Research by the American Chemistry Council (ACC) shows that imports play an important role in China's chemical industry. In 2005, China imported 70 billion U.S. chemicals, and the chemical trade deficit was 41 billion U.S. dollars. Although some Chinese companies headed by Sinopec and CNPC have deployed large investment plans, some transnational investment projects have also expanded chemical production, but China is still a large importer of chemicals. China has become the third largest chemical market in the world.
Foreign senior analysts believe that the growth rate of China's petrochemicals and other chemicals is even faster than GDP growth. In the next 5 to 10 years, a large amount of new capacity will be launched, but in the foreseeable future, Chinese chemicals will continue to rely on imports. According to ACC, China’s 264 billion US dollars/year chemical market is the third largest market after the United States and Japan. China had surpassed Germany (the chemical product valued at 223 billion U.S. dollars) in 2005 as the third largest chemical producer. However, China's total economic output still does not exceed Germany and still ranks fourth. In more than two years, the Chinese government adopted regulation to prevent the economy from overheating. In the second quarter of this year, the economic growth rate reached 11.3%, which is the fastest growing quarter in China in 12 years. Recent economic data has caused the World Bank to increase China’s annual economic growth rate from 9.5% to 10.4% this year. The World Bank expects China's GDP growth rate will drop to 9.3% in 2007. Although economic development will slow down, China will continue to be the main driver of global chemical industry growth. The ACC predicts that the growth rate of China's chemical production in 2006 will be 16.7%, compared with an average growth rate of 5.9% in the entire Asia-Pacific region, with an average world growth rate of 3.7%. ACC predicts that the average annual growth rate of China's chemical industry from 2006 to 2016 will be 10.4%, compared with 5.4% in Asia and 3.6% in the world. China has become an important source of low-cost intermediates for many fine chemicals and pharmaceutical companies, and China’s investment in basic chemicals and downstream derivatives continues to accelerate.
China Chemical continues to expand. According to SRI Consulting (Beijing)'s ranking of China's leading chemical manufacturers, Sinopec and PetroChina are the largest chemical companies in China. Both companies have large capacity expansion plans for olefins and derivatives, with a total investment of 20 billion yuan by 2010. Dollars. Analysts expect these projects will more than double China's ethylene capacity to about 15 million tons per year. However, according to SRI, China will still import about 15 million tons of ethylene and derivatives and 8 million tons of propylene and derivatives by 2014. BASF, BP and Shell have started ethylene joint ventures in China since mid-2005, but overseas MNCs will be less involved in future projects. Sinopec has invested 26 billion yuan in Tianjin's 1 million-ton/year ethylene project, which was originally planned to be a joint venture with Dow Chemical, but Dow Chemical has withdrawn in 2002. Saudi Arabia’s Sabic company plans to hold shares in the project. Sabic also plans to establish an ethylene joint venture with Dalian Shide Group. Sinopec recently approved a joint petrochemical joint venture with the Kuwait Petroleum Company in Nansha, Guangzhou. It will include a 1 million tonne/year ethylene plant. A joint venture between Sinopec and ExxonMobil and Saudi Aramco will build an 800,000-ton/year ethylene plant in Quangang, Fujian Province, in 2009. Sinopec is planning to wholly own steam crackers in Shanghai, Ningbo, and Wuhan. Due to the launch of new capacity, including joint ventures with BASF and BP, Sinopec ethylene production increased by 24.5% to 3.03 million tons in the first half of this year. CNPC also started construction of a refinery and petrochemical complex that will invest 21 billion yuan in Chengdu at the beginning of this year. It will package 80,000 tons of ethylene per year, which is scheduled to be completed in 2010. The company's similar scale refinery and petrochemical project in Fushun has also started. PetroChina also built a 1 million-ton/year ethylene plant in Dushanzi. Some other multinational investment projects in China have also been put into production or planned. For instance, Shell/CNOOC Huizhou Petrochemical Joint Venture has already started production at the beginning of the year. BASF and Huntsman had a joint venture with Chinese companies for the production of a $1 billion isocyanate complex at the plant recently. Dow Chemical plans to invest $200 million to expand epoxy resin capacity in Zhangjiagang. China’s investment in chemicals is the largest in the world. According to the ACC estimates, the investment in 2005 reached US$36 billion.
