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China PP Oversupply: How Asian Capacity Expansion Impacts European Flexible Packaging Costs

February 18, 20268 분 소요
ChinaPPoversupplytrade flowsEurope

핵심 요약

2.8Mt of new Chinese PP capacity in 2026 is creating structural oversupply. European flexible packaging converters benefit; producers face margin pressure.

China's continued PP capacity expansion is creating ripple effects across global markets.

New Capacity

  • 2026 additions: 2.8 million tonnes
  • 2027 pipeline: additional 1.5 million tonnes
  • China now has ~45% of global PP capacity

    • Impact on Europe

  • Chinese PP exports to Europe up 23% in 2025
  • European PP producers face margin pressure
  • Flexible packaging converters benefit from lower feedstock costs

    • Value Chain Impact

    Crude oil → Naphtha → PP → Film → Flexible packaging: Every link in this chain is affected by Chinese oversupply. European converters should leverage this for procurement negotiation.

    데이터 출처

    S&P Global, ICIS, China Customs, Platts

    영향

    European converters: use Chinese PP oversupply as procurement leverage. Producers: differentiate on specialty grades where Chinese competition is weaker.

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