China leads the world chemical industry forward
As of the second quarter of 2010, China’s total economic volume reached 1.33 trillion U.S. dollars, and Japan’s total economy was 1.28 trillion U.S. dollars. China has surpassed Japan to become the world’s second largest economy after the United States. This fully demonstrates that China’s The global chemical industry plays a pivotal role. Analysts believe that China will continue to lead the world chemical industry forward. The world’s major chemical companies are still optimistic about the Chinese market and continue to look for opportunities to increase China’s investment and expand sales revenue in order to recover faster from the recession.
The World Bank predicts that the growth rate of China's GDP in 2010 will be 9.5%. The two-year economic stimulus plan launched by the Chinese government in response to the financial crisis in 2008 has played an important role in the recovery of the world economy and has also led to an increase in the demand for chemicals in China. According to KPMG's report, the output value of China's petrochemical industry reached 6.63 trillion yuan in 2009, a year-on-year increase of 0.3%. With the overall economic recovery, China's chemical industry is expected to grow by 13% to 15% this year, and industry investment will increase by 15%.
China remains the focus of major European and American chemical companies and is its main export market and investment location. BASF is the world’s largest sales company and the first multinational company to enter and invest in China. Since 1999, BASF's sales in Greater China have grown at an average annual rate of 20%. Its 2009 sales in China were 4.1 billion euros, accounting for approximately 10% of the company's global chemical sales. BASF’s goal is to double its sales in China by 2020. BASF expects the Chinese market to grow steadily at an average annual rate of 5% to 6% over the next few years. China will continue to be the main driving force for the world economy and chemical markets.
"China has become Dow's second largest market for global sales," said Heinz Alle, executive vice president and chief commercial officer at Dow Chemical. "Dow has achieved an average annual increase in sales revenue in China since 2000." 20%.†Dow Chemical completed $3.7 billion in sales revenue in China in 2009 and has 20 production sites with 3,900 employees. China has become Dow's important production base for specialty materials and functional products.
Akzo Nobel has announced that it plans to double its sales revenue in China by 2015. The company achieved sales of US$1.5 billion in China last year and looks forward to faster growth in the Chinese market in the future.
LANXESS is another multinational company that attaches great importance to the Chinese market. Greater China has become an important pillar of the company's global strategy. Last year, Lanxess completed sales of approximately 584 million euros (US$741 million) in China. China’s sales accounted for 51% of its sales in Asia Pacific and 11.5% of global sales. As the world's largest synthetic rubber producer, LANXESS hopes to continue to expand the local Chinese market. In May last year, the company announced that it will establish a nitrile rubber plant in Nantong and Taiwan Rubber Co., Ltd. with a 50:50 ratio. The two companies will invest 50 million US dollars with an initial capacity of 30,000 tons/year.
Couturea is also taking steps to accelerate its business development in China. Asia currently accounts for 15% of the company's sales revenue, of which China accounts for about half. “We expect that by 2015, Asian sales revenue will double and sales will account for about one-third of the global total,†said Craig Rogerson, chairman and CEO of Chemtura. At the beginning of this year, Kejuya opened an application development center in Nanjing. In the next few years, it will also invest 30 million to 50 million US dollars to expand its business in China. The investment methods include acquisitions, joint ventures, expansions, and new construction projects.
Japanese companies are equally optimistic about China's key role in its development strategy. Izumi Yamamoto, chief marketing officer and general representative of Teijin China, recently stated that the company has identified China as one of its most important markets in the future and plans to expand sales in the Chinese market by three to four times by 2020. Teijin established a wholly-owned subsidiary, Teijin (China) Investment Co., Ltd. in Shanghai last May to manage its expansion activities in the Chinese market, including possible mergers and acquisitions. The company also stated that they have determined the development goals in China, especially the development of green chemistry and health products. "In the field of green chemistry, we will develop advanced technologies and materials that promote environmental protection, and are committed to the production of high-performance materials, new energy including solar energy and wind energy needed in the automotive, aerospace and railway industries."
“China and other emerging markets are considered to be the main drivers of global economic recovery, and the demand for bulk chemicals is playing the most important role.†Yoshimitsu Kobayashi, president and CEO of Mitsubishi Chemical, said that the Japanese chemical including Mitsubishi Chemical The company is relying on its geographic location to enter the Chinese market. Mitsubishi Chemical's products that are entering the Chinese market include terephthalic acid, polycarbonate and polypropylene compounds. Mitsubishi Chemical and Sinopec signed an agreement in April last year to establish a business partnership. Both parties will play their respective advantages in technology, market and products. Mitsubishi Chemical and Sinopec are establishing a joint venture in Beijing to produce bisphenol A and polycarbonate, which is expected to be completed by May 2011. In addition, the company also intends to double the production capacity of the Suzhou PVC compound plant at the end of this year. At present, the plant has a capacity of 6,500 tons per year.
