Aromatics & Fibers

Keeping Pace with the Rapidly Changing Global Aromatics Market

Aromatics chemicals products directly impact the costs, margins, and supply-demand positions of multiple downstream industries, such as styrenics, nylon, polyester, polyurethanes, and phenolics. Experts from Chemical Market Analytics understand the strategic market drivers for your aromatics chemicals products and derivatives business and can explain critical aromatics market developments.

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Aromatics Market Strategic Insights

Sustainability

Although more pressing crises are focusing attention on aromatics producers, sustainability remains a key objective to avoid plastic recycling taxes and anticipated future emissions charges. Development work is progressing in the polyester, styrenics, polyurethane and nylon chains, as well as other areas. Long term, this will impact virgin demand for intermediate products or feedstocks

Mainland China margins

Following the COVID pandemic, mainland China’s petrochemical market has exhibited less robust growth than previously experienced. The large aromatics market capacity that has been added in mainland China in recent years has led to weak or even negative production margins, leading to extended shutdowns of capacity or even permanent closures in mainland China and other parts of Asia.

Self-Sufficiency of aromatics chemicals products in Mainland China

Mainland China has undergone a period of rapid capacity expansion in aromatics over recent years, moving the country significantly closer to self-sufficiency for benzene, styrene, phenol and paraxylene. This will significantly reduce the need for imports from other parts of the world, putting exporters to mainland China under more business pressure. Mainland China is also becoming more active in export markets.

Octane Pressure for the Aromatics Market

US and European gasoline markets have displayed unprecedented strength over the last three years, following global refinery rationalizations and a recovery of gasoline demand post-COVID. This has widened the gasoline-to-naphtha spread, allowing more naphtha to be blended into gasoline but requiring additional high-octane aromatics components such as mixed xylenes, toluene, cumene and even ethylbenzene in the gasoline blend to meet overall octane specifications. High premia over gasoline have been paid for aromatic octanes since 2022, creating additional cost pressure on some downstream aromatic derivatives. This environment for the aromatics market is expected to endure for a number of years.

Refinery Rationalization

As gasoline demand wanes through the energy transition, refineries are likely to come under pressure and some are expected to be rationalized. This could lead to the loss of feedstocks at some aromatics production sites or significantly disrupt the availability of feedstocks for virtually integrated producers. Weaker long term gasoline crack spreads to crude oil are also expected to impact pygas gasoline blending economics, incentivizing more extraction of benzene from pygas.

Carbon Emission Allowance

The launch of a CEA (carbon emission allowance) scheme for petrochemicals is anticipated over the next 4-5 year period in mainland China, changing the cost structures of aromatic producers

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Aromatics and Fibers Global Team

Duncan Clark

Duncan Clark Vice President, Global Aromatics & Fibers Team Lead Chemical Market Analytics by OPIS

Duncan Clark is the Vice President of the Global Aromatics and Fibers business at Chemical Market Analytics.

Duncan Clark is the vice president of Global Aromatics and Derivatives, based in Chemical Market Analytics’ London office. Duncan joined the company in 2013 as the EMEA Aromatics Director, taking over leadership of the global Aromatics team in 2017. Duncan has 40 years of experience in the global petrochemical and chemical industries across various Sales, Marketing, Corporate Business Development, Business Management, and Consultancy roles.

Duncan maintains a view of global developments across all major aromatics markets and works closely with petrochemical producers, consumers, and financial institutions worldwide, providing insight and forward-looking perspectives. He has specific expertise in the polyester feedstock markets. He is a regular speaker at Chemical Market Analytics’ regional conferences. He leads a global team of Aromatics consultants and analysts. He is responsible for the commercial strategy and client support for a broad portfolio of Aromatics services focused on individual aromatics value chains. He also regularly serves on the project team for Chemical Market Analytics’ single-client studies.

Before this, Duncan spent ten years working in an ExxonMobil / Shell joint venture company involved in fuel and lubricant additives and visited refineries worldwide. He also spent 12 years working for Air Products in various chemical and industrial gas businesses in the UK, the U.S., and the Netherlands. He now provides insights into the global aromatics and derivative markets, including paraxylene, purified terephthalic acid, ethylene glycols, polyurethane feedstocks, and the global benzene, toluene, and xylenes markets.

Mr. Clark has a Bachelor of Science in Chemical Engineering from University College London and a Master of Business Administration from Manchester Business School.

 

Ashish Pujari

Ashish Pujari Vice President, Asia Aromatics & Fibers Chemical Market Analytics by OPIS

Ashish Pujari is the Vice President of Aromatics and Fibres at Chemical Market Analytics in Singapore.

Ashish Pujari is the Vice President for Aromatics and Fibers in Asia. He has over 30 years of experience in the petrochemical industry, primarily focused on the polyester and raw material value chain, spanning project design, operations, sales & marketing, and business development. Over the past 15 years, he has focused on market research and consulting for the polyester and raw material industry. He is responsible for providing thought leadership to the sector and guiding our long-term forecasts.

