Episode 1225: Think Tank: Europe petrochemicals could learn lessons from Japan
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European petrochemical leaders should take inspiration from Japan, which is further ahead in reducing base chemicals while expanding in specialties and low carbon technologies. - Japan hit by high naphtha feedstock costs, growing global overcapacity- 70% of crackers are more than 50 years old- More than 10% of Japan’s crackers could close- Downstream production also closing such as polyethylene terephthalate (PET) and paraxylene (PX)- Japan basic chemicals losing ground, new focus on specialties - Pushing materials for semiconductors, electronics - Also expanding into bio-naphtha and pyrolysis oil - Japan’s chemical companies want to licence recycling technologies- Using ammonia and hydrogen to reduce dependence on LNG- South Korea chemicals face existential crisis