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woodmac.com/chemicals
woodmac.com/chemicalsTrusted Chemicals Intelligence
Laura Murphy, Fibers Research Director
Fibers Update - 2019CARE Conference, Houston, May 2019
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• Wood Mackenzie Background• Raw Materials and the Supply Chain
• Nylon• Polyester
• Global Views• Economic Overview• Recycling Overview• Summary
Agenda
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• Verisk Analytics (NASDAQ:VRSK)• Was PCI (Alasdair Carmichael)• Services:
• Asia Weekly• Global Monthly• Technical Fibers Monthly• Annual global supply demand report• Special-request reports and studies• Raw materials
Wood Mackenzie Chemicals
Coal
Natural Gas
CrudeOil
Fibers
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Vinyl Services
Forecast market prices and understand supply demand dynamics with our comprehensive analysis of market drivers and events throughout the chlor-alkali and olefin-to-resin chain.
Global supply demand analytics and monthly market overview
• Comprehensive market view with long-term outlook covering supply, demand and market balances out to 2040
• Updates to global EDC, VCM and PVC asset capacities and projects
• Gain insight at both a regional and global level with analysis of 170+ countries
• Frame and test your long-term strategy with detailed pricing outlook
• Topical insights on key industry developments
• Monthly short-term outlook reports allow you to understand recent industry developments and the near-term market outlook
• 18-36 month view of demand, supply and prices
• Market trends from feedstocks through EDC, VCM and PVC
• Support from our specialist analyst team
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Raw Materials
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Nylon and Polyester Raw Materials
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Nylon 6,6 Supply Chain Issues Force majeure declarations Adiponitrile (ADN) Supply 4 major, large scale plants Difficult to justify new plant (But Ascend and Invista have
just announced new capacities – for 2022-2023) Capacity increases
2016 – Invista @ Orange, TX 2018 - Ascend @ Decatur, AL 2019 – Invista/Solvay @ Butachimie, France 2020 – Invista @ Victoria, TX
2018 Polymer Price Increases +5-25 c/lb for Q1 +25-38 c/lb for Q2/Q3 More expected for next year
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2012 2013 2014 2015 2016 2017 2018 20191 2 3 4 5 6 7 8 91011121 2 3 4 5 6 7 8 91011121 2 3 4 5 6 7 8 91011121 2 3 4 5 6 7 8 91011121 2 3 4 5 6 7 8 91011121 2 3 4 5 6 7 8 91011121 2 3 4 5 6 7 8 91011121 2 3 4 5 6 7 8 91011
BASF HMD
Ascend HMD
Solvay AA Chalampe
Radici AA
BASF - HMD
Invista ADN/HMD/PA66
Butachimie Strike - ADN
INEOS/BASF - HMD
BASF MHD/PA66
Solvay PA66
Activity
Invista ADN/HMD
Ascend HMD
Invista PA66 Harvey
Invista ADN/HMD
Radici All PA66 chain
Solvay all PA66 chain
Ascend PA66
Nylon 6,6 Forces Majeure
Source: Wood Mackenzie Chemicals
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Nylon 6,6 Supply Chain Issues Force majeure declarations Adiponitrile (ADN) Supply
4 major, large scale plants in the world Difficult to justify new plant (But Ascend and Invista
have just announced new capacities – for 2022-2023) Capacity increases
2016 – Invista @ Orange, TX 2018 - Ascend @ Decatur, AL 2019 – Invista/Solvay @ Butachimie, France 2020 – Invista @ Victoria, TX
2018 Polymer Price Increases +5 - 25 c/lb for Q1 +25 - 38 c/lb for Q2/Q3 +10 - 25 c/lb for Q1 2019
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Forecast
Crude Oil – 2019 forecast
Apparently no critical problems from the crude oil side
Source: Wood Mackenzie
70
0
60
10
110
5040
2030
8090
100
120
Dol
lars
per
bar
rel
202020182014 2015 2016 2017 2019
Brent
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Forecast
Benzene, Propylene, Butadiene: Prices and forecasts
Source: Wood Mackenzie ChemicalsJul19 Jan20Jul18Jul17Jan17 Jan19Jan18
60
80
90
20
30
40
50
70
100
110
Bz
Pric
e c/
lb
BuPr
Butadiene: Price increaseswill be limited by weakdemand in China. A seasonaldecrease followed by arebound is possible in the endof 2019.
Propylene: A rebound is likelymid-year due to improveddemand and exports. In Asiaand Europe, increases in2H19, with tight supply.
