According to reports, due to the lack of new investment projects after 2012, it is possible that Asian styrene will return to supply shortage situation after 2015. Vince Sinclair, manager of styrene and phenol business at Analytical, said that the new styrene production capacity of 1.5 million tons per year in Asia will not be sufficient to meet the demand in the region unless there are more new projects. “Asia's styrene capacity/demand this year will basically remain in balance and it will be the first time in history that the estimated surplus will be about 500,000 tons/year. This is mainly due to China’s substantial capacity expansion, but the 500,000 tons surplus is unveiled. The market demand of 14 million tons/year is too insignificant,†said Sinclair. He added that in the past 20 years, China's styrene production capacity has been in short supply, with an insufficiency of about 150 tons/year, and it is currently less than 2 million tons/year, making Asia an importing region. Last year, China's imports of styrene reached a record of 3.6 million tons, and it is expected that China's styrene imports will remain at more than 3 million tons/year in the next few years. On the other hand, although China's demand for styrene is very large, China is one of the regions with the lowest styrene operating rates in the world, because a large number of surplus products from Japan, South Korea, Southeast Asia, the Middle East and the United States are competing to enter the Chinese market. It is expected that China's styrene utilization rate may reach a historical low of around 80% this year. Sinclair predicts that total styrene demand in Asia will increase by 5% this year and will continue to grow at an average rate of 4.2% in the next five years. According to ICIS statistics, the global new styrene production capacity from 2007 to 2010 was 6.17 million tons, of which China increased by 2.72 million tons/year, while in other parts of Asia it increased production capacity by 970,000 tons/year, and in the Middle East by 2.48 million tons/year. In 2009, China's demand reached 640 tons, an increase of 18.5% from the demand of 5.4 million tons in 2008. In the first half of 2010, the demand reached 3.35 million tons. Sinclair said that due to various reasons, there will be a number of styrene devices that will be closed in the future, in which Japan will have one or two devices may be closed. Since 2007, nearly 3 million tons/year of styrene production capacity has been closed worldwide. The latest announcement is the Japanese manufacturer Mitsubishi Chemical, which will suspend production of 400,000 tons/year of equipment in Kashima from March 2011. Previously, the United States, Huntsman closed a device in Western Fuerteventura in Australia at the end of 2009. South Korea Electronics Corporation closed a device in Ulsan in 2008. However, these closed production capacities will be replaced by new capacity in China and the Middle East this year and next year.
China's new production capacity in 2010 includes CNOOC/Shell’s expansion of 50,000 tons/year to 700,000 tons/year in Huizhou in the second quarter. In April, Ningbo ZRCC New Chemical Company (NZLC) newly built 620000 tons/year of propylene oxide / Styrene monomer (POSM) device. In addition, Qingdao Petrochemical will put into operation a new 80,000-ton/year plant. In the Middle East, Iran’s PARS Petrochemical Company put into operation a new 600,000-ton/year installation in the first quarter. Next year, China will also put into operation two sets of devices, namely the 250,000-ton/year plant in Changzhou Xinri and the 350,000-ton plant in Daqing Petrochemical. In 2012, Yanchang Petrochemical will expand its production by 120,000 tons/year.
China's new production capacity in 2010 includes CNOOC/Shell’s expansion of 50,000 tons/year to 700,000 tons/year in Huizhou in the second quarter. In April, Ningbo ZRCC New Chemical Company (NZLC) newly built 620000 tons/year of propylene oxide / Styrene monomer (POSM) device. In addition, Qingdao Petrochemical will put into operation a new 80,000-ton/year plant. In the Middle East, Iran’s PARS Petrochemical Company put into operation a new 600,000-ton/year installation in the first quarter. Next year, China will also put into operation two sets of devices, namely the 250,000-ton/year plant in Changzhou Xinri and the 350,000-ton plant in Daqing Petrochemical. In 2012, Yanchang Petrochemical will expand its production by 120,000 tons/year.
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