Ashish works with the Asian petrochemicals industry and coordinates support across the value chains. His current areas of focus are Paraxylene, terephthalic acid (PTA) and Polyester, covering the regional dynamics and guiding the global outlook. He also actively continues to focus on sustainability developments in the polyester sector. Ashish has also been instrumental in launching several reports, including the pricing reports for Aromatics in Asia and the Global Polyurethanes & Feedstock report.

Ashish joined CMAI in 2009, with responsibility for covering the Asian PX and polyester markets, and has taken on additional responsibilities as we transition to Chemical Market Analytics. Before joining CMAI, Ashish worked for Reliance Industries Ltd. (RIL) in India and led M&A activity in the polyester sector at the time of his 2009 exit. Ashish joined RIL as a fresh engineer in 1994 in the project design and construction group and later progressed to operations. He also worked in sales & business development, becoming the regional sales lead for raw materials in North India.

Ashish holds a Bachelor of Engineering (Polymers & Chemicals) from the University of Pune, India, and an Executive Management diploma from the Indian Institute of Management, Bangalore.

 

David Potter

David Potter Vice President Aromatics and Fibers, EMEA Chemical Market Analytics by OPIS

David Potter is Vice President of Aromatics and Fibers, EMEA, at Chemical Market Analytics.

David joined the Chemical Market Analytics team in January 2013 and is Vice President for the EMEA team, with product responsibility for pygas and benzene. David has expertise across several markets within the aromatics and fibers sector, including styrene monomers, phenolics, polyurethane feedstocks and ethylene oxide and derivatives. Between 2016-2018, David had global responsibility for the daily pricing and market update reports for Chemical Market Analytics on aromatics and light olefins.

David joined the Chemical Market Analytics team from Platts, where he was an editor on the petrochemicals team, responsible for price discovery, assessment, and editorial content across various petrochemical markets. However, David’s main focus was on aromatics, where he was responsible for the benzene market coverage for over five years.

Before his time at Platts, David worked for Petrochem Carless (now Haltermann Carless) for 8 years, from 1999 to 2007. He undertook many commercial roles here, including product management and customer service manager. He was responsible for buying and selling a wide range of aliphatic and aromatic products, ketone solvents, antifreeze, and glycols, and for undertaking many roles across road, rail, and shipping logistics.

David has a Bachelor of Arts in Media and a postgraduate diploma in Periodical Journalism.

 

Prem Chitkara

Prem Chitkara Executive Director, Polyester Fibers, Glycols & EO Derivatives Chemical Market Analytics by OPIS

Prem is the Executive Director of Polyester Fibers, Glycols & EO Derivatives for the European, Middle-East, and African markets.

Prem Chitkara is the executive director for polyester fibers, glycols & EO derivatives in Europe, the Middle East, and Africa (EMEA) at Chemical Market Analytics. With over 30 years of experience, Prem is a key resource within the business for understanding and insight into polyester fibers, glycols and ethylene oxide (EO) derivatives.

He works closely across the EMEA region with various stakeholders, including manufacturers & buyers, converters, end consumers, and financial institutions, providing support and guidance throughout the polyester and EO chains. His current area of focus includes oversight of the ‘Global Polyester Fibers and Feedstocks’ reports as well as primary input and insight for the ‘Market Advisory – Global Ethylene Oxide, Glycols and EO Derivatives,’ ‘World Analysis- Polyesters’ and ‘World Analysis- Ethylene Oxide and Monoethylene Glycol (MEG).’

Prem has rich, diverse global industry experience in manufacturing, technical, expansion projects, sales & marketing, and business development, which supports him in his current role. Before joining the consulting business in 2017, Prem worked for 23 years at Reliance Industries Limited across different locations in India and Germany, where he was responsible for developing Reliance’s Polyester business in the EMEA region.

He holds a degree in Textile Engineering and earned an MBA. He has completed an Executive Management Development program at the Indian Institute of Management, Bangalore, India, and a Business Sustainability Management program at Cambridge University, UK.

Peter Feng

Peter Feng Vice President, Aromatics & Fibers Americas Chemical Market Analytics by OPIS

Mr. Peter Feng is the Vice President of Aromatics & Fibers Americas at Chemical Market Analytics.

Peter Feng is the Vice President of Aromatics & Fibers. He is responsible for the North American Aromatics Service and covers the styrene, polystyrene and expandable polystyrene markets in the Americas for Chemical Market Analytics. With over 35 years of experience in various assignments, Peter has a breadth of knowledge in multiple disciplines and products. Peter is a key resource for understanding and insight into the aromatics sector of the petrochemical industry.

Within the Americas, he leads the North American Aromatics Service. While his current area of focus is the products in the styrenics chain, he has covered many of the aromatics products at once. In addition to North American Aromatics, he contributes to several different services and is a key contributor to the World Styrene Analysis, World Polystyrene Analysis and World EPS Analysis.

During his time at Chemical Market Analytics and predecessor companies, he has contributed to several bespoke client studies, including the development of a marketing plan for a new Middle East plant, a site assessment for a U.S. plant, strategic analysis for refineries and chemical plants, strategic purchasing analysis, etc. As a renowned expert, he has been sought after as a testifying expert in numerous legal cases. He is often a guest speaker at various conferences and industry events.

