelihood.
Aiming to expand its horizons in Middle East, Sika, a multinational Swizz based company engaged in business of specialty chemicals, has commenced a new epoxy resin manufacturing unit in its Dubai facility.The idea behind this new project is to increase company’s production flexibility, reduce inventories, optimize cost structures, and shorten delivery span.Since Sika majorly deals with concreate admixtures, epoxy resins thus make up a prominent part of its flooring solutions.Get more info : https://www.chemanalyst.com/NewsAndDeals/NewsDetails/sika-strengthens-footprint-in-middle-east-commences-production-of-epoxy-resin-in-dubai-3409Epoxy resins are primarily utilized to clinch the flooring of private homes and industrial floor layer to provide resilience towards any kind of chemical or mechanical exposure.In support of the new project, regional manager of the company stated that the new unit of Epoxy Resins in Dubai will enable them to widen their competitive edge and strengthen the foothold in the regional flooring solution market.The company even mentioned that its captive product portfolio will profoundly assist its expansion plans in the Middle East.Although the economy of UAE is facing horrendous challenges due to a pervasive drop in oil prices due to the repercussions caused by Covid-19.
Aiming to restructure its business portfolio for sustained growth, BASF Petronas Chemicals Sdn Bhd (BPC) has announced a permanent turnaround at it Butanediol (BDO) and derivatives plant at Kuantan, Malaysia by March 2021.Get more info : https://www.chemanalyst.com/NewsAndDeals/NewsDetails/basf-petronas-chemicals-to-permanently-shut-butanediol-and-derivatives-plant-in-kuantan-directing-a-shift-to-its-business-portfolio-3408BDO and its derivatives are widely utilized to produce polyurethanes, engineering plastics, elastic spandex fibres, and solvents.Consistent capacity additions in the region due to latest investments in advanced coal based BDO manufacturing sites compelled the company to undertake a strategic shift that intends at expanding its future profit margins.For a smooth transition, the company is currently reaching out in support from all its existing customers, meanwhile it is also assuring consistent survive of its other products, promising stability.BASF Petronas Chemicals (BPC) based in Malaysia is a joint venture between BASF and Petronas Chemicals Group Berhad (PCG).Supporting the closure, Managing Director CEO of PCG called it a well-versed move will allow the company for a favourable shift to new segments showcasing potential growth.In addition, the closure is in line with PCG’s mega expansion plans including the setup of specialty chemicals segments and innovating the existing ones using advanced technologies.ChemAnalyst predicts that the closure of BPC’s Butanediol plant may not hinder the regional supply but can adhere severe effects to the importing countries based in Asia and Europe.
On Sunday, 15 countries gathered to solidify their participation in Regional Comprehensive Economic Partnership (RCEP) by signing a free-trade agreement (FTA) to strengthen their trade ties and ensure easier availability of goods and services across the countries.Analysts anticipate that the most immediate impact of RCEP could be the regionalization of polyethylene (PE) and polypropylene (PP) trades within the Association of Southeast Asian Nations (Asean) region, northeast Asia and Oceania.Get more info : https://www.chemanalyst.com/NewsAndDeals/DealsDetails/regional-comprehensive-economic-partnership-rcep-deal--78The silver lining could be the gradual reduction of import tariffs for PE and PP stocks from northeast Asia-origin to southeast Asian countries such as Thailand, Malaysia, the Philippines and Indonesia from 5-10% to not more than 5% over the next 10-20 years.Lower freight rates and shorter transit times would also attract buyers in RCEP nations.The FTA was signed by China, Japan, South Korea, Australia, New Zealand and the 10 members of Asean.According to data from the International Monetary Fund, RCEP nations hold nearly a third share in the global economy and their combined gross domestic product stands at around USD 26 trillion.However, on November 4, 2019, India backed out from the discussions over “significant outstanding issues”.
Firming demand and spike in consumer durables sales as the nation gets closer to the Diwali festival, has pushed up the Indian polymer offers since the first week of November.Market players are eyeing to regain the momentum lost due to strict COVID-led lockdowns starting March this year by ramping up operations in their manufacturing units to leverage great benefits on the fresh demand pick-up.Indian low-density polyethylene (LDPE) Liquid Packaging grade prices were assessed at USD 1,300-1,335/t while Adhesive Film grade prices were settled around USD 1,250/t Ex-Depot Bhiwandi w.e.f.While linear low-density polyethylene (LLDPE) film grade was assessed at USD 1,090/t Ex-Depot Bhiwandi, Ex-Depot prices for high-density polyethylene (HDPE) Blown film grade were recorded at USD 1,095/t and PP raffia at USD 1,150-1,170/t, according to ChemAnalyst data.Get more info : https://www.chemanalyst.com/NewsAndDeals/NewsDetails/indian-polymer-makers-get-a-festive-push-ahead-of-diwali-season-prices-soar-3402Realizations for LDPE, LLDPE and PP raffia rose almost by 2% while HDPE film rose by 1.4%, against the previous week.Polyethylene (PE) and Polypropylene (PP) import prices from the Middle East were higher by USD 20-30/t than last week in accord with bullish sentiments.As per our market sources, the country’s largest refiner Reliance Industries Ltd. (RIL) turned operational on 28 October after 3 days of maintenance turnaround.
