Market Analysis of China's Petrochemical Industry

The petrochemical industry (referred to as petrochemicals) spans two major industrial categories: energy mining and processing, and raw materials. Petrochemical products such as transportation fuels (refined oil), three major synthetic materials, and fertilizers have an impact on the economy, people's livelihoods, and the petrochemical industry is investment intensive, engineering technology intensive, and has a long product processing chain, contributing significantly to the growth of industrial output value. The rise of a strong country cannot be separated from the support of the petrochemical industry. In 2011, the refining capacity of Russia, Japan, South Korea, Germany, Italy, Canada, France, and the United Kingdom all ranked among the top 13 in the world, and China was among them. Until now, the crude oil processing and ethylene production of the petrochemical industry, like steel production and power generation, are still the core indicators for measuring whether an economy is developed. After nearly 50 years of efforts, China has become a globally recognized petrochemical power. In 2011, the petrochemical output value accounted for 1/6 of the total domestic industrial output value, truly becoming a pillar industry of the traditional economy. It is gratifying that; Twelfth Five Year Plan; The petrochemical industry in China has already felt the urgency of achieving sustainable development, recognizing the importance of shifting towards energy and chemical based raw materials, achieving green, low-carbon, and clean production processes, and differentiating and diversifying product structures. A series of innovative development strategies have been formulated accordingly, and the implementation of these strategies is crucial; Twelfth Five Year Plan; In 2012, which was planned to enter the new year, new progress was made and new achievements were seen. The outstanding performance is reflected in the enhanced ability of China's petrochemical industry to cope with market changes and the ability to achieve sustainable development under complex conditions. In addition, the new progress made by the petrochemical industry in closely connecting with strategic emerging industries and even partial integration through the Yanzhong industrial chain is also impressive.