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Orion Engineered Carbons completes construction of carbon black plant in South Korea  

Tuesday, December 12, 2017

Eatontown, NJ - Orion Engineered Carbons announced that it has completed construction of a new carbon black production line at its plant in Yeosu, South Korea, to produce specialty products. The line started production on November 23, and has begun commercial sales. “This new line in Yeosu will produce premium grades of specialty carbon black for demanding customer applications such as automotive coatings, engineered plastics, printing inks, and adhesives and sealants,” said Jack Clem, Orion’s chief executive officer. “It is another step in Orion Engineered Carbons’ ongoing transition to higher value added products for specialty and technically demanding rubber applications.” The Yeosu plant has also just completed a major upgrade to a technical rubber carbon black production line. This line too is back in commercial production. These projects are major components of the consolidation of the Bupyeong [Incheon] plant into the Yeosu facility. The transition is on track to be completed by July 2018. - * Email

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Cooper Tire to lay off 80 in North America  

Tuesday, December 12, 2017

Findlay, OH - Cooper Tire has been reported to be laying off 80 people in North America due to reorganization. In a statement given to the press, a Cooper Tire representative said, “Cooper continues to respond to changes in the tire industry, transforming our company to best position us for long term profitable growth. These changes include addressing our organizational structure, a process which has resulted in the reorganization of certain departments and the elimination of approximately 80 salaried positions within North America. This includes approximately 60 salaried positions in Findlay, with the vast majority of those being corporate roles. The remainder of the eliminated positions are salaried roles in Tupelo and Texarkana, with most being in Texarkana. While a decision to eliminate positions is very difficult, the reorganization will help our business operate more effectively and efficiently and will align our people to deliver the transformation necessary to execute our strategic plans and drive growth.” - * Email

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ChemChina to list KraussMaffei on the Shanghai stock exchange  

Tuesday, December 12, 2017

Munich, Germany - The Chinese company China National Chemical Corporation (ChemChina) is seeking to list its subsidiary KraussMaffei on a stock exchange in China. To this end, KraussMaffei is to be brought into the Qingdao Tianhua Institute of Chemistry Engineering Co. Ltd, which is listed on the Shanghai stock exchange and a subsidiary of ChemChina, by way of injecting its equity interest into an existing listed company under ChemChina. In addition, it is planned to integrate among others three sites for the production of tires and rubber facilities from ChemChina into the listed entity. The transaction is subject to approvals by relevant bodies and regulators. “KraussMaffei’s business would make up about 85 percent of the listed company,” said Frank Stieler, CEO of KraussMaffei. KraussMaffei would continue to expand the international business from Germany as well as drive the Chinese business locally. Through the planned access to the Chinese capital market, KraussMaffei will be able to accelerate its growth in the mid-term. The company already increased its revenue for fiscal 2016 by 5 percent to 1.27 billion Euros and is heading to cross the mark of 1.3 billion Euros in 2017. Since April 2016 KraussMaffei is under majority ownership of the leading Chinese chemicals company ChemChina. The planned transaction is the next step in the development of KraussMaffei. In 2016 the company solidified its leading technological market position in the plastics and rubber industries and with the change in ownership laid the foundation to enhance its profitable growth. “Through the planned transaction we are receiving access to the capital market. Through new financial resources we have the opportunity to continue to develop our company and accelerate our planned growth,” said Frank Stieler, CEO of KraussMaffei. In the current fiscal year 350 new jobs are expected to be created. In August 2017, KraussMaffei globally already exceeded the 5,000 employees mark. The company headquarters of KraussMaffei remain in Munich, Germany. The German codetermination rights, the legal form of the company as well as employee and union agreements remain unchanged. The employee representatives and IG Metall therefore welcome KraussMaffei’s next step. “The further improved access to the Chinese market will continue to generate growth through which existing jobs in Germany and Europe will be secured,” said Peter Krahl, chairman of the works council of KraussMaffei. The IG Metall also has a positive view on these developments. “Under the new ownership KraussMaffei is on a clear course. Most recently the 5,000th employee was hired. ChemChina is a reliable partner,” said Horst Lischka, company representative of the IG Metall responsible for Munich and member of the chairman’s committee of the supervisory board of KraussMaffei. ChemChina remains actual controller of KraussMaffei and will continue to support the future growth of the company. “We have always believed in the growth potential of the company. Through a future listing on the Shanghai stock exchange, the perception of KraussMaffei will significantly increase in the Chinese market. Chinese investors appreciate German industrial workmanship as well as management competency,” said Jianxin Ren, chairman of ChemChina. The Qingdao Tianhua Institute of Chemistry Engineering Co. Ltd. is currently listed on the Shanghai stock exchange under the ticker symbol 600579.SS. Trading of Qingdao Tianhua Institute of Chemistry Engineering Co. Ltd. shares has been halted for the past five months in accordance with Chinese Regulation. For further information and photos in print quality, visit: www.kraussmaffeigroup.com - * Email

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European non-destructive testing equipment market is expected to reach $2.89 billion by 2024  