As US heads towards Presidential Elections, the energy policy makers in India are keeping a close watch on the results which would decide its impact on the India-US ties.While Joe Biden promises strong push towards renewable energy sources, Trump’s victory may strengthen India’s oil, infra and defense sector.As soon as incumbent Donald Trump pulled US out of the Paris climate change agreement, which aims at mitigating the impact of greenhouse gas emissions on the global temperature rise, Biden launched a campaign promising the US to achieve the target of net zero emissions by 2050 and investing USD 1.7 trillion in the next ten years towards actualizing the same.Get more info : https://www.chemanalyst.com/NewsAndDeals/NewsDetails/a-birds-eye-view-on-the-outcome-of-us-elections-on-indias-energy-sector-3399Biden’s proposal sounds well when India has already shifted to fifth gear towards increasing its capacity of clean energy projects.Clean energy projects comprise nearly a fifth of India’s power generation capacity.By March 2022, India is aiming to produce 100 GW energy from its ongoing solar projects and 60 GW from wind power plants.India has been already revisiting its crude sourcing strategy amid growing global uncertainties post the COVID-19 outbreak, aiming to protect its consumers from strong fluctuations in the international oil futures.The India-US hydrocarbon trade was valued at USD 9.2 billion in FY20.
Taking forward the vision of self-reliant India, Meghmani Finechem Limited (MFL) announces plan for the expansion of its Caustic Soda facility from 294 KTPA to 400 KTPA.Besides this, the company is also willing to boost the capacity of its Captive Power Plant at its Chlor Alkali and Derivative unit from 96 MW to 132 MWT.Get more info : https://www.chemanalyst.com/NewsAndDeals/NewsDetails/meghmani-reveals-plans-for-caustic-soda-capacity-expansion-aims-to-reduce-indias-chemical-dependency-3397The advanced capacity expansion with scheduled completion in March 2022 is anticipated to incur a total expenditure of around INR 2300 Million.Following the expansion, installed capacities of Chlorine and Hydrogen will be raised to 350 KTPA and 116 Million NM3 per annum.The project will also ensure efficient supplies to the upcoming Epichlorohydrin plant to be commenced in FY 2022 and CPVC plant in FY 2023.Moreover, it is anticipated to serve well in catering the requirement from downstream derivatives like Hydrogen Peroxide, Chloromethanes, Epichlorohydrin and CPVC Resins in India.As per ChemAnalyst, “the brownfield project is perceived to serve as a foundation for upcoming capacity additions in India’s downstream chemical industry and will considerably assist in reducing its chemical dependency upon various countries.Thus, in the coming years the project will appreciably contribute to brace the overall economy of India by generating high revenue and cutting on freight charges.”About UsChemAnalyst is a ‘one stop’ digital platform that offers comprehensive market intelligence data and in-depth analysis of the Indian chemical and petrochemical industry.ChemAnalyst’s team of 100+ analysts are engaged in tracking chemical prices daily, production capacity, demand and supply outlook, manufacturing plant locations, foreign trade data and news/deals for more than 400 major chemicals produced in India.
Indian fuel retailers celebrate the festive season as Gasoil consumption rose by 6.6% from the last year’s figure during the October month.This has been the first such rebound since the nation entered COVID-19-related lockdown restrictions in March this year.Indian Oil Corporation (IOC), Hindustan Petroleum Corp. (HPCL) and Bharat Petroleum Corp. Ltd. (BPCL) own about 90% of the domestic retail fuel outlets.Get more info : https://www.chemanalyst.com/NewsAndDeals/NewsDetails/gasoline-and-gasoil-sales-show-swift-recovery-in-october-surpasses-pre-covid-levels-3395According to a compiled data by the country’s largest refiner and fuel retailer IOC, total diesel sales by the country’s three state fuel retailers touched 6.17 million tonnes in October.Sales of Gasoil, which holds nearly two-fifth of India’s fuel demand rose 27.5% since September, indicating a strong pickup in the industrial activity after prolonged dullness.As per the data, this increase in Gasoline sales is happening for a second month in a row.Domestic Gasoline sales rose 4% from the previous fiscal to about 2.4 million tonnes, nearly 8.6% higher in October than in September.
