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Follow on Google News | Petrochemical Industry to 2015 - Increased Demand from China will Drive RecoveryDecline in End Use Sectors During the Recession Weakened the Petrochemicals Industry
By: Rajesh Gunnam due to stagnant consumer spending. Demand in construction and its allied industries remained low in all the developed nations. A gloomy economic scenario and the bursting of the US housing bubble made customers reluctant to invest in real estate. The automotive sector has been the biggest casualty of the economic downturn, where the supply has outstripped the demand. In 2009, automotive production in the US and Canada declined by 34.1% and 28.4% respectively. The European producers were also hit hard by the financial crisis and subsequent economic downturn. Production in France, Germany and the UK declined by 20.3%, 13.8% and 30.3% respectively. Steady growth in the packaging industry was also halted by the recession. Lower sales forced manufacturers to cut production levels, with lower requirements for petrochemicals. Total demand for basic petrochemicals (ethylene, propylene, butadiene, benzene, toluene and xylenes) and major plastics (polyethylene, polypropylene, polyvinyl chloride, polystyrene, expandable polystyrene and acrylonitrile butadiene styrene) in North America and Europe declined by 6.5% and 8.2% respectively. For Sample Pages, please click or add the below link to your browser: http://www.globaldata.com/ GlobalData, the industry analysis specialist, has released its latest research, “Petrochemical Industry to 2015 - Increased Demand from China will Drive Recovery”. The study, which is an offering from the company’s Petrochemical Research Group, provides an in-depth analysis of the post-recession Chinese petrochemical industry, with demand and production forecasts and key trends until 2015. It provides the historic and future forecasts of basic petrochemicals and polymers capacity, production and demand in China. The study provides detailed analysis of China’s role in helping the global petrochemicals industry to recover from slowdown. The report presents export trends of major petrochemicals producing countries to China during the slowdown and initial recovery phase. In addition, the report discusses major foreign investments in China. It also describes the growth strategies adopted by major companies in the recovery phase. Overall, the report presents a comprehensive analysis of the Chinese petrochemical market and its trade and collaboration with various countries during the economic crisis and the recovery phase. The report is built using data and information sourced from proprietary databases, primary and secondary research and in-house analysis by GlobalData’s research team of industry experts. The Chinese petrochemicals industry is the fastest growing petrochemicals industry in the world. As with other petrochemical markets, the Chinese petrochemicals market stumbled as recession slowed down the growth, but stimulus packages and strong demand from its large domestic market helped to revive the petrochemicals industry. The Chinese petrochemicals industry is imports-dependent, which will continue to benefit the producers in other countries such as Saudi Arabia, Japan, Korea and the US. These countries can extend their excess supply to the Chinese market. The fast growing Chinese market is attracting foreign producers who are entering into joint ventures with Chinese producers to establish manufacturing facilities in China. The demand for basic petrochemicals and major plastics in China has increased from 37.949 MMtpa in 2000 to 100.843 MMtpa in 2010, at a CAGR of 10.3%. The demand growth rate in China is high as compared to the production growth rate, which makes it dependent on imports to meet its domestic demand. The growing Chinese demand in the recovery phase provides opportunities to producers in other countries who can export their excess supply to the Chinese market. Major Asian countries such as Japan and South Korea have benefited most by exporting to China. In 2010, Korea accounted for 31% of China’s total basic petrochemicals imports and 21% of major plastics imports, while Japan accounted for 23% of China’s total basic petrochemicals imports and 9% of major plastics imports. For further details, please click or add the below link to your browser: http://www.globaldata.com/ Visit our report store: http://www.globaldata.com/ For more details contact: pressreleases@ North America: +1 646 395 5477 Europe: Asia Pacific: # # # GlobalData is a UK-based company with presence across North America, Europe and Asia Pacific and has a broad product offering that ranges from interactive databases, reports and custom solutions. It is a comprehensive source of insights and analysis with coverage including oil & gas, power, alternative energy, nuclear power, petrochemicals, medical equipment and healthcare industries. End
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