Highlights
The pace of China’s PO capacity expansion continued in 2022. Under the impact of non-market factors, the demand was weak in H1 as the transportation capacity was insufficient. The structural imbalance of supply has become more and more obvious with the supply increasing. The high international oil prices pushed up the production cost of PO producers, and the price competition among regions has escalated. China’s PO market embraced some changes, such as decreasing prices, shrinking profit, commissioning of newly added capacity and diversified marketing models.
In 2022, PO prices and gross profit decreased notably. During the year, capacity expansion continued, resetting the regional supply and demand balance. The price competition was fierce. In addition, the high crude oil price drove up the feedstock prices, bringing cost pressure on PO producers. Amid the impact of non-market factors, the overall downstream demand was weak, aggravating the supply and demand imbalance. The PO EXW price once dropped to RMB 7,900/mt in cash. With newly added capacity released, the price competition between different production processes was fierce, narrowing the gross profit space. In H1, 2022, the average gross margin of PO sales dropped to 12%, which was lower than last year.
The overall demand growth fell short of supply growth. In H1, 2022, the consumption volume inched up Y-O-Y. In the downstream structure, polyether polyol still accounted for the highest proportion. The consumption from the fields of propylene glycol and propylene glycol methyl ether also increased. Meanwhile, the price and profit were transmitted smoothly. With the transition of the PO industrial chain value from upstream to downstream, end users’ profit space was enlarged compared with last year. Thanks to the continuous increase of new capacity and the gradual increase of industry participants, the marketing model was still diversified, such as auction, listing, spot, monthly settlement, etc. The differentiation between northern China and southern China has become the norm. In H2, 2022, the new PO capacity will be released continuously, and the regional supply-demand balance may change further. The PO market may remain unpredictable.
SCI’s 2022-2023 China PO Market Annual Report digs deeply into customers’ demand and conducts in-depth analysis on market drivers. The report facilitates customers to research the industry, analyze the market, make decisions and improve efficiency through comprehensive fundamental data and in-depth analysis and forecast. Constant data collection, profound analysis and referable forecast are the major highlights of SCI’s China PO Market Annual Report. The analysis on the industry chain and value chain assists customers to conduct analysis and research from the industry dimension and make strategic decisions.
Report value
1. To track newly added PO units progress at home and abroad
2. Deep insight into PO supply and demand via regional supply-demand balance analysis
3. Downstream consumption pattern changes and development highlights
4. Profit change of different market participants in the industrial chain
Contents
Part 1 PO Market Overview
Part 2 2018-2022 PO Supply-Demand Balance Analysis
Part 3 PO Supply Pattern and Change Analysis
3.1 2022 Global PO Capacity Analysis
3.2 2018-2022 China PO Capacity Change Analysis
3.2.1 2022 China PO Capacity Analysis by Region
3.2.2 2022 China PO Capacity Analysis by Enterprise Nature
3.2.3 2022 China PO Capacity Analysis by Production Technology
3.2.4 2022 China PO Existing Enterprise List
3.3 2018-2022 China PO Output Analysis
3.4 2018-2022 China PO Operating Rate Comparison Analysis
3.5 China PO Capacity Expansion Analysis
3.5.1 2022 China PO Capacity Expansion Analysis
3.5.2 2023-2027 China PO Capacity Expansion Analysis
3.6 2018-2022 China PO Import Analysis
3.6.1 2022 China PO Import Analysis by Origin
3.6.2 2022 China PO Import Analysis by Receipt & Delivery Places
3.6.3 2022 China PO Import Analysis by Trade Mode
3.7 2022 PO Inventory Change and Drivers Analysis
3.8 2022 PO Storage and Logistics Analysis
3.9 2022 PO Trade Flow Analysis
3.10 2023 PO Market Supply Forecast
Part 4 PO Demand Pattern and Change Analysis
4.1 2018-2022 PO Demand Volume Analysis
4.2 2022 China PO Downstream Demand Structure Analysis
4.3 2022 China PO Downstream Demand Region Analysis
4.4 2022 China PO Downstream Customer Scale and Demand Change Analysis
4.5 2022 China PO Downstream Customer Scale Analysis by Region
4.6 2023-2027 PO Downstream Consumption Growth Forecast
4.7 2023-2027 PO Consumption Volume Forecast
4.8 2018-2022 China PO Export Analysis
4.9 China PO Demand Peak Season and Slack Season Analysis
4.10 Downstream Customer Key Purchasing Factor Analysis
4.11 Operation Risk and Operation Barrier Analysis
Part 5 China PO Price Trend Analysis
5.1 China PO Market Price Analysis
5.2 PO Import Price Analysis
5.3 2022 PO Related Product Price Co-Movement Analysis
5.3.1 2022 Propylene and PO Price Co-Movement Analysis
5.3.2 2022 Liquid Chlorine and PO Price Co-Movement Analysis
Part 6 PO Industry Forecast
6.1 2023-2025 PO Market Price Trend Forecast
6.2 PO Price Driver and Future Development Forecast
6.2.1 Influence of Macro-Environment on PO Industry
6.2.2 Influence of National Policies on PO Industry
6.2.3 PO Production Technology Future Development Trend
6.2.4 2023-2027 PO Supply-Demand Balance Forecast
6.2.5 PO Industry Competition Analysis and Forecast
6.2.6 PO Industry Value Chain Analysis and Forecast
6.2.7 PO Related Product Price Co-Movement Forecast
6. 3 Influence Extent Analysis of 2023 Major PO Price Drivers
Appendix 3 Methodology and Definitions
Appendix 4 Charts and Tables
Appendix 5 Related Products Annual Reports
2022-2023 China PG & DMC Market Annual Report
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