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what we are talking about today

Daily Chemical Reaction

Where The Green Grass Grows – High Commodity Prices Well Known, Product Chain Profits Vary

Where The Green Grass Grows – High Commodity Prices Well Known, Product Chain Profits Vary

We highlight the ties between agriculture and energy markets and broad-based price inflation YTD that holds mixed blessings for derivative product manufacturers and those, such as Deere, serving either of these markets.
We highlight pertinent energy, chemical, and other corporate updates (e.g., Deere, Clariant, SQM, Tianqi, Novelis, Croda, PPG, Sadara, & others).
We discuss relevant ESG items ranging from IEA estimates on reducing Heavy Industry emissions among G7 nations and its view on SE Asia’s clean energy market to a picture of the Chinese dominance in rare earth materials.
We discuss numerous other pertinent chemical sector items in this report.

Where The Corn Don’t Grow – Ammonia Demand to Increase Beyond Fertilizer, Clean Initiatives Sprout

Where The Corn Don’t Grow – Ammonia Demand to Increase Beyond Fertilizer, Clean Initiatives Sprout

Chemical product prices have increased with energy costs in 2022, lifting implied clean project economics and spurring related project announcements. We highlight ammonia as a market positioned to see a considerable shift.
We highlight pertinent energy, chemical, and other corporate updates (e.g., Nutrien, Denbury, Sumitomo, LyondellBasell, Galaxy Surfactants, & others).
We discuss relevant ESG items ranging from China’s proposed wind and solar power expansions to the New Hope and TotalEnergies JV development of a TX recycle facility. Also, see our latest ESG weekly in LINK.
We discuss numerous other pertinent chemical sector items in this report.

Summertime Sadness – Cost Inflation Depresses Most Chemical Product Chain Profits, Keep Tissues Handy

Summertime Sadness – Cost Inflation Depresses Most Chemical Product Chain Profits, Keep Tissues Handy

Chemical product chain profitability mostly turned negative in 1H22 due to higher costs not being fully factored into lagging end-product prices. We highlight a few comparative market bright spots and some troubled areas.  
We highlight pertinent energy, chemical, and other corporate updates (e.g., Orbia, Borouge, BASF, Sinopec, Air Liquide, Lowe’s, Target, & others).
We discuss relevant ESG items ranging from headwinds facing biofuel use in Germany to Orbia presenting a positive sustainability case for PVC. See our ESG weekly and other related research coverage in LINK.
We discuss numerous other pertinent chemical sector items in this report.

what we are saying about tomorrow

ESG, Recycling & climate 

Carbon Capture Costs Are The Hurdle For CCS Investments

Carbon Capture Costs Are The Hurdle For CCS Investments

CCS project announcements are popping up daily, especially in the US recently – most are aligning partners with pore space, and the capture part is uncertain.
While incentives like 45Q can cover compression and sequestration costs quite comfortably, the elusive piece of the puzzle is getting pure streams of CO2.
Investing in processes that create high-purity CO2 may be the best solution and form part of the basis for emerging ATR projects and calls for oxy-combustion.
The industrial gas companies may be very well placed because of their hydrogen experience and because the demand for oxygen plants could increase.
Otherwise, we look at the mountains of cash, a wrong decision from Germany on biofuels, our stock indices, and some worrying analysis on lithium.

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what we are covering

Sunday Thematic & weekly recap 

Global Indicators Lift Concerns, Rocky Times Far From Over

Global Indicators Lift Concerns, Rocky Times Far From Over

Concerning data points, such as higher than expected inflation and concerns with global food supply, continue to mount in 1H22, and quick fixes are unlikely.
US chemical industry health indicators have turned negative, especially for some facing new commodity market supply when demand growth may lose momentum.
Rising input costs are an added problem for sectors/products with limited pricing power; the fertilizer space displays more pricing power than others.
We highlight a higher level of caution in the tone among companies reporting 1Q22 results late in the season, which is consistent with our mounting concerns.
Otherwise, we look at energy (again) and the strategic challenges facing the majors, some disconnects on shipping, and the problems in China.

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