The World Bank predicts that the growth rate of China's GDP in 2010 will be 9.5%. The two-year economic stimulus plan launched by the Chinese government in response to the financial crisis in 2008 has played an important role in the recovery of the world economy and has also led to an increase in the demand for chemicals in China. According to KPMG's report, the output value of China's petrochemical industry reached 6.63 trillion yuan in 2009, a year-on-year increase of 0.3%. With the overall economic recovery, China's chemical industry is expected to grow by 13% to 15% this year, and industry investment will increase by 15%.
China remains the focus of major European and American chemical companies and is its main export market and investment location. BASF is the world’s largest sales company and the first multinational company to enter and invest in China. Since 1999, BASF's sales in Greater China have grown at an average annual rate of 20%. Its 2009 sales in China were 4.1 billion euros, accounting for approximately 10% of the company's global chemical sales. BASF’s goal is to double its sales in China by 2020. BASF expects the Chinese market to grow steadily at an average annual rate of 5% to 6% over the next few years. China will continue to be the main driving force for the world economy and chemical markets.
"China has become Dow's second largest market for global sales," said Heinz Alle, executive vice president and chief commercial officer at Dow Chemical. "Dow has achieved an average annual increase in sales revenue in China since 2000." 20%.†Dow Chemical completed $3.7 billion in sales revenue in China in 2009 and has 20 production sites with 3,900 employees. China has become Dow's important production base for specialty materials and functional products.
Akzo Nobel has announced that it plans to double its sales revenue in China by 2015. The company achieved sales of US$1.5 billion in China last year and looks forward to faster growth in the Chinese market in the future.
LANXESS is another multinational company that attaches great importance to the Chinese market. Greater China has become an important pillar of the company's global strategy. Last year, Lanxess completed sales of approximately 584 million euros (US$741 million) in China. China’s sales accounted for 51% of its sales in Asia Pacific and 11.5% of global sales. As the world's largest synthetic rubber producer, LANXESS hopes to continue to expand the local Chinese market. In May last year, the company announced that it will establish a nitrile rubber plant in Nantong and Taiwan Rubber Co., Ltd. with a 50:50 ratio. The two companies will invest 50 million US dollars with an initial capacity of 30,000 tons/year.
Couturea is also taking steps to accelerate its business development in China. Asia currently accounts for 15% of the company's sales revenue, of which China accounts for about half. “We expect that by 2015, Asian sales revenue will double and sales will account for about one-third of the global total,†said Craig Rogerson, chairman and CEO of Chemtura. At the beginning of this year, Kejuya opened an application development center in Nanjing. In the next few years, it will also invest 30 million to 50 million US dollars to expand its business in China. The investment methods include acquisitions, joint ventures, expansions, and new construction projects.
Japanese companies are equally optimistic about China's key role in its development strategy. Izumi Yamamoto, chief marketing officer and general representative of Teijin China, recently stated that the company has identified China as one of its most important markets in the future and plans to expand sales in the Chinese market by three to four times by 2020. Teijin established a wholly-owned subsidiary, Teijin (China) Investment Co., Ltd. in Shanghai last May to manage its expansion activities in the Chinese market, including possible mergers and acquisitions. The company also stated that they have determined the development goals in China, especially the development of green chemistry and health products. "In the field of green chemistry, we will develop advanced technologies and materials that promote environmental protection, and are committed to the production of high-performance materials, new energy including solar energy and wind energy needed in the automotive, aerospace and railway industries."
“China and other emerging markets are considered to be the main drivers of global economic recovery, and the demand for bulk chemicals is playing the most important role.†Yoshimitsu Kobayashi, president and CEO of Mitsubishi Chemical, said that the Japanese chemical including Mitsubishi Chemical The company is relying on its geographic location to enter the Chinese market. Mitsubishi Chemical's products that are entering the Chinese market include terephthalic acid, polycarbonate and polypropylene compounds. Mitsubishi Chemical and Sinopec signed an agreement in April last year to establish a business partnership. Both parties will play their respective advantages in technology, market and products. Mitsubishi Chemical and Sinopec are establishing a joint venture in Beijing to produce bisphenol A and polycarbonate, which is expected to be completed by May 2011. In addition, the company also intends to double the production capacity of the Suzhou PVC compound plant at the end of this year. At present, the plant has a capacity of 6,500 tons per year.
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