Foreign senior analysts believe that the growth rate of China's petrochemicals and other chemicals is even faster than GDP growth. In the next 5 to 10 years, a large amount of new capacity will be launched, but in the foreseeable future, Chinese chemicals will continue to rely on imports. According to ACC, China’s 264 billion US dollars/year chemical market is the third largest market after the United States and Japan. China had surpassed Germany (the chemical product valued at 223 billion U.S. dollars) in 2005 as the third largest chemical producer. However, China's total economic output still does not exceed Germany and still ranks fourth. In more than two years, the Chinese government adopted regulation to prevent the economy from overheating. In the second quarter of this year, the economic growth rate reached 11.3%, which is the fastest growing quarter in China in 12 years. Recent economic data has caused the World Bank to increase China’s annual economic growth rate from 9.5% to 10.4% this year. The World Bank expects China's GDP growth rate will drop to 9.3% in 2007. Although economic development will slow down, China will continue to be the main driver of global chemical industry growth. The ACC predicts that the growth rate of China's chemical production in 2006 will be 16.7%, compared with an average growth rate of 5.9% in the entire Asia-Pacific region, with an average world growth rate of 3.7%. ACC predicts that the average annual growth rate of China's chemical industry from 2006 to 2016 will be 10.4%, compared with 5.4% in Asia and 3.6% in the world. China has become an important source of low-cost intermediates for many fine chemicals and pharmaceutical companies, and China’s investment in basic chemicals and downstream derivatives continues to accelerate.
China Chemical continues to expand. According to SRI Consulting (Beijing)'s ranking of China's leading chemical manufacturers, Sinopec and PetroChina are the largest chemical companies in China. Both companies have large capacity expansion plans for olefins and derivatives, with a total investment of 20 billion yuan by 2010. Dollars. Analysts expect these projects will more than double China's ethylene capacity to about 15 million tons per year. However, according to SRI, China will still import about 15 million tons of ethylene and derivatives and 8 million tons of propylene and derivatives by 2014. BASF, BP and Shell have started ethylene joint ventures in China since mid-2005, but overseas MNCs will be less involved in future projects. Sinopec has invested 26 billion yuan in Tianjin's 1 million-ton/year ethylene project, which was originally planned to be a joint venture with Dow Chemical, but Dow Chemical has withdrawn in 2002. Saudi Arabia’s Sabic company plans to hold shares in the project. Sabic also plans to establish an ethylene joint venture with Dalian Shide Group. Sinopec recently approved a joint petrochemical joint venture with the Kuwait Petroleum Company in Nansha, Guangzhou. It will include a 1 million tonne/year ethylene plant. A joint venture between Sinopec and ExxonMobil and Saudi Aramco will build an 800,000-ton/year ethylene plant in Quangang, Fujian Province, in 2009. Sinopec is planning to wholly own steam crackers in Shanghai, Ningbo, and Wuhan. Due to the launch of new capacity, including joint ventures with BASF and BP, Sinopec ethylene production increased by 24.5% to 3.03 million tons in the first half of this year. CNPC also started construction of a refinery and petrochemical complex that will invest 21 billion yuan in Chengdu at the beginning of this year. It will package 80,000 tons of ethylene per year, which is scheduled to be completed in 2010. The company's similar scale refinery and petrochemical project in Fushun has also started. PetroChina also built a 1 million-ton/year ethylene plant in Dushanzi. Some other multinational investment projects in China have also been put into production or planned. For instance, Shell/CNOOC Huizhou Petrochemical Joint Venture has already started production at the beginning of the year. BASF and Huntsman had a joint venture with Chinese companies for the production of a $1 billion isocyanate complex at the plant recently. Dow Chemical plans to invest $200 million to expand epoxy resin capacity in Zhangjiagang. China’s investment in chemicals is the largest in the world. According to the ACC estimates, the investment in 2005 reached US$36 billion.
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