Grasim Industries Ltd., Aditya Birla’s flagship company has inked pact with Ohio-based Lubrizol Advanced Materials, a subsidiary of Warren Buffett’s Berkshire Hathway, to manufacture and supply chlorinated polyvinyl chloride (CPVC) resin that is widely used in hot and cold water delivery pipes in India.This polymer will be manufactured at Grasim’s Chlor-alkali unit located at Vilayat, Gujarat.Get more info : https://www.chemanalyst.com/NewsAndDeals/DealsDetails/grasim-collaborates-with-the-specialty-chemicals-giant-lubrizol-to-construct-75As per the company officials, the construction of the near 100 KTPA plant will commence in a phased manner, and once commissioned, it would be the single largest site capacity for manufacturing CPVC resin globally with the production expected to start in late 2022.Lubrizol will invest in the capital and technology during the plant set up while Grasim will provide manufacturing expertise during project.Grasim will provide land, raw materials and other utilities and will receive required capital in lieu of managing the plant operations.The CPVC Resin produced will be sold under the brand names FlowGuard Plus, Corzan and BlazeMaster.The historic collaboration will also enable Aditya Birla Group and Lubrizol Corporation to explore their penetration across sectors like water solutions, construction, automotive and plumbing by leveraging the technologies and concerned expertise of both the groups.About UsChemAnalyst is a ‘one stop’ digital platform that offers comprehensive market intelligence data and in-depth analysis of the Indian chemical and petrochemical industry.ChemAnalyst’s team of 100+ analysts are engaged in tracking chemical prices daily, production capacity, demand and supply outlook, manufacturing plant locations, foreign trade data and news/deals for more than 400 major chemicals produced in India.
As a part of its revised strategic plan, GAIL Limited is eyeing to expand its foothold in petrochemical, specialty chemicals and renewable energy domains.The new initiative has been adopted to adhere to the shifting market dynamics and explore new areas for growth in the long run.It further aims at developing a lasting business portfolio which is suitable to match the changing pace of the market.The company constitutes more than 70 per cent share in all the gas shipped in India.It also, encompasses 17.5 per cent of overall market share of Natural gas with its large-scale petrochemical’s plants at Pata and Lepatkata.It also holds a small portfolio in renewable energy alternatives such as solar and wind energy.Get more Info : https://www.chemanalyst.com/NewsAndDeals/NewsDetails/gail-to-expand-its-foothold-in-the-petrochemicals-specialty-chemicals-and-renewable-energy-sector-1340According to GAIL’s chairman, the company will keep gas processing as its core segment but will expand its foothold it other sectors to minimize the future risk.
India’s second largest oil marketing company, Bharat Petroleum Corporation (BPCL), has announced the resumption of around 2118 projects, requiring total expenditure of INR 503000 million in the span of three years.Among the 2118 projects, there are refinery projects, bio-refineries, petrochemicals, pipelines, marketing infrastructure projects and others.Divestment bound company, has targeted an expenditure of INR 95970 million for the current fiscal of which it has already consumed INR 16500 million.The company earlier came up with a total budget of INR 125000 million but decided to reduce it to over come the loss incurred on abrupt lockdown imposed to constrain Coronavirus uncertainties.As per the current plan, it intends to spend INR 187660 million worth to finalize 10 projects by the end of this fiscal.Out of these 10 projects, 2 of the biggest projects are in Kochi Refinery including the Propylene derivative petrochemical project and Motor Spirit block project.Get more info : https://www.chemanalyst.com/NewsAndDeals/NewsDetails/bpcl-resumes-operations-on-over-2118-stalled-projects-a-game-changing-initiative-for-future-growth-1338However, the company is facing difficulties to resume operation in these projects since April, as lockdown imposed in the country has made it impossible to deploy highly skilled foreign manpower.
Prices of Polypropylene headed towards stability in the Indian market after domestic producers decided to roll over the prices between 19-31 August amid limited room for price movements.The measure has been adopted as local producers are constantly trying to push and stabilize the already softening PP markets and match the buyers' pockets.As per the industry experts, the move will also stimulate the product demand and draw down inventories of the manufacturers.Post July, the prices of PP raffia grade lost value by $13 per mt in the initial two weeks of August.Get more info : https://www.chemanalyst.com/NewsAndDeals/NewsDetails/indian-polypropylene-producers-extend-price-stability-till-august-end-1335In addition, new discount schemes were devised in July to take buyers into confidence with heavy discounts being offered per tonne for bulk quantities.Import prices for PP raffia are hovering around $890-910 per tonne CFR India since 23rdJuly.PP prices had been steadily rising since June, when the plant operating rates rose backed by improving demand fundamentals following the Covid-19 lockdowns.However, the domestic market soon reached a period of stagnation as buying sentiments remained largely unchanged for a number of weeks.
