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	<title>CORRECTING and REPLACING Loss of Half of U.S. Production of Key Chemical Copolymers from Hurricane Harvey Impacts Plastics Production Worldwide, IHS Markit Says | Business Wire</title>
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					<h1 class="epi-fontLg">
      <b>CORRECTING and REPLACING Loss of Half of U.S. Production of Key 
      Chemical Copolymers from Hurricane Harvey Impacts Plastics Production 
      Worldwide, IHS Markit Says</b>
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      <i>Linear alpha olefins essential to PE production; loss impacts other 
      major plastics producers</i>
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  							<p>Total LAO Capacities, United States. Source: IHS Markit</p>
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			<div class="bw-release-notes">
				
				<div>CORRECTION...by IHS Markit</div>
				
			</div>
			
			
			<div class="bw-release-timestamp">
				<time datetime="2017-10-11T21:15:00Z" itemprop="dateModified">October 11, 2017 05:15 PM Eastern Daylight Time</time>
				<meta itemprop="datePublished" content="2017-10-11T21:15:00Z" />
			</div>			
			
			<div class="bw-release-story" itemprop="articleBody">
				<p>HOUSTON--(<span itemprop="provider publisher copyrightHolder" itemscope="itemscope" itemtype="https://schema.org/Organization" itemid="https://www.businesswire.com" ><span itemprop="name" ><a rel="nofollow" itemprop="url" href="https://www.businesswire.com/">BUSINESS WIRE</a></span></span>)--Please replace the release with the following corrected version due to 
      multiple revisions.
    </p>
<blockquote><p id='pull-quote'></p></blockquote>




