Global plastics market to register CAGR of 7.03% from 2017 to 2025

MOSCOW (MRC) -- Global plastics market is projected to grow at a CAGR of 7.03% from 2017 to 2025, as per Plastemart with reference to Orian Research.

Plastics are used in a variety of industries: construction, packaging, appliance, automobile, textile, transportation, and many others. A large number of manufacturers supply many different products to numerous end-users for a multitude of applications. The major drivers for plastics market would be its low cost, flexibility of use, easy manufacturing capabilities, growing construction in Asia-Pacific region among others. Thus, plastics can be regarded as synthetic or semi-synthetic organic solids which can be transformed into several useful products. Also, the paradigm shift of technology to recycle plastics for end-use applications provide significant opportunities to the entire supply chain of the plastics market.

Polyethylene (PE) is derived from polymerization of ethylene and has the properties like chemical & thermal resistivity, flexibility, electrical & thermal insulation among others. Due to its light weight and easy manufacturing capability, polyethylene has found applications in various industries such as construction, electronics, and automotive.

The polyethylene market is projected to grow at a considerable CAGR in the emerging economies. Also, the demand from different domains such as injection moulding, food & beverages and packaging has fuelled the demand. On the other hand, Polyethylene terephthalate (PET) is projected to grow at a significant CAGR during the forecast period (2017-2025).

Asia Pacific plastics market is projected to account for a share of around 45% of the global plastics market by 2025. The growing automotive and construction sectors in countries such as India and China with the adoption of rapid technological advancement has significantly boosted Asia-Pacific's plastics market. Presence of major automotive industries in Germany and France should drive European plastics market along with the growing demand for high performance and environmental friendly plastics materials such as bio-based plastics and engineering thermoplastics. Also, the Central & South American region is projected to grow at a considerable CAGR during the forecast period.

We remind that, as MRC wrote earlier, the global bio-based PET market is expected to grow at 68.25% CAGR by 2019, as per report by ReportsnReports.
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MOSCOW (MRC) -- Asahi Kasei, an affiliate company of a major Japanese chemical producer Asahi Kasei Corporation, has decided to increase solution-styrene butadiene rubber (S-SBR) production capacity in Singapore by expanding its Asahi Kasei Synthetic Rubber Singapore subsidiary's plant in Jurong Island, as per Apic-online.

To meet further demand growth, the company said it will expand both lines at the facility by a combined 30,000 t/y, raising total capacity in Singapore to 130,000 t/y. Start-up is planned in January 2019.

Asahi Kasei also has S-SBR plants in the Kanagawa and Oita prefectures in Japan.

As MRC reported earlier, Asahi Kasei shut its styrene monomer (SM) plant permanently in Japan. The unit was mothballed in H2 February 2016. The exact reason behind the permanent shutdown could not be ascertained. Located in Mizushima, Japan, the plant had a production capacity of 320,000 mt/year.

Asahi Kasei Corporation is a global Japanese chemical company. Its main products are chemicals and materials science.
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MOSCOW (MRC) — The world's oil consumption could peak as early as the end of the next decade as electric vehicles become more popular, Royal Dutch Shell Chief Executive Ben van Beurden said on Thursday, reported Reuters.

The prospect of a decline in oil consumption after more than a century of growth as the world switches to burning cleaner fuels is gathering pace. On Wednesday Britain announced plans to ban diesel and gasoline vehicles by 2040, following a similar move by France.

"I think they are very welcome announcements, they are also very needed announcements," van Beurden told reporters after Europe's biggest oil company reported a sharp rise in quarterly profits.

Under the Anglo-Dutch company's most aggressive scenario of battery-powered vehicles replacing traditional internal combustion engines, consumption of oil will peak in the early 2030s, he said.

With a high use of biofuels in the mix, demand could peak by the late 2020s, he added.

But oil will still be needed for decades to come as it is likely to remain the main fuel for planes, ships and heavy trucks, van Beurden told reporters.

"Even if the UK, France and the Western world in general will all go to 100 percent electric vehicles, that would be great, but that wouldn't be enough... We still have less advanced economics that cannot do that switch," he added.

The outlook from the world's second-largest oil and gas company contrasts with others in the sector. Energy watchdog International Energy Agency does not expect oil demand to peak before 2040.

Shell, which has been producing oil since 1907, and its peers are increasingly switching to less-polluting natural gas production as the world transitions to a low carbon emission energy system.

