Commodities Mentioned:
PVC, Polypropylene, Polyethylene, Polyurethane, Polystyrene, Polycarbonate, PET, Methanol, Propylene, Ethylene, Benzene, Lithium, Carbon Dioxide, Hydrogen, Natural Gas/NGLs, Crude/Naphtha, Recycled Resin, Polyols, Syngas, Chlorine, Sulfur, Carbon Black
Companies Mentioned:
LyondellBasell, CP Chemical, Dow, ExxonMobil, Nova Chemicals, Enterprise Products, BASF, Methanex, Southern Chemical, Natgasoline, Mitsui Chemicals, Celanese, Sabic, Petronas, Gazprom, Denka, Evonik, Meghmani Organics, Nama Chemicals, Sasol, Solvay, Cheniere, Petrobras, Asian Paints, Tata Chemicals, Zoltek, Sinopec, BMW, BP, TerraCycle, Harsco, Lummus, Ineos, Linde, Enerkem, Cabot, Equinor, Stepan, Trinseo, Air Liquide, Ecolab, Honeywell, Lonza, Nouryon, Songwon, Bayer, Eni, Amazon, Kemira, KKR, Stellantis, Toray Industries, REX American, Veolia, HP, Lanzatech, Shell, Air Products, Eastman, Westlake, Suez, Closed Loop Partners, PureCycle Technology, ENEL, Denbury, Aker Carbon Capture, Chevron, TC Energy, Arkema, Boyd, Bridgestone, SQM, Albemarle, GCP Applied Tech, Saint-Gobain, Braskem, Pinnacle Polymers, Flint Hills, PPG, Raven, GM, Sibur, Symrise, Iberdrola, H2 Green Steel, JERA, Cummins, Blackstone, IFF, Dollar General, PetroChina, Brenntag, Versalis, Epsilyte, Gangfeng Lithium, Mitsubishi, K+S, Tatneft, Toyota, British Airways, Phillips 66, Navigator Gas, Siemens, Walmart, Target
C-MACC Sunday Thematic & Weekly Recap 95
Reshoring Should Remain Supportive of Chemicals in ’22
- Current/recent strong ISM factory numbers in the US suggest production is being pulled back onshore, where capacity exists, especially given negative auto comps.
- Manufacturer production strength is shown in chemical and polymer producer sales, suggesting US and European materials demand is outpacing expectations.
- The onshoring trend should continue, and this could support above-trend demand growth for materials in the US and Europe for years – a plus for chemicals.
- Chemical equity valuations are low and suggest negative revisions, some being inevitable given industry and energy trends, but 2022 revisions could be modest.
- Otherwise, we discuss recycling, material cost inflation facing the EV and renewable power industry, and why import costs could remain high.
Last week we discussed 24 Chemicals and related products and 105 Companies.
See PDF below for all charts, tables and diagrams
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