Before his role in market consulting, he worked at Air Products and Sterling Chemicals. He had assignments in Process Engineering/Technology, Information Systems, Projects, Environmental, Supply Chain and Commercial teams during this time. Peter Feng has a Bachelor of Science and Master of Science in Chemical Engineering from Northwestern University and a Master of Business Administration from the University of Houston.

Roberto Ribeiro

Roberto Ribeiro Vice President, Global Ethylene Oxide | Ethylene Glycol Chemical Market Analytics by OPIS

Roberto Ribeiro is the Vice President for EO & Derivatives in the Americas at Chemical Market Analytics.

Roberto Ribeiro is a seasoned chemical and petrochemical expert with over 30 years of experience. He serves as the Vice President for EOD (ethylene oxide derivatives) and PET at Chemical Market Analytics. In this role, he is responsible for the research and analysis of a wide range of products, including PET, PTA, PX, ethylene glycols (MEG, DEG, TEG), high-purity ethylene oxide, and its derivatives such as ethoxylates, glycol ethers (E-series), ethanolamines (MEA, DEA, TEA), and polyethylene glycols (PEGs).

Roberto works closely with the chemical and petrochemical sectors and other markets, including plastic converters, brand owners, oil and gas, and financial industries, providing support and guidance across various business chains. His current focus areas include overseeing the Market Advisory Services’ ‘Global PET Stream Report’ and ‘Global Ethylene Oxide, Glycol, & Derivatives Report,’ as well as providing primary input and insights for the World Analysis Services’ ‘World Analysis – Paraxylene,’ ‘World Analysis – Polyester,’ ‘World Analysis – PTA/DMT,’ and ‘World Analysis – Ethylene Oxide and Monoethylene Glycol.’

He joined Chemical Market Analytics in April 2021, having previously served as President of Townsend Solutions, a strategic consulting firm in the petrochemical industry. Before his tenure at Townsend Solutions, Roberto held various leadership roles in strategic planning, joint venture relationships and strategic guidance, business development, M&A, and sales and marketing at petrochemical manufacturing companies, many of which are now part of Braskem and LyondellBasell. Roberto’s career began at Eastman Kodak and then at Polibrasil Resinas, S.A., where he progressed from Marketing Intern to Head of Marketing, conducting in-depth market analyses.

Roberto holds a bachelor’s degree in Accounting and Finance and Business Administration from São Paulo University (Brazil). Additionally, he holds a master’s degree in Oil & Gas from Universidad Austral (Argentina). He has participated in various professional development courses with Harvard Business School, New York University’s Stern School of Business, and the Massachusetts Institute of Technology (MIT). He has been a speaker at numerous industry conferences across Europe, Asia, the Middle East, and North and South America.

Alan Lu

Alan Lu Executive Director, China Aromatics & Fibers Chemical Market Analytics by OPIS

Alan Lu is an Executive Director for Aromatics & Fibers at Chemical Market Analytics.

Alan joined CMAI in 2001 (acquired by IHS Markit and Dow Jones), and he currently leads the China aromatics team with major research coverage on regional EO/EG and the mainland Chinese BTX and SM value chains.

Before taking the leadership role in the China Aromatics & Fiber team, he had research and consulting responsibilities for multiple base chemical value chains with the organization. From 2012 to 2015, Alan was a Director and team leader of the China Chemicals Consulting Group.  Before joining Chemicals Consulting, he was engaged in aromatics and fibers research in Asia, primarily responsible for PET Bottle Resin for Asia, Polyester Fiber, PTA, MEG, Phenol and Acetone for China.

Alan holds a Master’s degree in business administration from the Shanghai University of Finance and Economics and a Bachelor’s degree from Shanghai International Studies University.

 

Meiko Woo

Meiko Woo Executive Director, Global Nylon Fibres & Feedstocks Chemical Market Analytics by OPIS

Meiko Woo is an Executive Director for Global Nylon Fibers and Feedstocks service at Chemical Market Analytics.

Meiko Woo is the service leader for the nylon fibers and feedstocks service at Chemical Market Analytics and contributes to the polyester fibers and feedstocks service in North America. With over 20 years of experience, Meiko is a key resource within the business for understanding and insight into the fibers sector of the petrochemical industry.

Meiko has developed an international reputation for providing meaningful analysis and actionable solutions that help customers optimize their business position in the nylon and polyester fiber industry. Her relevant skills include a keen commercial and technical understanding of the nylon and polyester value chain and robust analytical capabilities to drive toward data-driven conclusions.

Before joining the predecessor of Chemical Market Analytics in 2009, Meiko worked for six years with Invista in Taiwan. She started as a process engineer and was promoted to Utility Area Plant Manager in 2004 and to T10 Technical Plant Manager in 2006, before shifting to a commercial role in early 2007 and working as a planning and technical services manager. With her strong technical background, she liaised between the commercial and manufacturing teams.

Meiko holds a Master’s in Environmental Engineering from National Chiao Tung University and a Bachelor of Science in Chemical Engineering from National Taiwan University.

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