China Petrochemicals Report Q2 2014

Business Monitor International
March 19, 2014
99 Pages - SKU: BMI5217941
Countries covered: China

China Petrochemicals Report Q2 2014

The Chinese petrochemicals industry is set for solid growth in output, but this will be constrained by aslower pace of domestic demand for goods. BMI's latest China Petrochemicals Report predicts exports willtake the lead, although some segments will continue to suffer over-capacity and downstream operations areset to see some closures to adjust supply to demand.

The development of shale gas resources could enable China to develop low-cost ethane production,answering the challenge of new shale gas-based petrochemicals facilities in the US. US polymer output isset to flood the Asian markets over coming years, driving down prices. The ability to match the US on pricewill be crucial to ongoing growth.

BMI estimates that Chinese petrochemicals output grew by around 12% in 2013 with ethylene output up byaround 7% and primary plastics also up by 7%, while plastic products grew 3%. Growth in ethylene outputcame after a dismal performance in 2012, when production fell by just over 2% to under 15mn tonnes, inspite of 20% growth in cracker capacity to 21.56mn tonnes. Among expansions in 2013 were Sinopec'sWuhan Petrochemicals' new 800,000tpa ethylene cracker with downstream capacities of 280,000tpamono-ethylene glycol (MEG), 600,000tpa PE and 400,000tpa PP facility. In addition to Wuhan,Sichuan Petrochemical opened new plants in July. This has raised fears that an increase in supply couldweigh on polymer prices.



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