Petrochemical industry trends Report for the next decade

The China Petroleum and Chemical Industry Federation released a research report titled "The Development Trend of the world petrochemical Industry and China's Innovation Development Opportunities in the Next Ten years."

The report believes that the rapid rise of emerging economies provides a strong impetus and market space for the development of the global petrochemical industry, and promotes the market growth focus from North America and Western Europe to accelerate the rapid growth of the Asia-Pacific and South America region. Looking at the world, China is the most impressive consumer market, China's share of global petrochemical consumption, from 26% in 2007 to 34% in 2011. In the foreseeable future, Asia will continue to be the center of global petrochemical demand growth.

Driven by China's strong economic growth, the country's petrochemical industry has developed rapidly and a large number of petrochemical projects have been built. According to the data of the National Bureau of Statistics of China, during the ten years from 2003 to 2013, the cumulative growth of fixed asset investment in China's petroleum and chemical industries was more than eight times, with an average annual growth rate of 25%, of which the chemical industry investment increased by 113 times, with an average annual growth rate of 28.5%. However, large investments over the years have also led to the problem of excess production capacity, among which bulk products are the most serious, resulting in a large drop in product prices, low plant operating rates, and poor business efficiency.