Structure, not scale, determines valuation, capital access, and resilience as oversupply, policy volatility, and higher rates punish complexity yet reward clarity, focus, optionality, disciplined execution,
General Thoughts: Inflation divergence, steady USD/CNY, cheaper crude, and falling freight rates amplify China’s pricing power, compressing Western margins as outperformers prioritize corridor hedging, agility,
General Thoughts: US personal consumption expenditures for durable and non-durable goods declined in January, while YTD domestic chemical production, on average, is higher, indicating that
General Thoughts: Global natural gas prices have declined on an absolute basis and relative to Western power prices since 2H23, boosting blue and grey hydrogen
Many companies will evaluate transaction options over the next few years, but valuation mismatches and unclear regulations could produce significant hurdles.
US oil and gas
The recent drop in transportation fuel values has outpaced the decrease in crude oil values, steering attention to chemicals for long-term downstream growth despite its
The sustainability push across the chemical industry is underway, and all agree that higher prices are needed to drive growth – will it come forth?
The global chemical industry reflects an oversupplied setting, and a steepening cost curve has spurred low-cost production. Efforts to decarbonize value chains vary by region
Global chemical prices have rebounded from mid-year lows, partly due to higher crude oil and related feedstocks, displaying the benefit of being a low-cost producer
Some European chemical producers have seen costs decline YTD relative to others. However, our global market study shows Europe overall in a more difficult spot
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