What is the trend of Asian chemicals in 2007? BASF's answer is: cautiously optimistic. The chemical giant, which is involved in almost all chemical businesses, recently stated that in 2007 Asia, especially China, will continue to be the driving force behind the growth of global industries. However, geopolitical tensions, oil prices, and the trend of the dollar also exist at the same time, which will cause the potential of the Asia-Pacific chemical industry to be affected.
For the development prospects of 2007, Asian Petrochemical Company has two different feelings of optimism and pessimism. Most of the optimistic companies are from China and India, and those who feel pessimistic are mainly in Japan.
Strong growth in the Chinese market The Asian Development Bank (ADB) estimates that China’s economic growth rate will exceed 10% in 2006, which is the highest growth rate in the past 12 years. In 2007, China’s economic growth rate will still exceed 9%, which will Promote the continued strong growth of China's chemical industry.
In the first nine months of 2006, the net profit of Sinopec Group Company increased by 51% over the same period of 2005; in the third quarter of 2006, the gross profit of Sinopec's petrochemical business increased by 10% over the same period of last year. In June last year, Sinopec began building a 1 million-ton/year ethylene cracker in Tianjin. This is just one of Sinopec's many new petrochemical projects. At the end of last year, the board of directors of Sinopec decided to increase the funds of US$375 million for the construction of new chemical plants.
Other companies are also very optimistic about China's petrochemical market. BASF said that the company will invest together with Sinopec over US$500 million to expand its joint venture projects in Nanjing.
While continuing to be optimistic about the future prospects of the Chinese market, Sinopec has also begun to show some pessimistic words for future development in its recent report. It believes that market fluctuations and increased competition will affect the company’s profitability. This is indeed the case. In the next two years, some new large-scale petrochemical projects in the Middle East will be put into operation one after another. These projects all use China as the main export market. In addition, after China's economy reached the highest growth rate in the past 12 years in 2006, it is expected that the growth rate in the future will slow down.
Japanese companies are much concerned about Japanese chemical companies in 2005 out of the continuous decline since the 1990s, really enjoy the sun of profit. In 2006, this trend continued and the beneficiary side expanded. Most companies forecast an increase in earnings in fiscal 2006. Teijin, which produces textile fibers, high-performance fibers and chemicals, expects net profit to increase by a significant 61% year-on-year.
Japan's Shin-Etsu Chemical Co., Ltd., which has set a profit record for 12 consecutive years, is optimistic about the future prospects of its main business wafers and PVC. The company is the world's largest producer of these two materials, and the company is currently increasing investment to expand production capacity.
On the other hand, due to the continuous rise in global oil and gas prices, Japan's petrochemical producers have brought severe cost pressures. Mitsui Chemicals said: "The current severe market environment has brought tremendous pressure on the company's profit."
India's outlook is still promising India is currently in a period of rapid growth. According to ADB's forecast, India's economic growth rate will reach nearly 8% in 2007. The rapid economic growth has strong support for the development of the local chemical industry. In the first half of the fiscal year of 2006, Indian Trust Industry Corporation's sales revenue increased by 30% year-on-year, and its net profit increased by 10% year-on-year; the chemical business, which accounted for about one-third of its sales revenue, increased its net profit by 32% in the first half of the year. The company attributed this good profitability to its high integration of some large petrochemical installations.
However, India's fine chemical and pharmaceutical industries have not benefited from the rapid growth of the domestic economy. The largest pharmaceutical company in India, Dr. Reddy??s Laboratories, pointed out in its report for the second quarter of fiscal year 2006 that its pharmaceutical intermediate sales revenue in India decreased by 13% year-on-year, but its overseas sales increased by 55% year-on-year. . According to ADB, Indian manufacturers like Dr. Reddy?s are in a period of strong export growth.
