The fine chemical industry is a technology intensive industry with high added value, which can reflect the comprehensive technical level of a country. China attaches great importance to the development of fine chemical industry, has taken it as one of the important development directions of chemical industry, and has achieved certain development results.
Chemical raw materials and chemical products manufacturing industry is an important part of the national economy. As the basic industry of the national economy, China’s chemical raw materials and chemical products manufacturing industry has developed rapidly in recent years. From 2006 to 2021, the main business income of this industry will increase from 2.01 trillion yuan to 8.30 trillion yuan, with a compound annual growth rate of 9.92%.
Since the reform and opening up, China’s macro-economy has continued to grow, and the process of industrialization and urbanization has been accelerating, providing a good environment for the rapid development of chemical raw materials and chemical products manufacturing industry. Since 2018, the scale of chemical raw materials and chemical products manufacturing industry has been affected by multiple events, such as trade friction, frequent accidents, production suspension and rectification, and the COVID-19, showing a downward trend for three consecutive years.
In 2021, China’s chemical raw materials and chemical products manufacturing industry will experience a strong rebound. On the one hand, the improvement of the epidemic situation has enhanced people’s optimistic expectation of economic recovery, and the demand for chemical products will improve accordingly. At the same time, the price of crude oil will rise broadly due to the increased demand driven by the economic recovery, supporting the further rise of the chemical products market; On the other hand, factors such as the cold wave and epidemic situation in the United States led to a significant decline in overseas supply, pushing the rise of the chemical product market to a climax. In 2021, the main business income of enterprises above designated size will reach 8295.9 billion yuan, with a year-on-year growth rate of over 30%.
In 2022, the COVID-19 will continue to recur, the downward pressure on the economy will increase, and the development of chemical raw materials and chemical products manufacturing industry will still face challenges.
However, China is in an important stage of striding forward from a chemical power to a chemical power, and the chemical raw materials and chemical products manufacturing industry still has great development potential. According to the data of the Prospective Industry Research Institute, from 2022 to 2027, the average annual compound growth rate of the industry will be about 5%. In 2027, the main business income of enterprises above the industry scale may exceed 11 trillion yuan.
Vigorously developing fine chemical industry is still the strategic focus of all countries in the world to adjust the chemical industry structure, improve the output value of chemical industry and expand economic benefits. Generally, the fineness rate (the proportion of the total output value of fine chemicals in the total output value of the chemical industry) can reflect the level of economic development and high-tech progress of a country to a certain extent.
At present, although some fine chemical products in China have begun to have stronger competitiveness in the international market and occupy more and more market shares thanks to their excellent product quality, due to the relatively small base and relatively low technical content of products as a whole, there is still much room for improvement in China’s refining rate compared with developed countries.
Although China has gradually become an important processing and export place of fine chemical raw materials and intermediates in the world, there is still a big gap between China and developed countries in the field of high-end chemical products, and some high-tech products are highly dependent on imports. Considering the important position of fine chemical industry in the chemical industry and even in the entire national economy, China will continue to take upgrading the scientific and technological level of fine chemical industry and improving the refinement rate as one of the national strategic development directions in the future.
Post time: Oct-21-2022