Benzene: A recovery of pricesis expected to continue to thelevel of $800/t by Q1 2020, asoversupply eases.
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Nylon 6 Supply Chain Issues
Force majeure declarationsCaprolactam Supply
New Chinese investmentLarge plants, but costly to run
2018 Polymer/Fiber PricingPrice increase to keep the gap “Swing” products will head to nylon 6 (and polyester) as nylon 6,6 gets too expensive
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Forecast
Benzene, Propylene, Butadiene: Prices and forecasts
Source: Wood Mackenzie Chemicals
20Jan20Jul19Jan17 Jan19
40
Jul17 Jan18 Jul18
30
50
60
70
100
80
90CPL
Pric
e c/
lb
Bz
Caprolactam: CPL prices arelikely to turn higher followingbenzene. In Asia, the marginis expected to recover furtherfollowing the sharp decreasein the end of 2018.
Benzene: A recovery of pricesis expected to continue to thelevel of $800/t by Q1 2020, asoversupply eases.
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Polyester Raw Materials
0
20
40
60
80
Jan-14 Jul-14 Jan-15 Jul-16 Jan-17 Jul-17 Jan-18Jan-16 Jul-18Jul-15 Jan-19
+45
+38+32+40
+37
WTI (c/lb)PTA+MEG Formula (c/lb)
Source: Wood Mackenzie Chemicals
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Polyester Supply Chain – Bankruptcies and Forces Majeure
M&G, or Mossi & Ghisolfi (PTA and resin)Bankruptcy 10/2017
Apple Grove, WV (resin plant @ 360 kt) –bought by Far Eastern and restarted
Corpus Christi (resin @1.1 Mt and PTA @1.3 Mt) –Construction halted, but 3-way JV between DAK, Indorama, Far Eastern to proceed
DuraFibers (Industrial PET fiber)Bankruptcy 9/2017
Salisbury, NC (high denier) – closedGrover, NC (fine denier) – Fiber Innovators InternationalWinnsboro, SC, (tire cord fabric) – Indorama
Fires and Forces Majeures in 2018 reduced available fiber and rawsAlpek Mexico – down for 6+ weeks after fire in structural areaEquipment issues and hurricanes plagued PSF
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Polyester Supply Chain - Investments
Huvis Indorama JV (low melt) - Spartanburg 60 kt
Far Eastern purchase of M&G’s Apple Grove resin plant - $34M JV of Indorama, Alpek, and Far Eastern purchase of Corpus Christi @ $1.1B
FTC approved JV purchase on 12/24/2018 – Happy Holidays! Estimated startup 2020 for resin, PTA to be 18 months after
Fiber Industries restart of Wellman plant (staple) Parkdale / Intrinsic Textiles JV to develop CiCLO (biodegradable) technology Unifi / Polartec recent announcement to use CiCLO in fleece production Indorama/Loop Industries JV to begin US production of 100% sustainably
produced resin and fiber in Q1 2020 Indorama and DAK just bought rPET plants
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US Polyester Supply Chain – Antidumping and CountervailingPET Resin• ADD + CVD• Filed 3/2015: • Canada, China, India,
Oman• ADD (Filed 9/2017) Brazil,
Indonesia, Korea, Pakistan and Taiwan
• 5 - 276%• Dismissed (10/2018) on
Brazil, India, Korea, Pakistan, Taiwan
20
30
40
50
60
Jan-16
Jul-17
c/lb
Jul-16
Jul-18
Jan-18
Jan-17
Jan-19
PET Resin to Formula Price Difference
Source: Wood Mackenzie Chemicals
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US Polyester Supply Chain – Antidumping and CountervailingPET Resin• ADD + CVD• Filed 3/2015: • Canada, China, India,
Oman• ADD (Filed 9/2017)
Brazil, Indonesia, Korea, Pakistan and Taiwan
• 5 - 276%• Dismissed (10/2018) on
Brazil, India, Korea, Pakistan, Taiwan
Low Melt Fibers• ADD • Filed 6/2017: • Korea and Taiwan • 0 - 52% • Spared: Huvis - Korea
Fine Denier Staple• ADD + CVD• Filed 5/2017:• China, India, Korea,
Taiwan, • 0 – 220% • Spared: Toray -
Korea and Tainan Spinning –Taiwan
20
30
40
50
60
Jan-16
