Asia: A strong rebound will become the main theme
Affected by the global financial crisis, in 2009 Asian chemical industry experienced a period of sluggish growth. After the strong economic stimulus measures of various governments in the world, it was the first to stabilize and pick up, and there will be a strong rebound in 2010. The basis for a strong rebound is the steady increase in demand. The two populous countries in Asia, China and India, have established a strong demand for the chemical market.
China maintains strong growth According to relevant experts from KPMG Consulting, in the past, the growth rate of China's chemical industry has been slightly higher than the growth rate of GDP, and it will remain so in 2010. According to the forecast of the Asian Development Bank, China's GDP growth rate in 2010 will increase from 8.2% in 2009 to 8.9%, which will lead to strong growth in the chemical industry.
At the beginning of 2009, it was a challenge for global chemical manufacturers. China is no exception. At the beginning of 2009, many chemical plants in China were forced to stop work, or were forced to operate at very low operating rates. However, by the end of the first quarter and the beginning of the second quarter, boosted by the Chinese government’s adoption of a series of economic stimulus plans, this situation has been significantly improved. By the third and fourth quarters, the operating rate of most chemical plants in China reached the 2008 level. . The current level of chemical inventory in China is still not high, so the recovery of demand will promote the strong growth of China's chemical industry in 2010.
Oxford Economics Consulting predicts that after 16.5% growth last year, China’s chemical production in 2010 will also increase at a rate of 16%. David Thomas, the company’s chemical industry consultant, pointed out that China’s chemical production now accounts for 17% of the world’s total, and this year’s share will continue to expand. With the successive start-up of many new chemical plants, China will reduce its dependence on imported products.
India's chemical industry re-accelerated by the global financial crisis, India's economic growth has slowed down in 2009, but in 2010 the country's GDP growth will accelerate. A recent report issued by the Asian Development Bank shows that India’s economy is expected to grow by 7% in 2010, a 1 percentage point increase from 2009. The bank’s chief economist Jong-Wha Lee said: “The huge fiscal stimulus plan of the Indian government has successfully prevented the economic downturn last year.â€
Driven by strong demand from India's packaging industry, automotive industry and infrastructure construction, India's consumption of polyethylene, polypropylene and PVC increased by 20% to 30% in 2009. For 2010, Indian chemical companies are more confident. In 2009, the automotive industry in India has shown significant growth and will continue to grow in the future. According to relevant departments' estimates, the sales of wagons in India will increase from 1.8 million in 2008 to 3 million in 2013. In the next five years, India’s electrical product market will double in size, and it will reach US$10 billion in 2015. The rapid increase in the downstream consumer market will inevitably drive up the demand for related chemical products.
The Indian Chemical Industry Council (ICC) also recently stated that the growth rate of India's chemical industry will accelerate in 2010 and demand will recover. The ICC expects that the growth rate of the Indian chemical industry in 2010 will reach 10% to 12%, of which pharmaceuticals, specialty chemicals and polymers will play a leading role.
ICC expects India's chemical product sales revenue to reach 70 billion to 75 billion U.S. dollars in 2010. When the refinery industry and the fertilizer industry are combined, sales revenue will reach 180 billion to 185 billion U.S. dollars. In terms of sub-industry, the current sales revenue of the Indian petrochemical industry is US$10 billion/year, and will increase by 10% to 12% in 2010; sales revenue of specialty chemicals will be approximately US$12 billion/year, and will increase by 14% in 2010. 16%; polymer sales revenue is currently around US$16 billion/year, which will increase by 14% to 16% in 2010; pharmaceutical industry sales revenue is currently around US$18 billion/year and will increase by 16% to 18% in 2010; however, The inorganic chemical business is currently stagnating and will remain weak in 2010.
East Asian countries are out of the woods The American Chemical Industry Council (ACC) recently analyzed the prospects of the chemical industry in Asia, saying that the chemical industries in South Korea, Singapore, and China Taiwan will show a good growth trend from 2010 to 2012. The chemical industry in these East Asian countries and regions was affected by the global financial crisis at the beginning of 2009, and the production of chemicals dropped significantly. Later, stimulated by the global economic recovery, especially the strong growth in the chemical market in mainland China, the chemical industry got out of its predicament and chemical production showed a relatively strong recovery.
According to ACC, the production of chemicals in the Asia Pacific region (excluding Japan) will increase by 8.6% in 2010, which is a significant increase from the growth rate of 2.4% in 2009. The ACC anticipates that the chemical production in Taiwan, China (below), will experience a significant growth of 6.5% in 2010 after a sharp decline of 11.4% in 2009; South Korea will have a 6.3% growth in 2010 after a 1.7% decline in 2009. Strong growth; after a sharp drop of 9.4% in 2009, Singapore will increase by 5.5% in 2010. The ACC also predicts that the Asia-Pacific region (excluding Australia, China, India, Japan, South Korea, Singapore, and China Taiwan) will have a strong 6.9% increase in 2010 after a 3.2% decline in 2009.