Looking ahead to 2007, the outlook for the Asia-Pacific chemical industry is still generally optimistic, but after four years of good times, Asian chemical companies are increasingly concerned about the future outlook. These worrying factors include fluctuations in the currency exchange rate, the economic downturn in the United States or China, and rising oil prices. Therefore, most companies now show cautious optimism.
For the development prospects of 2007, Asian Petrochemical Company has two different feelings of optimism and pessimism. Most of the optimistic companies are from China and India, and those who feel pessimistic are mainly in Japan.
Strong growth in the Chinese market The Asian Development Bank (ADB) estimates that China’s economic growth rate will exceed 10% in 2006, which is the highest growth rate in the past 12 years. In 2007, China’s economic growth rate will still exceed 9%, which will Promote the continued strong growth of China's chemical industry.
In the first nine months of 2006, the net profit of Sinopec Group Company increased by 51% over the same period of 2005; in the third quarter of 2006, the gross profit of Sinopec's petrochemical business increased by 10% over the same period of last year. In June last year, Sinopec began building a 1 million-ton/year ethylene cracker in Tianjin. This is just one of Sinopec's many new petrochemical projects. At the end of last year, the board of directors of Sinopec decided to increase the funds of US$375 million for the construction of new chemical plants.
Other companies are also very optimistic about China's petrochemical market. BASF said that the company will invest together with Sinopec over US$500 million to expand its joint venture projects in Nanjing.
While continuing to be optimistic about the future prospects of the Chinese market, Sinopec has also begun to show some pessimistic words for future development in its recent report. It believes that market fluctuations and increased competition will affect the company’s profitability. This is indeed the case. In the next two years, some new large-scale petrochemical projects in the Middle East will be put into operation one after another. These projects all use China as the main export market. In addition, after China's economy reached the highest growth rate in the past 12 years in 2006, it is expected that the growth rate in the future will slow down.
Japanese companies are much concerned about Japanese chemical companies in 2005 out of the continuous decline since the 1990s, really enjoy the sun of profit. In 2006, this trend continued and the beneficiary side expanded. Most companies forecast an increase in earnings in fiscal 2006. Teijin, which produces textile fibers, high-performance fibers and chemicals, expects net profit to increase by a significant 61% year-on-year.
Japan's Shin-Etsu Chemical Co., Ltd., which has set a profit record for 12 consecutive years, is optimistic about the future prospects of its main business wafers and PVC. The company is the world's largest producer of these two materials, and the company is currently increasing investment to expand production capacity.
On the other hand, due to the continuous rise in global oil and gas prices, Japan's petrochemical producers have brought severe cost pressures. Mitsui Chemicals said: "The current severe market environment has brought tremendous pressure on the company's profit."
India's outlook is still promising India is currently in a period of rapid growth. According to ADB's forecast, India's economic growth rate will reach nearly 8% in 2007. The rapid economic growth has strong support for the development of the local chemical industry. In the first half of the fiscal year of 2006, Indian Trust Industry Corporation's sales revenue increased by 30% year-on-year, and its net profit increased by 10% year-on-year; the chemical business, which accounted for about one-third of its sales revenue, increased its net profit by 32% in the first half of the year. The company attributed this good profitability to its high integration of some large petrochemical installations.
However, India's fine chemical and pharmaceutical industries have not benefited from the rapid growth of the domestic economy. The largest pharmaceutical company in India, Dr. Reddy??s Laboratories, pointed out in its report for the second quarter of fiscal year 2006 that its pharmaceutical intermediate sales revenue in India decreased by 13% year-on-year, but its overseas sales increased by 55% year-on-year. . According to ADB, Indian manufacturers like Dr. Reddy?s are in a period of strong export growth.
Looking ahead to 2007, the outlook for the Asia-Pacific chemical industry is still generally optimistic, but after four years of good times, Asian chemical companies are increasingly concerned about the future outlook. These worrying factors include fluctuations in the currency exchange rate, the economic downturn in the United States or China, and rising oil prices. Therefore, most companies now show cautious optimism.
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