2025 Review: Global 44 Chemical Giants “Slim Down”: Plant Closures, Asset Sales, Layoffs...

In January, DuPont announced an acceleration of the spin-off and independent listing of its Electronics business, while canceling its May 2024 plan to separately list its Water Solutions business. In May, the electronics materials company was named Qnity. Photo: DuPont’s Nevada plant, shuttered and up for sale. In July, according to related reports, DuPont listed for sale its iconic high-performance brands—Nomex and Kevlar aramid fibers—for heat resistance. Private equity firms Advent International and Platinum Equity are preparing bids, with an estimated value of approximately USD 2 billion. In September, DuPont acquired Sinochem (Ningbo) RO Memtech Co., Ltd.—a subsidiary of Sinochem International—to expand its reverse osmosis (RO) manufacturing operations in China and the Asia-Pacific region. 6. Huntsman In February, Huntsman stated that, amid persistent market pressures, it plans to implement layoffs and is evaluating strategic options for its European maleic anhydride business—including shutting down downstream polyurethane plants. It subsequently closed facilities in Deggendorf, Germany, and Kings Lynn, UK. In May, Huntsman decided to shut down its maleic anhydride plant in Mors, Germany. In July, Huntsman reiterated that it will further expand its restructuring program in 2025, ultimately reducing its global workforce by nearly 10%, with the largest cuts concentrated in Europe. With approximately 6,300 employees worldwide, this round of layoffs may affect around 600 people. 7. Covestro In March, LyondellBasell and Covestro jointly announced the permanent shutdown of the propylene oxide/styrene monomer (PO/SM) production unit at their Maasvlakte plant in the Netherlands. 8. Abu Dhabi National Oil Company (ADNOC) In March, ADNOC and OMV reached a binding framework agreement regarding the proposed equity merger of Borouge and Borealis. The two companies are expected to merge into Borouge Group International in Q1 2026, concurrently acquiring Nova Chemicals to form a new global polyolefins leader—the fourth-largest worldwide—with an enterprise value exceeding USD 60 billion. In December, XRG (formerly ADNOC International Limited and its subsidiaries) completed the acquisition of Covestro and successfully closed the transaction. 9. Austrian OMV In September, according to related reports, Austrian oil, gas, and chemicals group OMV plans to cut 2,000 positions from its global workforce of 23,000. Its Romanian subsidiary Petrom is expected to be hit especially hard; layoffs are also planned at refineries in southern Germany and Slovakia. Of OMV’s 5,400 positions in Austria, approximately 400 will be eliminated. 10. LyondellBasell In June, LyondellBasell announced the sale of certain European olefins and polyolefins assets and related businesses—located in Belle, France; Mönchengladbach, Germany; Carrington, UK; and Tarragona, Spain—and entered exclusive negotiations with AEQUITA, with completion expected in the first half of 2026.

Ranking Price Gains Across All Energy & Chemical Products: Three Core Variables Driving Chemical Pricing

Methanol presents a more complex picture. This product sits at the intersection of three critical factors: First, coal: Domestically, most methanol is coal-based; rising coal prices have pushed up production costs. Second, the Strait: Approximately 70% of imported methanol originates from the Middle East; disruptions in the Strait have severed this supply line. Third, inventory: Although port inventories are rising slightly, they remain over 40% lower year-on-year. The structural tightness of readily available supply has not fundamentally changed. The convergence of these three factors drove methanol futures to a limit-up on September 2, closing at RMB 3,227 per ton. However, methanol faces its own challenges: downstream MTO operating rates remain low—Chengzhi Phase II began a three-month maintenance shutdown in mid-July, and Luxi Chemical remains offline. Demand is indeed weak. Yet traditional demand has recently improved, and import reductions are highly certain—making methanol’s upward price logic relatively clear. Butadiene and BR (Butadiene Rubber): The Most Volatile Products Butadiene is among the most volatile products in this rally. Its short shelf life and extremely limited market liquidity cause price swings far more extreme than those of other liquid chemical products. South Korea is a key variable—its ethylene units have operated at a loss for an extended period, prompting load reductions; as a result, South Korea has begun importing butadiene from China. As long as such imports continue, butadiene prices will keep rising. BR prices closely track butadiene; with operating loads turning downward and inventory drawdown accelerating, the trend remains intact. Benzene and Styrene: Extremely Low Absolute Inventories, Zero Deliverable Warehouse Receipts Benzene inventories have fallen to alarming levels—declining from 300,000 tons at the start of the year to roughly 30,000 tons. On August 12, benzene port trade inventories in East China stood at 33,000 tons—a 78.29% year-on-year decline. With such critically low absolute stocks and zero deliverable warehouse receipts, short sellers face severe delivery risk as near-month contracts approach expiry—they simply cannot source physical material to fulfill obligations. Styrene’s absolute price follows benzene closely; meanwhile, numerous units remain offline for maintenance, limiting any near-term rebound in supply. Polyolefins: Solid Chemicals—Lower Price Elasticity, But Strong Support As solid chemical products, polyolefins exhibit notably lower price elasticity than liquid chemicals. Yet fundamentals remain robust: major producers’ inventories stay persistently low. Plastics rank among the best-performing chemical products in terms of demand, and import dependency remains relatively high. For PP, propane feedstock prices may strengthen in H2 due to peak-season demand, Strait-related supply constraints, and drought-induced restrictions at the Panama Canal. Low inventories provide near-term price support, though medium-term pressure looms from overseas supply recovery and domestic new-line commissioning. IV. Decoding Weak Performers PX and PTA: Why Can’t They Rally? PX and PTA are the weakest performers in this rally. Though both rose over 4% on September 2, the gains pale beside the limit-ups seen in ethylene glycol and methanol. The issue lies on both supply and demand sides. For PX: Supply—both domestic output and imports—has indeed declined sharply. As of August 20, domestic PX operating rates stood at 67.7%, and Asian PX rates at 61.4%—both at historic lows. Yet the problem is that direct downstream PTA operating rates have also plunged dramatically. China’s PTA operating rate once slumped to a record-low 48.39%. With both supply and demand contracting simultaneously, PX spot markets remain relatively well-supplied. As PX operating rates recover in late August, inventory accumulation may resume in September. For PTA: Its absolute price tracks PX closely. PTA shows comparatively stronger de-stocking versus PX, leading to expansion in PTA processing margins. On August 26, PTA spot processing margins stood at RMB 757 per ton.

OMV polyolefin margins tick higher in Q1 as sales volumes slip

Apr 14, 2026

OMV AG reported rising polyethylene and polypropylene margins in Europe during Q1 2026, offsetting declines in sales volumes year-over-year and sequentially.

chemweek

2025-10-29

OMV Lifts European Olefins Outlook, Cuts Polyolefin Sales Forecast

2026-04-14

OMV polyolefin margins tick higher in Q1 as sales volumes slip

2026-07-08

OMV expects higher energy prices to offset conflict impact

OMV polyolefin margins tick higher in Q1 as sales volumes slip

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