Mixed Xylene supply overhang in countries like China and Taiwan has led to a weakening of their import demand, with majority of the deals stressing on the floating price.Prices of Mixed Xylene remained nearly stable amid feeble consumption and sufficient inventories, piled due to excess supply in the beginning of the month.China’s buying sentiments declined by existing stocks and slow demand for gasoline blending.However, the industry is dwelling on a ray of hope by rebounding of demand for isomer grade Mixed Xylene.Despite of lacklustre demand, supply across Asia is bound to increase as several manufacturers are already operating their catalytic reformers at the threshold level.Get more info : https://www.chemanalyst.com/NewsAndDeals/NewsDetails/asia-mixed-xylene-oversupply-continues-to-stress-manufacturers-amid-market-uncertainties-1332Mixed Xylene supply is excess across Southeast Asia as Naphtha crackers provide better economic output when operated at full load.The situation of supply overhang is likely to persist in the near term with countries such as India, having enormous production capacity of Naphtha Crackers, is not considering slowing down the operations.Furthermore, lukewarm demand for jet fuel has continued to tremble the market fundamentals of Naphtha, the prime raw material for reformers A leading producer revealed that manufacturers are compelled to adjust their production rates if there is an abundant supply from any of their competitors on the back of the profit they are making from Olefins.About UsChemAnalyst is a ‘one stop’ digital platform that offers comprehensive market intelligence data and in-depth analysis of the Indian chemical and petrochemical industry.
Tata Chemicals, an Indian global company dealing with chemicals, crop protection and specialty chemical products, recently revealed its financials for the quarter ending June 2020.As per the results, the company’s standalone net profit slid by 47% to Rs.109 crore in Q1 June 2020 compared with Rs 206 crore in Q1 June 2019.Revenue from the chemical products segment fell to INR 612.09 crore as against INR 703.39 crore in the last quarter.Get more info : https://www.chemanalyst.com/NewsAndDeals/NewsDetails/tata-chemicals-stock-price-rise-for-three-consecutive-days-margins-from-the-soda-ash-vertical-stepping-up-in-the-domestic-market-1330However, the company’s shares rose for the third consecutive day by about 10% on Thursday i.e.Despite unprecedented slowdown in several downstream sectors, the company continued the production and supply of the essential commodities, eagerly adopting the new normal with the aim to keeping itself well positioned in the market and preserve its gross margins.During Q1FY21, the company continued to produce salt without disruption while the production of Soda Ash and Sodium Bicarbonate showed improvement post the initial phases of lockdown due to restart in downstream operations.
Continuous weakness in the overall revenue made by sugar mills has pressurised government to undertake initiatives to avail rebound in profit bearings at the back of Ethanol production.As per the latest declaration, government is likely to widen price margins of Ethanol bought from sugar mills by the Oil Companies by around 5-7 per cent.This step is an initiative to assist sugar mills with their pending cane arrears which rose to INR 2000 million in July.Get more info : https://www.chemanalyst.com/NewsAndDeals/NewsDetails/government-likely-to-push-price-margins-of-ethanol-bought-by-oil-companies-1329Furthermore, it is aimed to promote the mills to channel excess sugar and cane into Ethanol production to avoid inventory pile ups of molasses feedstock.Analysts predicts that it will result in another surge in the upward trajectory being followed by Ethanol since last two quarters on its rising requirements amid Coronavirus uncertainties.As a part of green energy initiative, government is focussing to wield organic Ethanol for widespread industrial applications and for gasoline blending.It has even asked sugar mills to utilize over 85 per cent of Ethanol capacity, targeting the production of over 3620 Million litres of Ethanol by 2021.About UsChemAnalyst is a ‘one stop’ digital platform that offers comprehensive market intelligence data and in-depth analysis of the Indian chemical and petrochemical industry.
Latest hydrocarbon statistics revealed by Petroleum Planning and Analysis Cell (PPAC) depicted that India’s Naphtha consumption reached four-months high around 1.284 million metric tonne in July.Country’s Naphtha consumption rose 10% higher on month on month basis while it declined by 12.4% on a year on year basis in July.Analysts predict that in addition to improving demand from the gasoline blending sector, rising demand from the petrochemical producers for serving industries such as medical plastics and equipment quintessentially required in the nation’s battle against COVID-19 has further helped in overcoming the persistent market dullness.India’s recent switch to new gasoline standards in 2020 is further expected to give a boost to the country’s demand for Naphtha.Furthermore, abrupt growth in the domestic demand has triggered significant reduction in the volumes of Naphtha exported by the local refiners.India’s Naphtha exports remained significantly low in June and July, with volume hitting 11-month low in June as per the PPAC data.