Jul-18
Jan-18
Jul-16
c/lb
Jan-17
Jul-17
Jan-19
303234363840
c/lb
Jul-18
Jan-18
Jan-16
Jul-16
Jan-17
Jul-17
1.2d Staple to Formula Price Difference
10152025303540
Jul-16
Jan-18
c/lb
Jan-17
Jan-16
Jul-17
Jul-18
Low Melt to Formula Price Difference
DTY Filament• ADD + CVD• Filed 10/2018:
China, India• Beginning stages
of investigation50
55
60
65
70
Jan-17
Jul-17
c/lb
Jan-16
Jul-18
Jul-16
Jan-18
150d DTY to Formula Price Difference
150d DTY to Formula Price Difference
Low Melt to Formula Price Difference
1.2d Staple to Formula Price Difference
PET Resin to Formula Price Difference
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Fine Denier Staple• ADD + CVD• Filed 5/2017:• China, India, Korea,
Taiwan, • 0 – 220% • Spared: Toray - Korea and
Tainan Spinning –Taiwan
242628303234363840424446
Jan-19
Jul-18
Jan-16
c/lb
Jul-16
Jan-17
Jul-17
Jan-18
1.2d Staple to Formula Price Difference
Source: Wood Mackenzie Chemicals
US Polyester Supply Chain – Antidumping and Countervailing
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PET Resin• ADD + CVD• Filed 3/2015: • Canada, China, India,
Oman• ADD (Filed 9/2017)
Brazil, Indonesia, Korea, Pakistan and Taiwan
• 5 - 276%• Dismissed (10/2018) on
Brazil, India, Korea, Pakistan, Taiwan
Low Melt Fibers• ADD • Filed 6/2017: • Korea and Taiwan • 0 - 52% • Spared: Huvis - Korea
Fine Denier Staple• ADD + CVD• Filed 5/2017:• China, India, Korea,
Taiwan, • 0 – 220% • Spared: Toray - Korea
and Tainan Spinning –Taiwan
20
30
40
50
60
Jan-17
c/lb
Jan-16
Jul-16
Jul-17
Jan-18
Jul-18
Jan-19
253035404550
c/lb
Jan-17
Jan-16
Jul-16
Jul-17
Jan-19
Jan-18
Jul-18
10152025303540
Jan-16
c/lb
Jul-16
Jan-17
Jul-17
Jul-18
Jan-18
Low Melt to Formula Price Difference
DTY Filament• ADD + CVD• Filed 10/2018:
China, India• Beginning stages
of investigation50
55
60
65
70
Jul-17
c/lb
Jan-18
Jan-17
Jan-16
Jul-16
Jul-18
150d DTY to Formula Price Difference
150d DTY to Formula Price Difference
Low Melt to Formula Price Difference
1.2d Staple to Formula Price Difference
PET Resin to Formula Price Difference
US Polyester Supply Chain – Antidumping and Countervailing
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Low Melt Fibers• ADD • Filed 6/2017: • Korea and
Taiwan • 0 - 52% • Spared: Huvis -
Korea
10
20
30
40
50
Jul-18
Jul-17
Jan-19
Jan-17
c/lb
Jan-16
Jul-16
Jan-18
Low Melt to Formula Price Difference
Source: Wood Mackenzie Chemicals
US Polyester Supply Chain – Antidumping and Countervailing
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woodmac.com/chemicals
PET Resin• ADD + CVD• Filed 3/2015: • Canada, China, India,
Oman• ADD (Filed 9/2017)
Brazil, Indonesia, Korea, Pakistan and Taiwan
• 5 - 276%• Dismissed (10/2018) on
Brazil, India, Korea, Pakistan, Taiwan
Low Melt Fibers• ADD • Filed 6/2017: • Korea and Taiwan • 0 - 52% • Spared: Huvis - Korea
Fine Denier Staple• ADD + CVD• Filed 5/2017:• China, India, Korea,
Taiwan, • 0 – 220% • Spared: Toray - Korea
and Tainan Spinning –Taiwan
20
30
40
50
60
Jul-17
c/lb
Jan-16
Jan-17
Jul-16
Jan-18
Jan-19
Jul-18
253035404550
Jul-16
Jul-18
c/lb
Jan-16
Jul-17
Jan-17
Jan-18
Jan-19
10
20
30
40
50
Jul-16
c/lb
Jul-18
Jan-17
Jan-16
Jul-17
Jan-18
Jan-19
DTY Filament• ADD + CVD• Filed 10/2018:
China, India• Beginning stages
of investigation50
55
60
65
70
Jul-16
Jan-16
c/lb
Jul-18
Jan-17
Jul-17
Jan-18
150d DTY to Formula Price Difference
150d DTY to Formula Price Difference
Low Melt to Formula Price Difference
1.2d Staple to Formula Price Difference
PET Resin to Formula Price Difference
US Polyester Supply Chain – Antidumping and Countervailing
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woodmac.com/chemicals
DTY Filament• ADD + CVD• Filed 10/2018:
