Key Takeaways
- In 2022, China's chemical industry total output reached 1.02 billion metric tons, marking a 5.2% year-on-year increase.
- China's ethylene production capacity expanded to 28.5 million tons per annum (MTPA) by end-2023.
- Methanol production in China hit 82.3 million tons in 2022, accounting for 62% of global output.
- The total revenue of China's chemical industry was 17.8 trillion RMB in 2022.
- Chemical industry profit margin averaged 5.4% in 2023.
- China's chemical market size grew to 2.1 trillion USD in 2023.
- China's chemical exports to the US were 25 billion USD in 2022.
- Total chemical imports into China reached 85 billion USD in 2023.
- Chemical trade surplus was 35 billion USD in 2022.
- Polyethylene terephthalate (PET) production in China was 15.2 million tons in 2023.
- Tires production totaled 850 million units in 2022.
- Pharmaceutical intermediates output reached 2.8 million tons in 2023.
- CO2 emissions from chemical industry were 1.2 billion tons in 2022.
- Energy consumption per ton of chemicals fell 3.2% in 2023.
- Number of green chemical plants reached 1,500 in 2022.
China's vast chemical industry leads globally with extensive production and growth.
Major Products and Segments
- Polyethylene terephthalate (PET) production in China was 15.2 million tons in 2023.
- Tires production totaled 850 million units in 2022.
- Pharmaceutical intermediates output reached 2.8 million tons in 2023.
- Pesticides production was 4.1 million tons in 2022.
- Lithium battery chemicals demand was 1.5 million tons in 2023.
- Fine chemicals market size was 450 billion RMB in 2022.
- Synthetic fibers production hit 60 million tons in 2023.
- Paints and coatings output was 28 million tons in 2022.
- Detergents and surfactants production totaled 12.5 million tons in 2023.
- Electronic chemicals consumption was 800,000 tons in 2022.
- Bio-based chemicals production reached 1.2 million tons in 2023.
- Water treatment chemicals market was 150 billion RMB in 2022.
- Adhesives output was 9.8 million tons in 2023.
- Dyes production totaled 1.1 million tons in 2022.
- Catalysts market size hit 120 billion RMB in 2023.
- Rubber chemicals consumption was 1.8 million tons in 2022.
- Food additives production reached 3.5 million tons in 2023.
- Explosives output was 4.2 million tons in 2022.
- Carbon black production hit 7.5 million tons in 2023.
- Flavors and fragrances market was 80 billion RMB in 2022.
- Plasticizers production totaled 5.6 million tons in 2023.
- Resins (non-petchem) output was 18 million tons in 2022.
- Inorganic pigments production reached 2.4 million tons in 2023.
- Polymer additives market size was 200 billion RMB in 2022.
- Veterinary chemicals output was 650,000 tons in 2023.
- Cosmetic raw materials consumption hit 1.9 million tons in 2022.
- Refractory materials production totaled 35 million tons in 2023.
Major Products and Segments Interpretation
Market and Economic Indicators
- The total revenue of China's chemical industry was 17.8 trillion RMB in 2022.
- Chemical industry profit margin averaged 5.4% in 2023.
- China's chemical market size grew to 2.1 trillion USD in 2023.
- R&D expenditure in chemical sector was 320 billion RMB in 2022.
- Number of chemical enterprises in China exceeded 1.2 million in 2023.
- Chemical industry contributed 4.2% to China's GDP in 2022.
- Average chemical product price index rose 3.1% in 2023.
- Fixed asset investment in chemicals was 1.45 trillion RMB in 2022.
- Chemical employment totaled 25 million people in 2023.
- Industry sales revenue growth was 6.8% YoY in 2023.
- Chemical export value hit 120 billion USD in 2022.
- Profit growth rate was 4.2% in chemical sector 2023.
- Market capitalization of top chemical firms was 1.2 trillion RMB in 2023.
- Chemical industry tax revenue contributed 450 billion RMB in 2022.
- Capacity utilization rate averaged 78% in 2023.
- Inventory turnover ratio was 4.2 times in chemical industry 2022.
- Foreign investment in chemicals reached 15 billion USD in 2023.
- Chemical sector ROE averaged 8.5% in 2022.
- Total assets of chemical industry were 28 trillion RMB in 2023.
- EBITDA margin for chemicals was 12.3% in 2022.
- Chemical production PMI index averaged 51.2 in 2023.
- Debt-to-equity ratio was 55% industry-wide in 2022.
- Chemical wholesale price index increased 2.8% in 2023.
- Number of listed chemical companies was 450 in 2023.
- Industry value added grew 5.1% YoY in 2022.
- Chemical sector current ratio averaged 1.8 in 2023.
- Revenue per employee was 710,000 RMB in 2022.
- Chemical industry accounted for 12% of manufacturing output in 2023.
Market and Economic Indicators Interpretation
Production and Capacity
- In 2022, China's chemical industry total output reached 1.02 billion metric tons, marking a 5.2% year-on-year increase.
- China's ethylene production capacity expanded to 28.5 million tons per annum (MTPA) by end-2023.
- Methanol production in China hit 82.3 million tons in 2022, accounting for 62% of global output.