"With the incubation and changes we are making in the new energies business but also in our existing business focusing on the best possible projects in LNG, gas and oil and petchems we can remain relevant," van Beurden told journalists.

The company launched a new energies division last year through which it aims to invest up to USD1 B a year by 2020 in renewable energy, biofuels and hydrogen.

As MRC informed previously, Jacobs Engineering Group Inc. has recently signed a global Enterprise Framework Agreement (EFA) renewal with Shell Oil Company to provide concept, front-end engineering, detailed design, procurement, project management, construction management and construction services for Shell projects globally. The agreement aligns with Shell’s ongoing efforts to transform the way its projects are delivered by improving capital and financial efficiencies.

Royal Dutch Shell plc is an Anglo-Dutch multinational oil and gas company headquartered in The Hague, Netherlands and with its registered office in London, United Kingdom. It is the biggest company in the world in terms of revenue and one of the six oil and gas "supermajors". Shell is vertically integrated and is active in every area of the oil and gas industry, including exploration and production, refining, distribution and marketing, petrochemicals, power generation and trading.
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MOSCOW (MRC) -- Imports of Iranian crude by major buyers in Asia fell for a second month in a row to a 14-month low in June, weighed down by sluggish purchases by China and Japan, reported Reuters.

It is the first time that import volumes of Iranian crude by Asia's four main buyers have fallen for two straight months since Western sanctions against Tehran were lifted in January last year, leading to a spike in shipments.

China, India, South Korea and Japan together imported 1.46 MMbpd last month, down 15.2% on a year ago and the lowest amount since 1.32 MMbpd in April last year, government and ship-tracking data showed.

The fall comes as Iran aims to raise oil output to around 4 MMbpd by the end of the year from around 3.8 MMbpd in recent months, and increases shipments to Europe.

For the first six months of 2017, purchases by Asia's main buyers were still up 21% on a year ago at 1.71 MMbpd.

Iran was exempted from an agreement by the Organization of the Petroleum Exporting Countries (OPEC) to reduce output by 1.2 MMbpd, a victory for Tehran which has argued it needs to regain the market share it lost under Western sanctions over its disputed nuclear program.

The latest data showed India's imports of Iranian crude rose more than 30% in the first three months of India's financial year in April–June.

Oil Minister Dharmendra Pradhan said in mid-July that India's state refiners plan to buy less Iranian oil in 2017/18 compared with the last fiscal year due to commercial and operational considerations.

Japan's trade ministry on Monday released official data showing its Iranian imports fell for a second straight month last month.

NITC, Iran's leading oil tanker operator, said this month its shipments to Europe were increasing daily and the company plans to upgrade its fleet to support expansion.

As MRC informed before, Litasco, the trading arm of Russia's Lukoil, became the first buyer in Europe since the lifting of sanctions. The Swiss trader delivered 1 million bbl of Iranian Light grade to Lukoil's Petrotel refinery in Romania, loading at Iran's Kharg Island terminal on February 5, 2016.
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MOSCOW (MRC) --Jacobs Engineering Group Inc. has signed a global Enterprise Framework Agreement (EFA) renewal with Shell Oil Company to provide concept, front-end engineering, detailed design, procurement, project management, construction management and construction services for Shell projects globally, reported BusinessWire.

The agreement aligns with Shell’s ongoing efforts to transform the way its projects are delivered by improving capital and financial efficiencies.

"We look forward to continuing to work with Shell. This agreement fosters fresh and innovative project delivery solutions to help meet our joint goal of increased capital efficiency and economic results," said Jacobs Petroleum & Chemicals President Gary Mandel.

As MRC informed earlier, in October 2016, Royal Dutch Shell signed a preliminary memorandum of understanding (MOU) with Iran’s National Petrochemical Co. (NPC) for cooperation in the petrochemical industry.

Jacobs is one of the world’s largest and most diverse providers of full-spectrum technical, professional and construction services for industrial, commercial and government organizations globally. The company employs over 54,000 people and operates in more than 25 countries around the world.

Royal Dutch Shell plc is an Anglo-Dutch multinational oil and gas company headquartered in The Hague, Netherlands and with its registered office in London, United Kingdom. It is the biggest company in the world in terms of revenue and one of the six oil and gas "supermajors". Shell is vertically integrated and is active in every area of the oil and gas industry, including exploration and production, refining, distribution and marketing, petrochemicals, power generation and trading.
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