China’s stupendous economic growth and insatiable
demand for all petrochemical products will continue
in 2005, despite escalating oil prices leading to
a a tremendous increase in prices of almost all
feedstock. The Chinese economy is expected to grow
by 8.5 % in 2005 if not by 9%, with petrochemical
products expected to show growth of at least 8.5%
over 2004.
Plastics will have the largest share with 33 million
tons in 2004, while synthetic fibers would have
a demand of 15 million tons. Even elastomers are
expected to grow despite attaining levels of near-maturity.
Consumption of engineering plastics that stood at
about 250 KT in 1998, reached the level of 1.13
million tons in 2004, and is expected to reach a
level of 1.3 million tons. Almost 30% growth was
achieved between 1998 and 2004, and atleast 15%
growth is expected to in the next few years. |