Aklyl Polyglucoside (APG)

Summary

In 2026, China has the lowest APG C0810 cash cost at $1,337/t, while Germany is highest at $1,560/t, a 16.7% premium. All five 15 kt/y sites remain profitable, with margins of 10.2–14.5%.

Key Highlights

›Cash cost ranking ($/t): China 1,337 < Korea 1,408 < USA 1,495 < Brazil 1,501 < Germany 1,560. The spread is $223/t.

›Margins: Brazil leads at 14.5% (price $1,970/t), with China level at 14.5% ($1,750/t). Germany is lowest at 10.2% despite a $1,950/t price.

›Raw materials dominate: they range from $1,350/t (China) to $1,502/t (Brazil), well above all other cost lines. Net byproduct credits of $81–88/t only partly offset them.

›Fixed costs: Germany's $111/t is about 2.1x Brazil's $52/t and China's $53/t. Germany's utilities, at $51/t, are about 3x the USA's $16.5/t.

›Capital intensity: Germany's total fixed capital is $9.37M, 28.7% above China's $7.28M. The USA and Brazil sit at $8.5M and $8.8M.

Drivers & Risks

›Drivers: Lower fixed costs and cheaper feedstock underpin the cost advantage in China, while Brazil's low fixed costs support its margin despite the highest raw material cost.

›Risks: Fatty alcohol and glucose feedstock volatility can quickly erode margins, since raw materials are the largest cost line in every region.

›Risks: Germany's high utility and fixed costs leave it exposed to energy price swings and pricing pressure from lower-cost Asian supply.