China maintains strong growth According to relevant experts from KPMG Consulting, in the past, the growth rate of China's chemical industry has been slightly higher than the growth rate of GDP, and it will remain so in 2010. According to the forecast of the Asian Development Bank, China's GDP growth rate in 2010 will increase from 8.2% in 2009 to 8.9%, which will lead to strong growth in the chemical industry.
At the beginning of 2009, it was a challenge for global chemical manufacturers. China is no exception. At the beginning of 2009, many chemical plants in China were forced to stop work, or were forced to operate at very low operating rates. However, by the end of the first quarter and the beginning of the second quarter, boosted by the Chinese government’s adoption of a series of economic stimulus plans, this situation has been significantly improved. By the third and fourth quarters, the operating rate of most chemical plants in China reached the 2008 level. . The current level of chemical inventory in China is still not high, so the recovery of demand will promote the strong growth of China's chemical industry in 2010.
Oxford Economics Consulting predicts that after 16.5% growth last year, China’s chemical production in 2010 will also increase at a rate of 16%. David Thomas, the company’s chemical industry consultant, pointed out that China’s chemical production now accounts for 17% of the world’s total, and this year’s share will continue to expand. With the successive start-up of many new chemical plants, China will reduce its dependence on imported products.
India's chemical industry re-accelerated by the global financial crisis, India's economic growth has slowed down in 2009, but in 2010 the country's GDP growth will accelerate. A recent report issued by the Asian Development Bank shows that India’s economy is expected to grow by 7% in 2010, a 1 percentage point increase from 2009. The bank’s chief economist Jong-Wha Lee said: “The huge fiscal stimulus plan of the Indian government has successfully prevented the economic downturn last year.â€
Driven by strong demand from India's packaging industry, automotive industry and infrastructure construction, India's consumption of polyethylene, polypropylene and PVC increased by 20% to 30% in 2009. For 2010, Indian chemical companies are more confident. In 2009, the automotive industry in India has shown significant growth and will continue to grow in the future. According to relevant departments' estimates, the sales of wagons in India will increase from 1.8 million in 2008 to 3 million in 2013. In the next five years, India’s electrical product market will double in size, and it will reach US$10 billion in 2015. The rapid increase in the downstream consumer market will inevitably drive up the demand for related chemical products.
The Indian Chemical Industry Council (ICC) also recently stated that the growth rate of India's chemical industry will accelerate in 2010 and demand will recover. The ICC expects that the growth rate of the Indian chemical industry in 2010 will reach 10% to 12%, of which pharmaceuticals, specialty chemicals and polymers will play a leading role.
ICC expects India's chemical product sales revenue to reach 70 billion to 75 billion U.S. dollars in 2010. When the refinery industry and the fertilizer industry are combined, sales revenue will reach 180 billion to 185 billion U.S. dollars. In terms of sub-industry, the current sales revenue of the Indian petrochemical industry is US$10 billion/year, and will increase by 10% to 12% in 2010; sales revenue of specialty chemicals will be approximately US$12 billion/year, and will increase by 14% in 2010. 16%; polymer sales revenue is currently around US$16 billion/year, which will increase by 14% to 16% in 2010; pharmaceutical industry sales revenue is currently around US$18 billion/year and will increase by 16% to 18% in 2010; however, The inorganic chemical business is currently stagnating and will remain weak in 2010.
East Asian countries are out of the woods The American Chemical Industry Council (ACC) recently analyzed the prospects of the chemical industry in Asia, saying that the chemical industries in South Korea, Singapore, and China Taiwan will show a good growth trend from 2010 to 2012. The chemical industry in these East Asian countries and regions was affected by the global financial crisis at the beginning of 2009, and the production of chemicals dropped significantly. Later, stimulated by the global economic recovery, especially the strong growth in the chemical market in mainland China, the chemical industry got out of its predicament and chemical production showed a relatively strong recovery.
According to ACC, the production of chemicals in the Asia Pacific region (excluding Japan) will increase by 8.6% in 2010, which is a significant increase from the growth rate of 2.4% in 2009. The ACC anticipates that the chemical production in Taiwan, China (below), will experience a significant growth of 6.5% in 2010 after a sharp decline of 11.4% in 2009; South Korea will have a 6.3% growth in 2010 after a 1.7% decline in 2009. Strong growth; after a sharp drop of 9.4% in 2009, Singapore will increase by 5.5% in 2010. The ACC also predicts that the Asia-Pacific region (excluding Australia, China, India, Japan, South Korea, Singapore, and China Taiwan) will have a strong 6.9% increase in 2010 after a 3.2% decline in 2009.
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