    <p>
      The corrected release reads:
    </p>
    <p>
      <b>LOSS OF HALF OF U.S. PRODUCTION OF KEY CHEMICAL COPOLYMERS FROM 
      HURRICANE HARVEY IMPACTS PLASTICS PRODUCTION WORLDWIDE, IHS MARKIT SAYS</b>
    </p>
    <p>
      <i>Linear alpha olefins essential to PE production; loss impacts other 
      major plastics producers</i>
    </p>
    <p>
      In late August, Hurricane Harvey’s flooding rains shut down more than 50 
      percent of the U.S. production and nearly one quarter of global 
      production of linear alpha olefins (LAOs), a group of chemicals 
      essential to the production of most polyethylene (PE), according to 
      analysis from <a target="_blank" href="http://cts.businesswire.com/ct/CT?id=smartlink&amp;url=http%3A%2F%2Fwww.ihsmarkit.com%2F&amp;esheet=51697771&amp;newsitemid=20171011006200&amp;lan=en-US&amp;anchor=IHS+Markit&amp;index=1&amp;md5=09b0e800a8ed45bb19f04440d8ce7e6d" rel="nofollow">IHS 
      Markit</a> (Nasdaq: INFO), a world leader in critical information.
    </p>
    <p>
      Polyethylene is the world’s most-used plastic. PE is essential for the 
      production of numerous materials ranging from film for packaging and 
      grocery bags, to detergent bottles and pipe for construction. As a 
      result, numerous major chemical producers that rely on the Houston-area 
      LAO co-monomer (butene, hexene and octene) production are scrambling to 
      secure supply, and impacts will be felt down the supply chain, IHS 
      Markit said.
    </p>
    <p>
      “During the recent hurricane that hit Texas, one of the world’s largest 
      facilities for LAO production was flooded and its production of linear 
      alpha olefins was shut down completely,” said Mark Wegenka, director of 
      chemical consulting for IHS Markit. “As a result, half of U.S. LAO 
      co-monomer production and a sixth of total global LAO production is 
      offline and will be for weeks to come, which is creating a serious 
      supply chain challenge for numerous other major chemical producers that 
      are dependent upon this source for LAOs. Current U.S. LAO production 
      exceeds 90 percent capacity and capacity utilization outside the U.S. is 
      much the same, which means there is very little spare capacity in the 
      market, so the impacts are going to be significant.”
    </p>
    <p>
      Rather than playing a lead role on the chemical stage, linear alpha 
      olefins have long been accustomed to serving as best supporting actor, 
      Wegenka said, but now these critical components to the polyethylene 
      production process are getting much more attention. “For many PE 
      producers, this issue is now taking center stage in terms of priority. 
      Securing adequate supply to meet rapidly expanding polyethylene 
      production was already an issue for chemical producers, and now the 
      situation is even more challenging,” Wegenka said. “LAO production was 
      already lagging in some segments.”
    </p>
    <p>
      To address this specialized chemical market, Wegenka, as well as Mark 
      Morgan, Ph.D., and Andrea Borruso, both directors of chemical consulting 
      at IHS Markit, wrote the <i>IHS Markit Light Linear Alpha Olefins Market 
      Study. </i>The report provides supply/demand balances for the LAO 
      products and applications for the 2015 through 2025 period, with a 
      geographic breakdown by region<i>.</i>
    </p>
    <p>
      According to the report, the global market for linear alpha olefins 
      exceeded 5 million metric tons (MMT) at the end of 2016. The lower-range 
      products (C4-C6-C8—carbon bonds) that form the basis for this project, 
      account for around 70 percent of the total LAO demand today, IHS Markit 
      said.
    </p>
    <p>
      “Growth in the linear alpha olefins market overall suggests the 
      potential for three to four large-scale, full-range LAO investments 
      during the medium term, not including the current INEOS and Shell 
      projects in North America,” Borruso said. “Margins and pricing supports 
      reinvestment, and demand growth overall is ahead of average GDP. 
      However, on-purpose LAO technology will be vital in meeting the 
      polyethylene co-monomer supply gap that will continue to grow, given the 
      divergence in growth rate between polyethylene co-monomers, poly alpha 
      olefins, and more specialty polymer applications.”
    </p>
    <p>
      Further on-purpose technology may decouple the supply of lower alpha 
      olefins from the higher C10+ supply, reducing the traditional volatility 
      and swings of the market due to the start of broad-range units, Borruso 
      said. “However, the short-term impact of the hurricane, together with 
      the delay in the startup of some broad-range units in the U.S., has and 
      will create a ripple effect on the C8, as well as C6 supply of linear 
      alpha olefins,” Borruso said. “Given the inertia of response within the 
      global supply system, this may create a short-term economic effect on 
      allocation and prices relative to C4 cuts.”
    </p>
    <p>
      As 2017 comes to a close, current global demand for PE is just under 95 
      million metric tons (MMT), but according to the IHS Markit report 
      entitled <i>IHS Chemical: 2018 Polyethylene World Analysis</i>, PE 
      demand growth will increase 22 MMT by 2022, to 118 MMT. That translates 
      to an average annual growth rate of 4.3 percent or 1.4 times GDP during 
      2017 to 2022, according to IHS Markit.
    </p>
    <p>
      “The global polyethylene market is experiencing very strong growth and 
      that’s for good reason, since, in terms of global plastic demand, there 
      is nothing bigger than PE when it comes to packaging materials,” said 
      Joel Morales, senior director, polyolefins Americas at IHS Markit, and 
