AdvanSix Carves Out of Honeywell International, Inc
United
States: AdvanSix Inc.,
a well-established manufacturer and distributor of nylon 6 polymer resins, was
launched as a standalone enterprise post its successful spin off from United
Sates based Honeywell International, Inc., a leading technology provider and
chemicals manufacturing company. The shares of AdvanSix will be traded on the
New York Stock Exchange. Erin Kane will serve as the new President and CEO of
the independent company. This standalone business would help AdvanSix pursue
new growth opportunities and expand its footprints in other business segments
including production and sale of by-products, such as caprolactam, ammonium
sulphate fertilizer, acetone and other intermediate chemicals which are used in
production of Nylon 6. Additionally, the company’s production facility at
Hopewell, Virginia would serve as a single site manufacturer of caprolactam.
TechSci
Research depicts that the launch of
AdvanSix as an independent company would strengthen the position of the company
in the nylon 6 industry and enable the company to cater to the growing demand
for nylon 6 across various industries, such as engineered plastics and fibers,
which are used in manufacture of electronic components, carpets, sports
apparel, food and industrial packaging. Expanding nylon 6 production would
positively impact the global sales of benzene, which is used for production of
nylon 6 polymer.
According
to the recently published report by TechSci
Research, “Global
Benzene Market Forecast
and Opportunities, 2020”, global benzene market is expected to
surpass 46MMT by 2020 on account of continuously increasing demand from various
industries using benzene derivatives in their manufacturing processes. Shale
gas evolution in the US has increased the availability of ethane, which is a
light feedstock used for cracking process. The use of lighter feedstock is
hampering the yield of benzene and leading to a tight demand/supply scenario in
the global market, due to which the market has become highly competitive and
all major players are investing in R&D to improve the quality and
properties of the product. The major players operating in global benzene market
include ExxonMobil, Shell Chemicals, and Sinopec Corporation, among others.