Review of global and China petrochemical industry in 2023 and outlook for 2024
In 2023,global petrochemical industry demand remained subdued and many leading companies began to their strategical contraction.High inflation and under-investment inhibited the recovery of downstream petrochemical product consumption.China's petrochemical industry did not perform as well as expected with exports and property sectors drags.Under the high pressure of the supply side,enterprises took the initiative to reduce loads and increase maintenance stops.Severe losses of C2 and C3 affect the performance of the whole industry.In 2024,geopolitical risks will cast a shadow over the global economy and the expectation of positive demand again and the recovery in consumption due to inventory replenishment and purchasing power enhancement will make it difficult for enterprises to absorb the consecutive years of production capacity expansion.The slowdown in new production capacity also cannot reduce the pace of enterprises to clear out inefficient production capacity.The domestic petrochemical industry is difficult to move forward and adjust in the recovery with its imbalance,reflecting further differentiation of the industry chain,the path to increase the gap between profitability,and contradictions and entanglements of industry transformation.It will get out of trouble with a slower pace in the next few years.
worldChinapetrochemical industrysupply and demandethylenesynthetic resinsynthetic fibersynthetic rubber
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