China, India• Beginning stages of
investigation• 4/2019 – Critical
circumstances petition filed –means retroactive penalties potentially
50
55
60
65
70
75
Jul-16
c/lb
Jul-17
Jan-16
Jan-18
Jul-18
Jan-17
Jan-19
150d DTY to Formula Price Difference
Source: Wood Mackenzie Chemicals
US Polyester Supply Chain – Antidumping and Countervailing
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woodmac.com/chemicals
PET Resin• ADD + CVD• Filed 3/2015: • Canada, China, India,
Oman• ADD (Filed 9/2017)
Brazil, Indonesia, Korea, Pakistan and Taiwan
• 5 - 276%• Dismissed (10/2018) on
Brazil, India, Korea, Pakistan, Taiwan
Low Melt Fibers• ADD • Filed 6/2017: • Korea and Taiwan • 0 - 52% • Spared: Huvis - Korea
Fine Denier Staple• ADD + CVD• Filed 5/2017:• China, India, Korea,
Taiwan, • 0 – 220% • Spared: Toray - Korea
and Tainan Spinning –Taiwan
20
30
40
50
60
Jul-18
c/lb
Jan-19
Jan-17
Jan-16
Jul-16
Jul-17
Jan-18
253035404550
Jan-17
c/lb
Jan-16
Jul-16
Jul-17
Jan-18
Jul-18
Jan-19
10
20
30
40
50
Jan-16
Jan-18
Jul-16
c/lb
Jan-17
Jul-17
Jul-18
Jan-19
DTY Filament• ADD + CVD• Filed 10/2018:
China, India• Beginning stages of
investigation• 4/2019 – Critical
circumstances petition filed –means retroactive penalties potentially
505560657075
Jan-19
Jan-17
c/lb
Jan-18
Jan-16
Jul-18
Jul-16
Jul-17
150d DTY to Formula Price Difference
Low Melt to Formula Price Difference
1.2d Staple to Formula Price Difference
PET Resin to Formula Price Difference
Source: Wood Mackenzie Chemicals
US Polyester Supply Chain – Antidumping and Countervailing
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woodmac.com/chemicalsUS polymer prices
The outlook for PA66 (nylon) fibres is becoming increasingly difficult
Source: Wood Mackenzie Chemicals.
0.40
0.60
0.80
1.00
1.20
1.40
1.60
1.80
2.00
2.20
Jul-17Jan-16 Jul-16 Jan-17 Jan-18 Jul-18 Jan-19 Jul-19
PA6, CFRPET Resin, Del$/
lb
PP, Del
PA66, CFR
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woodmac.com/chemicalsHow has demand growth been supplied?
Source: Wood Mackenzie Chemicals
Fiber Demand by Fiber Type, 1980-2018
8
70
90
60
010
50
110
2030
100
40
80
1995
Mill
ion
tons
1980 1985 2000 2005 2010 20151990
+55
+33
+4.8+8
+3.2%
Wool
Cellulose
AcrylicPolypropyleneNylon
CottonPolyester
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woodmac.com/chemicalsWorld fiber demand with estimates through to 2030Fiber Demand by Type, 1980-2030
Source: Wood Mackenzie Chemicals
50
0
100
150
199519901985 2015
Mill
ion
tons
1980 2000 2005 2010 2020 2025 2030
+82+55
+45
+59
+3.2%
+2.9%
Wool
PolypropyleneAcrylic
NylonCelluloseCottonPolyester
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woodmac.com/chemicalsHow will this new demand be supplied?
Source: Wood Mackenzie Chemicals
The expected breakdown of this new fiber supply, 2018-2030
8
35
10
0
5
15
20
40
25
30
45
2026 2030
Mill
ion
tons
2018 2022 2024 20282020
+10
+2
+27
+2Wool
Cellulose
AcrylicPolypropyleneNylon
CottonPolyester
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woodmac.com/chemicalsGlobal polyester production by region
Global production – ex-China
Source: Wood Mackenzie Chemicals
15
20
0
25
5
10
1990
Milli
on t
ons
2000 2010 2020 2030
1314
16
+6
+8
+9
6.6%
-0.9%
2.9%
2.6%
3.2%
India A/ME/TurkS.Asia EuropeAmericas JKT
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woodmac.com/chemicalsGlobal polyester production by region
And now with China
Source: Wood Mackenzie Chemicals
2010
0
30405060
70
8090
2000 2010 2020 2030
Milli
on t
ons
1990
19
37
55+23
+598.4%
6.7%
5.8%
5.2%
3.3%
China India S.Asia Americas Europe A/ME/Turk JKT
37
woodmac.com/chemicalsGlobal polyester production by region
China jumps from 26% of global polyester production in 2000…….