      one of the authors of the PE report. “PE is a very versatile, durable 
      material—it is the workhorse of the plastics industry, and the world’s 
      largest-volume plastic.”
    </p>
    <p>
      PE is the material of choice, Morales said, for both food and consumer 
      packaging around the world, and as more and more people see incomes 
      rising globally, they become consumers of more goods that are made of 
      plastic or wrapped in plastic film. Film and sheet applications, which 
      is key to the packaging sector, is the most important plastics use 
      segment globally, according to the IHS Markit report, representing more 
      than 60 percent of plastics demand.
    </p>
    <p>
      “A shortage in LAOs to produce PE is likely to lead to price increases 
      for the short-term, which will impact not only the PE producers, but 
      also others down the supply chain, including manufacturers of the 
      plastics packaging, films and bottles, for example,” Morales said. 
      “These plastics enable foods, detergents, and other goods to be 
      delivered safely and conveniently to consumers. Ultimately, the consumer 
      may see a slight increase in prices for some goods, due to this LAO 
      shortage, but often, it is the PE manufacturers that are going to absorb 
      much of this increased cost.”
    </p>
    <p>
      Other market impacts are likely to be felt in the construction, 
      automotive and electronics industries, in particular, IHS Markit said, 
      since they depend heavily upon PE for plastics components for their 
      products.
    </p>
    <p>
      The North America ethylene-cost advantage will remain a key driver in 
      interregional LAO price differentials, with prices linked to ethylene, 
      IHS Markit said. Inter-regional trade flows are likely to remain a key 
      factor in determining inter-regional pricing and arbitrage 
      opportunities, and as a result, North America and the Middle East will 
      remain major exporters of lower-range LAOs.
    </p>
    <p>
      “Iran and China remain two of the potential game changers in the LAO 
      chemical sector,” Borruso said. “The slow reemergence of Iran as a 
      contributor to the global chemical market implies that the nation could 
      revisit its original LAO and downstream projects as part of 
      reinvigorating the masterplan for its petrochemicals industry. The 
      rising demand for LAOs across many carbon numbers, including the 
      mid-range, could, in time, lead to local Iranian investment.”
    </p>
    <p>
      A full-range LAO project possibly could be built in the Asia-Pacific 
      region, provided a competitive source of ethylene can be secured as well 
      as a commercially reliable technology identified, IHS Markit said.
    </p>
    <p>
      The challenges of LAO supply for PE production, as well as the overall 
      plastics market, will be key points of discussion at the Global Plastics 
      Summit, October 11-13, 2017, in Chicago. The agenda and more information 
      about the event, which is presented by IHS Markit and the Plastics 
      Industry Trade Association (PLASTICS), is available at <a target="_blank" href="http://cts.businesswire.com/ct/CT?id=smartlink&amp;url=https%3A%2F%2Fglobalplasticssummit.com%2F&amp;esheet=51697771&amp;newsitemid=20171011006200&amp;lan=en-US&amp;anchor=https%3A%2F%2Fglobalplasticssummit.com%2F&amp;index=2&amp;md5=2ccd24718747588f70cf60dadb8877c9" rel="nofollow">https://globalplasticssummit.com/</a>.
    </p>
    <p class="bwalignl">
      To speak with Mark Wegenka, Andrea Borruso or Joel Morales, please 
      contact Melissa Manning at <a target="_blank" href="mailto:melissa.manning@ihsmarkit.com" rel="nofollow">melissa.manning@ihsmarkit.com</a>. 
      For more information on the <i>IHS Markit Light Linear Alpha Olefins 
      Market Study</i>, or the IHS Markit report entitled<i> IHS Chemical: 
      2018 Polyethylene World Analysis</i>,<i> </i>please contact <a target="_blank" href="mailto:stacy-ann.wilson@ihsmarkit.com" rel="nofollow">stacy-ann.wilson@ihsmarkit.com</a>.
    </p>
    <p>
      <span class="bwuline"><b>About IHS Markit</b></span><b> </b>(<a target="_blank" href="http://cts.businesswire.com/ct/CT?id=smartlink&amp;url=http%3A%2F%2Fwww.ihsmarkit.com&amp;esheet=51697771&amp;newsitemid=20171011006200&amp;lan=en-US&amp;anchor=www.ihsmarkit.com&amp;index=3&amp;md5=e52f877c3a735787c87271fad9ae30da" rel="nofollow">www.ihsmarkit.com</a>)
    </p>
    <p>
      IHS Markit (Nasdaq: INFO) is a world leader in critical information, 
      analytics and solutions for the major industries and markets that drive 
      economies worldwide. The company delivers next-generation information, 
      analytics and solutions to customers in business, finance and 
      government, improving their operational efficiency and providing deep 
      insights that lead to well-informed, confident decisions. IHS Markit has 
      more than 50,000 key business and government customers, including 85 
      percent of the Fortune Global 500 and the world’s leading financial 
      institutions. Headquartered in London, IHS Markit is committed to 
      sustainable, profitable growth.
    </p>
    <p>
      <i>IHS Markit is a registered trademark of IHS Markit Ltd and/or its 
      affiliates. All other company and product names may be trademarks of 
      their respective owners © 2017 IHS Markit Ltd. All rights reserved.</i>
    </p>
				
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      Team<br/>+1 303-305-8021<br/><a target="_blank" href="mailto:press@ihs.com">press@ihs.com</a><br/>Follow 
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			<p>Loss of Half of U.S. Production of Key Chemical Copolymers from Hurricane Harvey Impacts Plastics Production Worldwide, IHS Markit Says</p>
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