Petrochemical Majors: JPCA Stats (June): 4th Month of Sub-70% Ethylene Utilization

Research evidence excerpt

Petrochemical Majors: JPCA Stats (June): 4th Month of Sub-70% Ethylene Utilization

Update

July 16, 2026 02:03 PM GMT

Morgan Stanley MUFG Securities Co., Ltd.+MPetrochemical Majors | Japan Takato Watabe

Equity Analyst

JPCA Stats (June): 4th Month of Takato.Watabe@morganstanleymufg.comRyoichi Watanabe +81 3 6836-5436

Ryoichi.Watanabe@morganstanleymufg.com +81 3 6836-8929

Sub-70% Ethylene Utilization Kayoko Shoji

Research Associate

Kayoko.Shoji@morganstanleymufg.com +81 3 6836-5437

June 2026 ethylene capacity utilization was 1.6ppt lower than in Kano Fujita

May, at 66.5%. Due to factors including scheduled maintenance, ResearchKano.Fujita@morganstanleymufg.comAssociate +81 3 6836-8932

ethylene output volume was down more than 10% MoM.

The number of products with higher output volumes YoY was roughly

equivalent to the number with lower output volumes, but the number with

MoM declines was substantially higher than the number with increases: On July

16 the Japan Petrochemical Industry Association (JPCA) released statistics on Petrochemical Majors

ethylene plant utilization rates and production volumes of major petrochemical Japan

Industry View Attractive

products for June 2026 (including inventories for selected products). Ethylene

production in June fell 19.1% YoY to 289,100 tons, with utilization at 66.5% (vs.

74.8% a year earlier). MoM, production decreased by 11.1% and the utilization rate Exhibit 1 : Domestic ethylene plant utilization

was down 1.6ppt. YoY, lower utilization and effects of scheduled repairs weighed rate

heavily and resulted in a steep volume fall. The decrease in volume MoM reflected, Ethylene Plant Utilization Rate (%)

again, scheduled repairs, as well as fewer operating days and decreasing utilization 105

rates.