Source: Wood Mackenzie Chemicals
40
01020
30
5060
70
8090
Milli
on t
ons
1990 2000 2010 2020 2030
19
37
55
China India S.Asia EuropeAmericas JKTA/ME/Turk
26%
74%
China
Others
2000
38
woodmac.com/chemicalsGlobal polyester production by region
… to 71% in 18 years
Source: Wood Mackenzie Chemicals
70
0
50
2010
3040
60
8090
1990
Milli
on t
ons 55
2000 2010
37
2020 2030
19
China S.AsiaIndia Americas Europe A/ME/Turk JKT
26%
74%
China
Others
71%
29%
China
Others
2000
2018
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woodmac.com/chemicalsGlobal fiber mill consumption
Strong growth for most major fibers
Source: Wood Mackenzie Chemicals, USDA; Cotton is USDA and season 2016/17 is set to calendar 2017
0
20
51015
35
45
2530
40
Mill
ion
tons
WoolAcrylicNylon F+SPFY Cotton PP F+SCel staplePSF
+5%
+7.5
+1.7
+2%
+3%
+1.8
+6%
+1.3 +0.8
+4%
+0.7
+4%
-0.2
-2%
0.0
0%
2016
2020
201720182019
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Fibers and the US Economy
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US Production Index for Fiber, Yarn and Thread Mills (2012=100)
Production for fiber, yarn and thread mills has gone down since its peak in 1998
Source: US Federal Reserve
1970 1975 1980 1985 1990 1995 2000 2005 2010 2015 2020
250
50
100
150
200
300
Prod
uctio
n In
dex
100
+2% -3%
US Economy – Part 1
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US Production Index for Other Mills (2012=100)
US Economy – Part 2
Downstream mills are showing the same trends as fiber and yarn mills
Source: US Federal Reserve
1970 1975 1980 1985 1990 1995 2000 2005 2010 2015 202050
100
150
300
200
250
Prod
uctio
n In
dex
100
Fabric Mills
Textile Furnishing Mills
Textile/Fabric Finishing/coating millsTextile Product Mills
Carpet and Rug MillsOther Textile product mills
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US Production Index for Carpet and Rug Mills (2012=100)
US Economy – Part 2
And looking just at carpet and rug mills….
Source: US Federal Reserve
1970 1975 1980 1985 1990 1995 2000 2005 2010 2015 2020
160
40
100
60
200220
80
120
180
140
Prod
uctio
n In
dex
100
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US Production Index for Other Mills and Apparel (2012=100)
US Economy – Part 3
Apparel production has fallen off the cliff
Source: US Federal Reserve
1970 1975 1980 1985 1990 1995 2000 2005 2010 2015 20200
200
100
300
500
400
600
Prod
uctio
n In
dex
100
Fabric Mills
Textile Product MillsTextile/Fabric Finishing/coating mills
Carpet and Rug MillsTextile Furnishing Mills
Other Textile product millsApparel
45
woodmac.com/chemicals
US Production Index for Other Mills and Apparel (2012=100)
US Economy – Part 4
Since 2012 – some winners and some losers
Source: US Federal Reserve
2012 2013 2014 2015 2016 2017 201890
100
110
95
105
115
Carpet and Rug Mills
Fiber Mills
Prod
uctio
n In
dex
47
woodmac.com/chemicals
Some Recycling Targets
2017714 kt recycled bottles
2025Pepsi – 45% recycled contentWalmart – 20% recycled brand name content Danone/Evian – 100%Unilever – 50%Nestle Waters – 50%Colgate – 25%
2030Coca Cola – 100% packaging, 50% bottles (uses 3 million tons globally)Pepsi – 50% (50 kt)
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48
Disposal
US PET Bottles
Available(5,913)
Total US Bottles
Recycled(1,726)
Export (283)
US Reclaimer Purchases
(1,606)Clean Flake*(1,075)
RPET Use in
Domestic Markets(1,575)
Clean Flake Equivalent (184)
(333)(61)
US PET MATERIAL FLOWS 2017(Million lbs)
PC Bottle Imports (61)
(4,037)Non-Bottle PET (103)
Fiber (732)
(4,037)Sheet & Film (291)
(4,037)Strapping (130)
(4,037)Food & Bev Bottles (4,037)
Other (19)
Canadian RPET (241)
(4,037)Other Imported RPET (259) Non food bottles
Courtesy:NAPCORand AlasdairCarmichael
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woodmac.com/chemicals
PET BOTTLE RECYCLING RATE HISTORY
49
0%
5%
10%
15%
20%
25%
30%
35%
01,0002,0003,0004,0005,0006,0007,000
MM
lbs Bottles on US
Shelves (MMlbs.)Total US BottlesCollected (MMlbs.)Gross RecyclingRate
Courtesy: NAPCOR and Alasdair Carmichael
50
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50
US RPET FIBER CAPACITIES (EST)
0
100
200
300
400
500
600
700
Fiber Type Feed
Post Ind
Post Cons
Filament
Staple
000 tons Shares of PI and PC feed vary on price, availability and end uses.
