亚洲石化行业面临多重挑战

Core Insights - The Asian petrochemical industry is facing significant challenges due to weak demand, oversupply, geopolitical fluctuations, and volatile crude oil prices [2][4] - The olefins sector is particularly concerning, with profitability remaining in negative territory for several years, and a potential recovery not expected until after 2030 [2][3] - Capacity reductions are underway in Japan and South Korea, with Japan planning to close three naphtha steam cracking units by 2028, reducing ethylene capacity by approximately 20% [2] - The chemical industry is expected to see long-term demand growth, but short-term challenges are anticipated due to tariff-induced volatility, with a projected 25% decline in chemical demand growth in 2025 [3] Industry Challenges - The current market fundamentals are characterized by weak demand and oversupply, compounded by geopolitical tensions and fluctuating crude oil prices, leading to uncertainty in raw material procurement [2][4] - The olefins market is expected to take 3 to 4 years to address the oversupply issue, with significant capacity reductions needed to impact the global supply landscape [3] - Recent shutdowns of approximately 4 million tons per year of cracking capacity have occurred, but further closures of 20 or more units are necessary for substantial market impact [3] Raw Material Procurement - Geopolitical tensions and trade disputes are exacerbating uncertainty in raw material procurement for Asian petrochemical producers, with crude oil prices dropping from nearly $100 per barrel in 2024 to below $70 recently [4] - The expected oil price for 2026 is around $65 per barrel, prompting producers to be more cautious in their raw material selection [4] Strategic Solutions - One proposed solution is the construction of Crude Oil to Chemicals (COTC) projects, which leverage integration advantages to simplify logistics and reduce costs [5] - COTC facilities allow producers to flexibly switch between fuel and chemical production based on market demand, enhancing operational flexibility [5] - However, the ongoing downturn in the petrochemical sector is impacting downstream investments, making it challenging for new projects to achieve returns in the short to medium term [5] Trade Dynamics - The global trade flow of petrochemical products has shifted significantly over the past five years, with a nearly 35% decline in global trade volume, particularly in aromatics [5] - Asia has emerged as a leader in aromatics production, while the U.S. is focusing on ethylene glycol and polymers, indicating a potential reshaping of global trade patterns [5]