Asia's petrochemical tells a rosy tale post-Lunar New Year

ICIS News | February 04, 2019

SINGAPORE (ICIS)--Some petrochemical markets in China are underpinned by prospects of restocking following the Lunar New Year, as inventory drawdowns and steadily firm demand will continue to prevail. While the outlook across the downstream sector is cleaved, it can be said that a similar picture is painted of some products, that of a garnet red. When China reopens after the holiday, it will be stock replenishment du jour. "Look past the [macroeconomic] numbers, China is still vibrant,” one Chinese source said. Prices of some downstream products are seen to increase in the next few weeks: acetone will face receding supply once a slew of plant maintenance works rolls out; peak second-quarter demand will rise on restocking efforts. Even prior to the Lunar New Year holidays that starts tomorrow, spot acetone trading was on a roll and cargoes were traded at stronger levels.

Spotlight

According to Association for Safe International Road Travel, nearly 1.3 million people die in road crashes each year, on average 3,287 deaths a day. If we, unfortunately, can't avoid a car crash, how can we at least prevent grave impacts of the accident? AIRBAGS!
Welcome to another episode of HOT: Science Edition, which we will be focusing on the chemical reaction in airbags. Airbags function when there is an abnormal position of the car and most especially when there is a sudden impact. They prolong the collision between the car's occupant's head & upper body and the vehicle's interior which leads to lesser damages to the people.

Spotlight

According to Association for Safe International Road Travel, nearly 1.3 million people die in road crashes each year, on average 3,287 deaths a day. If we, unfortunately, can't avoid a car crash, how can we at least prevent grave impacts of the accident? AIRBAGS!
Welcome to another episode of HOT: Science Edition, which we will be focusing on the chemical reaction in airbags. Airbags function when there is an abnormal position of the car and most especially when there is a sudden impact. They prolong the collision between the car's occupant's head & upper body and the vehicle's interior which leads to lesser damages to the people.

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PRODUCTS AND TECHNOLOGIES

ICIS Launches Much-needed Mixed Plastic Waste Pricing Service

ICIS | November 26, 2021

With the demand for recycled plastic outstripping supply, ICIS, a global source of Independent Commodity Intelligence Services, has released a new weekly pricing service for Europe, offering benchmarkable price quotes for mixed polyolefin bales, PVC-screened reject bales suitable for RDF, and MRF reject bales. The shortage in supply of monomaterial plastic waste to feed the mechanical recycling market has led to a spike in prices, with the cost of PET, PE and PP at least doubling in the last year and HDPE quadrupling. This has increased the relevance of mixed waste bales, which were previously economically unviable because of sorting costs and yield losses. Additionally, mixed polyolefin waste bales are the main feedstock, and the largest variable cost for chemical recycling producers in Europe. To keep chemical recycling a complementary activity to mechanical processes, these producers are looking to other waste grades, specifically PVC-screened reject bales. Demand is also growing for unsorted reject bales from chemical recyclers and petrochemical firms with installed PVC sorting on site. "These mixed waste markets are becoming increasingly important to a circular plastics economy. The new pricing service will enable players throughout the chain to make better informed purchasing decisions and support further investment in the waste and chemical recycling sectors by providing much needed price transparency to those markets." Louise Boddy, Head of Commercial Strategy, Sustainability at ICIS Market data on recycled plastics is currently fragmented and opaque. However, pricing data for this evolving industry is critical for all stakeholders, from chemical recyclers to FMCGs with public sustainability deadlines and chemical producers. The mixed Plastic Waste – Europe pricing service will enable customers to understand when and how much to pay for mixed plastic waste bales. It will support chemical producers looking to invest in chemical recycling, with understanding of how pricing and the market is developing and how this might impact their sourcing strategy and overall costs. Boddy concluded, "Having independent and regular prices for this industry will help customers make the best and most timely buying and selling decisions and enable FMCGs to understand how the feedstock costs are impacting the cost of their end-products. Mixed plastic waste pricing will provide vital transparency to this developing market." Alongside benchmark pricing for mixed plastic bales the new European mixed plastic waste pricing service will enable ICIS to track chemical recycling developments, which will complement data from the ICIS chemical Recycling Supply Tracker, as well as the mechanical Recycling Supply Tracker launched in February 2021. Combined with existing pricing services for R-PE, R-PP and R-PET, the new mixed plastic waste pricing service gives ICIS unrivalled coverage across the recycled plastic chain, which provides a unique and much-needed perspective on the market, supporting both pricing and sourcing of supply. About ICIS ICIS is a trusted source of global commodity intelligence for the energy, chemical and fertilizer industry. We are a division of RELX, a FTSE 15 company with a market cap of £45 billion and an employee base of over 30,000 experts across 40 countries. About RELX RELX is a global provider of information and analytics for professional and business customers across industries. The Group serves customers in more than 180 countries and has offices in about 40 countries. It employs approximately 30,000 people of whom almost half are in North America. RELX PLC is a London listed holding company which owns 52.9% of RELX Group. RELX NV is an Amsterdam listed holding company which owns 47.1% of RELX Group. The shares are traded on the London, Amsterdam and New York Stock Exchanges using the following ticker symbols: London: REL; Amsterdam: REN; New York: RELX and RENX. Total market capitalisation is approximately £45bn | €53.7bn | $60.2bn.