Trend is to more PI and imported flake as domestic PC prices high.
Courtesy: NAPCOR and Alasdair Carmichael
51
woodmac.com/chemicals
FIBER END USES FOR PC RECYCLED PET 2017
51
Filament includes Carpet BCF and Textile Filament. End uses not broken out as not enough producers to ensure confidentiality.Non-Wovens is the largest Staple end use.
52%
14%
31%
3%
FilamentFiberfillNon-WovensSpinning Fiber
Courtesy: NAPCOR and Alasdair Carmichael
52
woodmac.com/chemicalsSustainability is the looming issue
• How to satisfy demand in a sustainable way• Recycled pre- and post- consumer waste volumes are still small• Huge growth from emerging countries
• Population and income growth• Fast fashion, affordable fashion, rising demand for hygiene products
• Recycling and waste disposal systems are lagging and unprofitable• Business model is for export to emerging economies
• How to measure environmental and social impact of different fibers?• What needs to be measured? • How to measure?• And then, so what?
• Microfiber pollution – who’s problem is it? Does labeling a shirt matter?
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There is lots of positive news in the textile world…
• Fiber Industries restart of the Wellman polyester staple plant• Investment by PHP and SANS of polyester HDI capacity• Huvis/Indorama JV for low melt spinning in Spartanburg• Parkdale / Intrinsic Textiles JV to develop CiClo (biodegradable) technology• Indorama / Loop Industrties JV to begin production of 100% sustainably
produced resin and fiber• US Auto industry – 4th largest sales year in 2018• 5% tire capacity increase last year, with more planned through 2022• Ford cancels Mexico plant, expands US one• Indorama and DAK bought rPET plants• New USMCA expected to close some loopholes• Chinese investment in US spinning mills (Shandong Ruyi in AR, Keer in SC)• US keeps improving environmental footprint of cotton• SewBots to for Tshirt production, now available as a rental
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Connect with Laura
[email protected] (office)1-423-802-6161 (mobile)
Contact Information
Laura MurphyResearch Director, FibersWood Mackenzie Chemicals
57
woodmac.com/chemicalsDisclaimerStrictly Private & Confidential These materials, including any updates to them, are published by and remain subject to the copyright of the Wood Mackenzie group ("Wood Mackenzie"), and are made available to clients of Wood Mackenzie under terms agreed between Wood Mackenzie and those clients. The use of these materials is governed by the terms and conditions of the agreement under which they were provided. The content and conclusions contained are confidential and may not be disclosed to any other person without Wood Mackenzie's prior written permission. Wood Mackenzie makes no warranty or representation about the accuracy or completeness of the information and data contained in these materials, which are provided 'as is'. The opinions expressed in these materials are those of Wood Mackenzie, and nothing contained in them constitutes an offer to buy or to sell securities, or investment advice. Wood Mackenzie's products do not provide a comprehensive analysis of the financial position or prospects of any company or entity and nothing in any such product should be taken as comment regarding the value of the securities of any entity. If, notwithstanding the foregoing, you or any other person relies upon these materials in any way, Wood Mackenzie does not accept, and hereby disclaims to the extent permitted by law, all liability for any loss and damage suffered arising in connection with such reliance.
Copyright © 2019, Wood Mackenzie Limited. All rights reserved. Wood Mackenzie is a Verisk business.
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