Session Details

Phoenix Nirvana? China PetroChemical Industry Outlook

Friday, 24 March

9:00 am - 9:20 am (CST) / 24/mar/2023 02:00 pm - 24/mar/2023 02:20 pm

1. Decades of quick expansion for Chinese Petrochemical industry.

• China is the biggest petrochemical player in the world after 3 rounds of development.

• Speed up currently to meet 2030 carbon peak target.

• Key drivers: demand, pursuing of GDP, aggressive private companies etc.

2. Demand couldn’t catch up with capacity growth.

• Domestic demand growth slowdown: industry restructuring, Real estate industry and urbanization slowdown

• Shrink of export: economy recession, politics issue and global trading barriers.

• China demand was weak in 2022 and is expected to recover in 2H 2023.

3. Inevitable throes after rapid development

• Super surplus, low end product and fierce competition.

• Environment pollution.

• Rationalization and upgrading were the main theme in 13th Five-Year Plan.

4. China Petrochemical industry outlook under sustainability policy

• Dual- carbon target is current dominant strategy.

• The super surplus will remain within short term.

• Petrochemical supply side revolution will continue implied by the 14th Five-Year plan

• Competitive, efficient, green, upgraded chemical industry is the target.

Session Speakers