How is the global PO supply map shifting after European plant closures?

How is the global PO supply map shifting after European plant closures?
Europe is undergoing an unprecedented chemical plant closure wave. Between April 2024 and mid-2025, over 21 multinational groups announced shutdowns totaling more than 15 million tons of capacity. For propylene oxide specifically, LyondellBasell and Covestro permanently closed the 315,000-ton/year Maasvlakte PO/styrene unit in the Netherlands. This single closure removed roughly 3-4% of global PO supply and triggered immediate price reactions in China, with PO jumping 200 yuan/ton in one week. Other European majors—ExxonMobil, SABIC, Dow, Huntsman—have also shuttered or are exiting crackers and derivatives, tightening feedstock availability for downstream PO production. The result is a structural supply gap that Chinese producers are now filling, but logistics and certification timelines mean short-term tightness persists.