- China's PVC production volume was 24.1 million tons in 2023, up 4.8% from 2022.
- Coal-to-olefins capacity in China reached 15.2 MTPA in 2023.
- China's soda ash production totaled 42.6 million tons in 2022.
- Propylene production in China was 21.4 million tons in 2023.
- China's benzene production capacity stood at 14.8 MTPA by 2023.
- TDI production in China reached 1.45 million tons in 2022.
- China's caustic soda output was 38.7 million tons in 2023.
- MDI production capacity in China expanded to 8.2 MTPA in 2023.
- China's glyphosate production was 450,000 tons in 2022.
- Synthetic rubber production in China hit 6.1 million tons in 2023.
- China's adipic acid output reached 1.82 million tons in 2022.
- Polypropylene production volume was 28.3 million tons in 2023.
- China's titanium dioxide production totaled 4.2 million tons in 2022.
- Acetic acid production in China was 18.5 million tons in 2023.
- China's ammonium nitrate output stood at 2.8 million tons in 2022.
- Phenol production capacity reached 9.1 MTPA in 2023.
- China's VCM production was 22.4 million tons in 2023.
- PTA production in China hit 62 million tons in 2022.
- China's caprolactam output was 1.35 million tons in 2023.
- Styrene production volume reached 12.6 million tons in 2022.
- China's hydrogen peroxide production was 4.8 million tons in 2023.
- Epichlorohydrin output totaled 2.1 million tons in 2022.
- China's p-xylene production capacity was 45 MTPA in 2023.
- Maleic anhydride production hit 1.2 million tons in 2023.
- China's dimethylformamide output was 850,000 tons in 2022.
- Butadiene production volume stood at 7.9 million tons in 2023.
- China's citric acid production reached 3.1 million tons in 2022.
Production and Capacity Interpretation
Sustainability and Regulation
- CO2 emissions from chemical industry were 1.2 billion tons in 2022.
- Energy consumption per ton of chemicals fell 3.2% in 2023.
- Number of green chemical plants reached 1,500 in 2022.
- Hazardous waste from chemicals totaled 120 million tons in 2023.
- Renewable energy use in chemicals was 15% in 2022.
- Carbon trading volume in chemical sector was 50 million tons CO2e in 2023.
- Water recycling rate in industry averaged 85% in 2022.
- VOC emissions reduced by 20% from 2020 baseline in 2023.
- Number of chemical parks with zero discharge: 250 in 2022.
- Green patents in chemicals filed: 45,000 in 2023.
- Sulfur recovery rate from refineries: 98.5% in 2022.
- PM2.5 emissions from chemicals down 15% in 2023.
- Biodegradable plastics production: 2.5 million tons in 2022.
- Environmental fines in chemical sector: 12 billion RMB in 2023.
- Closed plants due to pollution: 1,200 in 2022.
- Renewable feedstock use grew 25% to 5 million tons in 2023.
- NOx emissions cut by 18% in chemical plants 2022.
- Circular economy enterprises: 8,000 in chemical industry 2023.
- Wastewater treatment capacity: 4 billion m3/year in 2022.
- ESG compliance rate: 72% among top firms in 2023.
- Coal use in chemicals dropped 10% to 400 million tons in 2022.
Sustainability and Regulation Interpretation
Trade and International Relations
- China's chemical exports to the US were 25 billion USD in 2022.
- Total chemical imports into China reached 85 billion USD in 2023.
- Chemical trade surplus was 35 billion USD in 2022.
- Exports of organic chemicals from China hit 60 billion USD in 2023.
- China imported 12 million tons of ethylene feedstock in 2022.
- Chemical exports to EU countries totaled 40 billion USD in 2023.
- China's share of global chemical exports was 38% in 2022.
- Imports of specialty chemicals were 15 billion USD in 2023.
- Chemical trade with ASEAN reached 30 billion USD in 2022.
- China exported 18 million tons of fertilizers in 2023.
- Potash imports into China were 8.5 million tons in 2022.
- Chemical tariffs on US imports averaged 10.2% in 2023.
- Exports of plastics from China totaled 45 billion USD in 2022.
- China-India chemical trade volume was 12 billion USD in 2023.
- LNG imports for chemical feedstock hit 70 million tons in 2022.
- Chemical exports growth to Belt and Road countries was 8% in 2023.
- Imports of high-end dyes and pigments were 2.5 billion USD in 2022.
- China's chemical re-exports surged 15% to 10 billion USD in 2023.
- Trade balance with Japan in chemicals was +5 billion USD in 2022.
- Exports of inorganic chemicals reached 20 billion USD in 2023.
- Naphtha imports for crackers were 25 million tons in 2022.
- Chemical FDI from EU was 8 billion USD in 2023.
- Exports to Africa grew 12% to 6 billion USD in 2022.
- Anti-dumping cases on Chinese chemicals numbered 45 in 2023.
- Propylene oxide exports were 1.2 million tons in 2022.
- China's share in global fertilizer trade was 25% in 2023.
- Chemical service trade (tech) was 3 billion USD in 2022.
Trade and International Relations Interpretation
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