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CHEMICAL MANAGEMENT

Cummins Unveils Industry-First Fuel-Agnostic Internal Combustion Powertrain Solutions, Helping Fleets Decarbonize Today With Low-Carbon Fuels

Global power leader Cummins Inc. | February 15, 2022

Global power leader Cummins Inc. announced that it is expanding its industry-leading powertrain platforms, leveraging a range of lower carbon fuel types. As the industry’s first unified, fuel-agnostic engines, these platforms will use engine blocks and core components that share common architectures and will be optimized for different low-carbon fuel types. “Getting to zero is not a light-switch event. Carbon emissions that we put into the atmosphere today will have a lasting impact. This means anything we can do to start reducing the carbon footprint today is a win for the planet. We need to take action now. Having a variety of lower carbon options is particularly important considering the variation in duty cycles and operating environments across the many markets we serve. There is no single solution or “magic bullet” that will work for all application types or all end users.” Srikanth Padmanabhan, President, Cummins Engine Business Parts Commonality These new fuel-agnostic engine platforms will feature a series of engine versions that are derived from a common base engine, which means they have a high degree of parts commonality. Below the head gasket of each engine will largely have similar components and above the head gasket will have different components for different fuel types. Each engine version will operate using a different, single fuel. This new design approach will be applied across the company’s legendary B, L and X-Series engine portfolios, which will be available for diesel, natural gas and hydrogen. “This is a new way of designing and developing lower emission internal combustion powertrains that meet the unique needs of the transportation industry while leveraging the benefits of a common product architecture and footprint where possible,” said Jonathon White, Vice President of Engineering, Engine Business. “This unique technology approach will allow end users to more seamlessly pick the right powertrain for their application with the lowest CO2 impact.” Parts commonality will offer increased benefits for both truck OEMs and end users, including similar engine footprints, diagnoses and service intervals. This means it will be easier for OEMs to integrate a variety of fuel types across the same truck chassis and there will be minimal costs to train technicians and re-tool service locations, resulting in a lower total cost of ownership for the end user. Reliable & Durable These fuel-agnostic platforms are designed and built-upon the learnings extracted from millions of diesel and natural gas engines manufactured and currently in-use. Today’s digital and connected technologies allow Cummins to extract insights specific to different engine duty cycles, and leverage these to design reliable fuel-agnostic platforms. “Our customers can be confident in Cummins’ unmatched testing and evaluation process ensuring high-performance products,” said White. “No matter what type of work a fleet does, we’ll have an engine powered by lower carbon fuels with diesel-like performance to get the job done.” Destination Zero These new products are an important element of Cummins’ strategy to go further, faster to reduce the greenhouse gas (GHG) and air quality impacts of its products and reach net-zero emissions by 2050 in a way that serves all stakeholders in a sustainable way for Cummins’ business. This commitment requires changes to Cummins’ products and the energy sources that power them. Two of the company’s environmental sustainability goals for 2030 goals include reducing scope 3 absolute lifetime greenhouse gas (GHG) emissions from newly sold products by 25% and partnering with customers to reduce scope 3 GHG emissions from products in the field by 55 million metric tons. “Cummins is innovating at every level of the company to find new ways of working that use fewer of the world’s resources and the Engine Business is at the center of this exciting innovation,” said Padmanabhan. “We know that our planet cannot wait for the perfect solution to happen. Instead, our approach must be a combined effort of using zero emissions power where it’s available and using cleaner power where it is not. The planet cannot afford for us to hit pause in the meantime.” About Cummins Inc. Cummins Inc., a global power leader, is a corporation of complementary business segments that design, manufacture, distribute and service a broad portfolio of power solutions. The company’s products range from diesel, natural gas, electric and hybrid powertrains and powertrain-related components including filtration, aftertreatment, turbochargers, fuel systems, controls systems, air handling systems, automated transmissions, electric power generation systems, batteries, electrified power systems, hydrogen generation and fuel cell products. Headquartered in Columbus, Indiana (U.S.), since its founding in 1919, Cummins employs approximately 59,900 people committed to powering a more prosperous world through three global corporate responsibility priorities critical to healthy communities: education, environment and equality of opportunity. Cummins serves its customers online, through a network of company-owned and independent distributor locations, and through thousands of dealer locations worldwide and earned about $2.1 billion on sales of $24.0 billion in 2021.

