Nations have been forced to reassess their energy strategies amid a more polarized geopolitical climate. Tight energy supplies create an impetus to adopt renewables, while the need for energy security forces the use of carbon-based and nuclear power. Gain insights on energy scenarios and the implications to chemical markets.
Major Chemical markets are in a downcycle with an oversupply trough in 2023-2024 while facing a new world reality of disruptive forces. Winners and losers will be determined by how participants address climate emissions, plastics waste, and deglobalization of markets while managing through the fundamentals of these commodity chemical markets. Alternate pathways and potential outcomes will be highlighted as the future is influenced by path dependency but determined by interventions made along the journey.
Unprecedented olefin capacity additions have led to global oversupply, particularly in Asia. While low-cost producers are expected to be in a better position to handle trough market conditions, all regions are expected to see depressed margins for an extended period of time. The key questions will be how long the downcycle will last in each ethylene and propylene market, how the market will react during the duration of the downcycle, and how the market will restructure.
In the complex world of Aromatics, several key factors have impacted the growth, margins, and investment interest in the chain. High gasoline margins, large and unchecked capacity additions, freight rates, trade barriers, increasing focus on sustainability, and several other developments are pulling the products and markets in different directions and market players are at a loss in making the right decisions for their short-term and long-term business plans. We try to facilitate this decision-making process by summarising the key impact points on major aromatics products and their expected trends over the short to medium term.
The plastics ecosystem is firmly on a transition where companies design out waste, keep resources in use as long as possible, extract the maximum value while in use, then recover and regenerate valuable products and materials at the end of life. Moreover, this transition is taking place within the broader structural shifts of energy transition as fuels demand peaks, raising the plastics demand risk profile and bringing forward challenges to balance emissions with circular plastics end-of-life goals.
The plastics transition to circularity raises critical questions that must be addressed through common goals and standards, with supporting data to determine the best path forward.
This presentation will discuss all of these aspects and will provide a deep dive into the present scenario and the directions for the future in the form of disruptive truths.
Senior Vice President, Global Head of Chemical Market Analytics Chemical Market Analytics by OPISRead Bio
Director, Circular Plastic Sustainability Chemical Market Analytics by OPISRead Bio
Vice President, Asia Aromatics | Global Polyurethane Feedstocks | Polyester Fibers & Feedstocks | Polyester Stream Chemical Market Analytics by OPISRead Bio
Director, APAC Ethylene & Propylene Chemical Market Analytics by OPISRead Bio
Dewey Johnson is Senior Vice President & Global Lead of Chemical Market Analytics by OPIS, a Dow Jones Company (“Chemical Market Analytics”).
IHS Markit Global LLC (“IHS Markit”) was acquired by S&P Global in February 2022. As part of the merger, IHS Markit Base Chemicals was spun off and separately acquired by Dow Jones and renamed “Chemical Market Analytics” in June 2022.
Dewey is responsible for the global business, including insight and research covering the major chemical value chains including Aromatics and Fibers, Olefins and Derivatives, Inorganics (chlor-alkali, vinyls, and soda ash), Plastics and Polymers, and Syngas Chemicals (methanol, acetyls, and ammonia). Dewey is based in Houston.
Prior to Chemical Market Analytics, Dewey joined IHS Markit (through legacy CMAI) in 2009. His experience in the petrochemical industry covers all aspects of the business- financial, commercial, operations, research, strategy design and business planning, business development, as well as consultancy. Prior to IHS Markit, he was with Eastman Chemical Company, where he spent more than 25 years in strategic and commercial roles with various business groups and corporate functions. Dewey held management positions in commercial development, global sourcing, P&L for key businesses, market development, and market & strategic analysis of chemical markets and businesses. Dewey has led multiple complex engagements in strategy development and execution, global sourcing of Aromatics & olefins derivatives and industrial gases, business simulation & game theory and dynamic modeling, sales/ marketing, and business development. Dewey received BS and MS engineering degrees from Tennessee Technological University and Virginia Polytechnic Institute. He also earned an MBA in General Management. Dewey has been a frequent guest lecturer at MIT Sloan School of Management, UVA Darden School of Management, and SUNY at Albany School of Public Policy.
Mr. Goyal is the Director of the Circular Plastic Service team in Chemical Market Analytics.
He leads the team in technology and infrastructure related to plastics circular economy and sustainability. His work areas include technical assessment focusing on plastic circularity, bio-fuels, clean tech, and sustainability.
Mr. Goyal brings over 18 years of experience in chemical process engineering, research and analysis, EPC process industry, process design, and project management. He provides customized strategic analysis and techno-commercial assessments for clients in the areas of new and emerging technologies for the chemical process industry. He served as project lead for the technical evaluation of various technologies and published reports on post-consumer plastic recycling (pyrolysis), advances in plastic chemical recycling (gasification), large-scale plastic pyrolysis, syngas fermentation, cellulosic ethanol, biomass pretreatment, coal gasification, and syngas to ethanol. He also led process comparison and cost tracker for Biodiesel, ethanol, and isoprene for the industry clients.
Mr. Goyal initially joined IHS Markit Process Economics Program (formerly SRI Consulting) in 2014 and later move to lead the Technology team in Circular Plastic Services within Chemical Market Analytics in June-2021. Previously he was with LanzaTech driving commercialization efforts of syngas fermentation technology and business development. He has also worked with Air Liquide Global E&C in Germany and India where he led India’s first high ash coal to DRI project using Lurgi gasification. He also has good ethanol industry plant design and operation experience where he facilitated a few distilleries related to molasses and grains as feedstocks.
Mr. Goyal holds a Certificate of Business Excellence from the University of California, Berkeley. He earned his degree in Bachelor of Technology in Chemical Engineering from India. He is a lifetime member of the Indian Institute of Chemical Engineers (IIChE), Kolkata, India.
Ashish Pujari serves as Vice President of Aromatics and Fibres in the Chemicals team at Chemical Market Analytics in Singapore.
Mr. Pujari has responsibility for the Asian Aromatics business and Global Fibres and Feedstocks business and is the service leader for subscription services covering the global Polyester, and the Asian Aromatics value chain. He also provides commercial leadership to the Polyurethanes Service within the Base chemicals group. Apart from the regular market and outlook updates, Mr. Pujari also leads initiatives in creating and updating the long-term outlook for the polyester value chain. He has also been involved in numerous consulting studies since joining the firm. Prior to joining Chemical Market Associates, Inc. (CMAI) in 2009, Mr. Pujari gained 15 years of experience with Reliance Industries Limited in India. He started his career as a project and operations engineer and was involved in the startup and commissioning of the Hazira complex on the west coast of India. He shifted to the commercial role in mid-1998 and worked as a business analyst for Reliance’s executive management before shifting to a sales and marketing role, handling Fibers Intermediates. Mr. Pujari holds a B.E. in chemical and polymer engineering from Maharashtra Institute of Technology, Pune, India, and completed his Executive MBA, at the Indian Institute of Management (IIMB), Bangalore, India.
Mike Park is Director for Asia light Olefins and propylene derivatives at Chemical Market Analytics.
Mr. Park is responsible for covering Asia light olefins and propylene derivatives including acrylic acid, acrylates, SAP, MMA, oxo alcohols, and plasticizers. He has been contributing to various market advisory services and world analyses for hundreds of global clients since 2017. His distinguished career has spanned 15 years in the petrochemical and chemical industries. Before joining Chemical Market Analytics, Mr. Park worked at LG Chem in Korea for 10 years responsible for sales and marketing propylene derivatives.
Mike is based in Singapore.