New Market Report: Philippines Petrochemicals Report Q1 2016
New Energy market report from Business Monitor International: "Philippines Petrochemicals Report Q1 2016"
[USPRwire, Wed Dec 16 2015] Basic chemicals output reported strong growth in 2015 as a result of increasing output at JG Summit Petrochemicals Corporation's new cracker complex. Although plastic and rubber also reported increases in output volumes, this did not raise the value of production, as lower naphtha prices were transferred through the product chain in a saturated market.
In the first nine months of 2015, the value of basic chemicals output soared 44.7% as production grew at the Philippines' new cracker, which has capacities of 320,000 tonnes per annum (tpa) of ethylene, 189,000tpa propylene, 218,000tpa of pyrolysis (biomass) gasoline, 150,000tpa of fuel gas and 28,000tpa of fuel oil. The cracker unit is feeding a 185,000tpa polypropylene plant and a 300,000tpa polyethylene plant.
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The Bataan Refinery upgrade 2 project also came into full operation in Q215 with a new fluid catalytic cracker unit, which has a propylene production capacity of 250,000tpa. The project will also produce other by-products, such as petrochemicals feedstock (particularly propylene) which is to be sold to plastic producers. As a result, propylene production will grow by 200% within a year of operation.
In spite of the increase in feedstock to the associated polymer units, the value of production of plastic products in the January-September period declined 2.5% y-o-y, although volumes rose 6.1%. Meanwhile, rubber output grew 2.3%, although the value of output grew just 0.5%.
The outlook for 2016 is more positive, with the JGSPC complex set to ramp up production and the local market expected to see stronger growth. Domestic consumption, the export of manufactured goods and a rise in construction materials should all spur demand for polymer products. In the long term, the development of the automotive supply industry could boost demand for a wide range of polymers and synthetic rubbers, potentially laying the basis for investment in new capacity.
The Philippines Petrochemicals Report has been researched at source, and features BMI Research's market assessment and independent forecasts for key petrochemicals sub-sectors. The report also analyses the impact of regulatory changes, recent developments and the background macroeconomic outlook and features competitive landscapes comparing companies by products and services, sales, market share, investments, projects, partners and expansion strategies.
BMI's Philippines Petrochemicals Report provides industry professionals and strategists, sector analysts, trade associations and regulatory bodies with independent forecasts and competitive intelligence on the Philippine petrochemicals industry.
* Benchmark BMI's independent petrochemicals industry forecasts to test other views - a key input for successful budgetary and planning in the Philippine petrochemicals market.
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