Tuesday, December 12, 2017

Pune, India - Data Bridge Market Research reports that the European non-destructive testing equipment market is expected to reach $2,895.74 million by 2024 from $1,634.80 million in 2016, at a CAGR of 7.6 percent in the forecast period 2017 to 2024. The new market report contains data for historic years 2015, the base year of calculation is 2016 and the forecast period is 2017 to 2024. The major factors driving the growth of this market are remote visual inspection in aerospace increases demand, stringent safety guidelines and government protocols, automated NDT devices expected to see most demand and the power industry is boomed by continuous investment in nuclear plants. On the other hand, lack of skilled equipment operators and high cost of NDT equipment slowing down acceptance may hinder the growth of the market. The Europe non-destructive testing equipment market is segmented on the basis of equipment type, mode of testing, application, industry, and geography. The Europe non-destructive testing equipment market is segmented into ultrasonic test equipment, magnetic particle test equipment, visual inspection equipment, radiography test equipment, penetrant test equipment, eddy current testing equipment, acoustic emission testing equipment and others. In 2017, the ultrasonic test equipment segment is expected to dominate the market with a share of 31.1 percent and is expected to continue this trend until 2024. Based on equipment type, the Europe non-destructive testing equipment market is segmented into ultrasonic test equipment, magnetic particle test equipment, visual inspection equipment, radiography test equipment, penetrant test equipment, eddy current testing equipment, acoustic emission testing equipment and others. On the basis of mode of testing, the Europe non-destructive testing equipment market is segmented into surface testing, volumetric testing, condition monitoring and integrity inspection. On the basis of application, the Europe non-destructive testing equipment market is classified into flaw detection, leak detection dimensional measurement, physical analysis, chemical analysis, plasma emission testing, corrosion emission testing and others. On the basis of industry, the Europe non-destructive testing equipment market is classified into automotive, oil and gas, energy and power, aerospace and defense and others. Some of the major factors driving the market for non-destructive testing equipment market are remote visual inspection in aerospace increases demand, stringent safety guidelines and government protocols, automated NDT devices expected to see most demand and the power industry is boomed by continuous investment in nuclear plants will increase the non-destructive testing equipment market in Europe. These factors increase the demand for non-destructive testing equipment. ting non-destructive testing equipment market. - * Email

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Plastic compounding market including thermoplastic elastomers forecast to exceed $50 billion by 2024  

Tuesday, December 12, 2017

Selbyville, DE - Plastic compounding market share will exceed $50 billion by 2024, according to a new research report by Global Market Insights, Inc. Plastics usage has increased twenty-fold in the past half-century, and is expected to double again in the next 20 years. Plastic compounders play a vital role in enhancing the performance of plastic resin with key additives to meet the end-user industry needs. The global plastic compounding market will be propelled by the rising automotive industry by 2024. Plastic compounding consumption per vehicle in the U.S. was roughly $52 per vehicle in 2016. Currently, an average car consists of around 10-15 percent plastics of the total car weight. The tendency to use plastic in automotive will increase in the forecast time frame due to government initiatives across the globe to reduce vehicular emissions by reducing automotive weight. The plastic compounding market will witness substantial demand in consumer goods by 2024. Plastics are used in consumer goods for a wide range of applications, including food packaging, furniture, household appliances, toys, etc. Packaging is integral to the delivery of safe, high-quality consumer products. Various household electrical appliances will have substantial demand for plastics in the coming years. PVC is widely used to insulate electric wiring, while thermosetting plastics are used for switches, light fittings and handles. 3D printing applications, innovative packaging techniques for consumer goods and surging demand for bioplastics will be few significant trends driving the global plastic compounding market by 2024. The global plastic compounding market for thermoplastic polymers was valued at over $18 billion in 2016. Thermoplastic polymers are estimated to lead the global plastic compounding market by 2024. The higher demand will be attributed to their re-usable nature, wide range of applications and lower manufacturing costs compared to the other segments. The thermoplastic elastomers segment was valued more than $7 billion in 2016. Thermoplastic elastomers have progressed as a substitute for metal, synthetic or natural rubber, wood, glass, etc. Cumulative expenditure in medical, automotive and construction sectors in addition to the supervisory compliances for sustainable product development will propel the plastic compounding market for thermoplastic elastomers by 2024. Consumer goods was a key end-user segment in the global plastic compounding market in 2016. The segment generated above $7 billion in 2016 and is projected to witness extensive gains by 2024. The plastic compounding market for consumer goods will have substantial demand for packaging, household appliances, furnishing applications, etc. in the coming years. Consumer goods are projected to be the fastest growing segment over the forecast period. North America constituted approximately 18 percent of the global market share for plastic compounding in 2016. Presence of packaging giants as International Paper, Tetrapak, Reynolds Group, Ball Corporation and Owens-Illinois will have a positive impact on plastics demand in the region. Rising thermoplastic elastomer usage in sports equipment, paving and roofing, personal hygienic products and medical equipment will boost the regional plastic compounding market growth. Strong demand for 3D printing from aerospace and defense, healthcare, education, and consumer products industries will also boost the plastic compound market size particularly in the U.S. Significant market players include: A. Schulman, RTP Company, Dow Chemical, LyondellBasell Industries, BASF, SABIC, Solvay, etc. Various research initiatives are constantly taken up by companies to improve the production capacity. For instance, in February 2016, A. Schulman expanded compounding capacity at its Kerpen plant in Germany, by adding two new production lines. the company had invested in a fully automatic packaging line in addition to the twin screw extruders, In December 2015, A. Schulman expanded the capacity of its polypropylene compounding plant in Saudi Arabia in a joint venture with Saudi resin maker National Petrochemical Industrial. - * Email

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