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CHEMICAL TECHNOLOGY

Eastman Chemical's Tire Additives Business will be Acquired by One Rock Capital Partners

One Rock Capital Partners LLC, Eastman | June 10, 2021

One Rock Capital Partners, LLC stated that one of its affiliates has agreed to acquire Eastman Chemical Company's tire additives business. With an unmatched asset presence and exceptional technical services, Eastman's tire additives business is a global leader in critical specialty chemicals for the tire industry. The company develops, manufactures, and distributes insoluble sulfur, antidegradants, and post-vulcanization stabilizers, which allow tire producers to achieve improved processing and performance outcomes. Globally, the company employs approximately 500 individuals across seven manufacturing facilities and two specialized centers. One Rock's Managing Partner, Tony W. Lee, said, "Eastman's tire additives business is the world's largest with a reputation for high-performance, mission-critical products, and technological expertise. We are excited to work with the firm's highly experienced management team to expand its unmatched product portfolio and drive its growth as an independent company." "As we prepare for this new chapter, we are thrilled to be working with One Rock, which has a proven track record of establishing former corporate subsidiaries as strong standalone businesses and providing the support and resources required to build on their success," said Gunes Celik, Vice President and General Manager of the tire additives business. "One Rock's reputation for quality and innovation throughout its portfolio aligns well with our strategic focus, capabilities, and industry leadership position." One Rock's Managing Partner, R. Scott Spielvogel, added, "As a result of its unique technical and commercial service expertise, the company serves an amazing set of global blue-chip customers. We look forward to working closely with management to expand the range of product and service offerings throughout the next stage of growth." The acquisition is scheduled to complete in the second half of 2021, subject to regulatory approvals and customary closing conditions.One Rock's legal counsel is Latham & Watkins LLP, and its financial adviser is RBC Capital Markets, LLC. About One Rock Capital Partners, LLC One Rock makes controlling investments in companies with the potential for growth and operational improvement, using a disciplined strategy that uses highly experienced Operating Partners to identify, acquire, and improve businesses in specific industries. Because of these Operating Partners' presence, One Rock can conduct due diligence and complete acquisitions and investments in a wide range of situations, regardless of complexity. One Rock collaborates with company management and its Operating Partners to create a comprehensive business strategy to increase the enterprise's profitability and long-term value. About Eastman Eastman, founded in 1920, is a global specialty materials company that produces a wide range of products used in everyday objects. Eastman collaborates with clients to develop new products and solutions that improve the material quality of life while adhering to safety and environmental standards. The company's innovation-driven growth plan uses world-class technology platforms, deep customer interaction, and innovative application development to expand its leading positions in attractive end industries such as transportation, building and construction, and consumables.

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