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Follow on Google News | Market Report, "China Petrochemicals Report Q1 2011", publishedFast Market Research recommends "China Petrochemicals Report Q1 2011" from Business Monitor International, now available
Sinopec is strengthening its position as a leading chemicals producer with 2mn tpa of ethylene capacity added to its operations in 2010, lifting capacity to 9.5mn tpa. It forecasts ethylene capacity of 12-13.5mn tpa by 2015 with three additional refinery and petrochemicals complex planned by 2015 and the upgrading of existing refinery and chemical operations while eliminating chemical operations with poor profitability. However, Sinopec's president Wang Tianpu has stated that overcapacity is a concern and could impact on industry profitability while access to resources remains a challenge and the company is looking overseas cooperation to access advanced resources. Sinopec's medium-term objectives include producing higher-value added products, optimise its feedstock position, develop new products and improve competitiveness in the aromatics chain. China's dependence on the Middle East is unlikely to diminish over the next five years, with continued requirement for imports of olefins and polymers from Gulf producers. However, increased investment in coal-to-olefins production should help mitigate the problem, although China will also remain a net importer of coal. In the first 10 months of 2010, ethylene output grew 36.3% y-o-y to 11.67mn tonnes, primary plastics grew 19.9% y-o-y to 35.68mn tonnes and plastic products grew 20.5% y-o-y to 45.47mn tonnes. The growth trend was consistently upwards throughout 2010, indicating that a recovery was being sustained despite the rapid rise in production in the Middle East and a large polymer inventory at the beginning of the year. However, key polyolefins consuming industries are experiencing the effects of tightened lending conditions amid government efforts to combat inflation. This situation has primarily affected the construction and automotive sectors, which had made orders on the basis of assumptions of strong growth levels. China's annual PE demand is expected to grow by 8-9% in 2011, but new capacity will reduce imports by up to 14% from the 7.4mn tonnes imported in 2009, although this will be more at the expense of neighbouring Asian states while Middle Eastern suppliers will be unaffected. In terms of polymer capacities, we estimate that PE capacity grew by 1.65mn tpa and PP capacity grew 1.45mn tpa in 2010, ensuring that polymer market self-sufficiency should approach 75% PE and exceed 100% PP in 2011. In the Asia Petrochemicals Business Environment Ratings matrix, China's score is 78.6 points, up 0.1 point since the previous quarter due to a modest improvement in country risk scores. With South Korea's score declining in 2010, China has moved from third to second place in the regional ranking, just 0.7 points behind Japan and 0.6 points ahead of South Korea. Although China's petrochemicals market ratings are the highest in Asia, it remains weighted down by a relatively poor financial and trade infrastructure and negative risks specific to the petrochemicals sector, namely reliance on imported feedstock and overcapacity in some segments. For more information or to purchase this report, go to: - http://www.fastmr.com/ Partial Table of Contents: Executive Summary SWOT Analysis - China Petrochemicals Industry SWOT - China Political SWOT - China Economic SWOT - China Business Environment SWOT Global Overview - Petrochemicals Market Overview - Table: World Ethylene Production By Country, 2009 And 2014 ('000 tonnes capacity) - Financial Results - Table: Financial Results Of Major Petrochemicals Companies, 2009 - Global Oil Products Price Outlook - Table: Oil Product Price Assumptions (US$/bbl) - Table: Oil Product Price Forecasts (US$/bbl) Emerging Asia Petrochemicals Overview - Table: Asian Ethylene Projects China Market Overview - Table: China's Petrochemicals Sector - HDPE Capacity - Table: China's Petrochemicals Sector - LDPE Capacity - Table: China's Petrochemicals Sector - LLDPE Capacity - Table: China's Petrochemicals Sector - PP Capacity - Table: China's Petrochemicals Sector - Cracker Capacity - Table: China's Petrochemicals Sector - PVC Capacity - Table: China's Petrochemicals Sector PS Capacity - Energy Inefficiencies And Bottlenecks - Production - Table: China's Supply And Demand Volumes Of Major Petrochemical Products - Table: Cracker Capacity, 2006-2013 ('000tpa) Industry Trends And Developments - Table: China's Petrochemicals Sector - Ethylene Projects - Table: China's Petrochemicals Sector - PE Projects - Table: China's Petrochemicals Sector - PP Projects - Table: China's Petrochemicals Sector - PS Projects - Upstream - Olefins - Intermediates - Integrated Projects - Coal-based chemicals - Possible Foreign Joint Ventures - Other Projects - Regulatory Developments Business Environment - Petrochemicals Business Environment Ratings - Table: Asia Pacific Petrochemicals Business Environment Ratings - China's Foreign Investment Policy - Foreign Trade Regime Industry Forecast Scenario - Table: China's Petrochemicals Sector, 2007-2015 ('000 tpa, unless otherwise stated) Macroeconomic Outlook - Table: China - Economic Activity Company Monitor - China Petroleum & Chemical Corporation (Sinopec) Glossary Of Terms - Table: Glossary Of Petrochemicals Terms BMI Methodology - How We Generate Our Industry Forecasts - Full Table of Contents is available at: -- http://www.fastmr.com/ About Business Monitor International Business Monitor International (BMI) offers a comprehensive range of products and services designed to help senior executives, analysts and researchers assess and better manage operating risks, and exploit business opportunities, across 175 markets. BMI offers three main areas of expertise: Country Risk BMI's country risk and macroeconomic forecast portfolio includes weekly financial market reports, monthly regional Monitors, and in-depth quarterly Business Forecast Reports. Industry Analysis BMI covers a total of 17 industry verticals through a portfolio of services, including in-depth quarterly Country Forecast Reports. View more research from Business Monitor International at http://www.fastmr.com/ About Fast Market Research Fast Market Research is an online aggregator and distributor of market research and business information. We represent the world's top research publishers and analysts and provide quick and easy access to the best competitive intelligence available. For more information about these or related research reports, please visit our website at http://www.fastmr.com or call us at 1.800.844.8156. # # # Fast Market Research is an online aggregator and distributor of market research and business information. We represent the world's top research publishers and analysts and provide quick and easy access to the best competitive intelligence available. End
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