Tou Bao Yan Jiu Yuan·2025-04-10 12:22Investment Rating - The report indicates a positive investment outlook for the petrochemical equipment industry, with a projected compound annual growth rate (CAGR) of 6.81% from 2025 to 2030, following a decline from 2021 to 2024 [4][23]. Core Insights - The petrochemical equipment industry, which includes specialized and general equipment for oil and gas exploration, transportation, refining, and chemical production, is expected to recover from a market size of 256.24 billion yuan in 2025 to 356.22 billion yuan by 2030 [4][23]. - The industry is characterized by a shift towards intelligent and integrated solutions, with a focus on energy efficiency as a key driver for equipment upgrades [10][11][20]. - The domestic manufacturing capability has significantly improved, with the localization rate of major refining and ethylene equipment rising from 75% in 2011 to 87% in 2019 [12]. Industry Definition - The petrochemical equipment industry encompasses equipment used in various stages of the oil and gas industry, including deep-sea drilling, refining, and chemical production [5][6]. Industry Classification - The industry is classified into several subcategories, including deep-sea oil drilling equipment, refining and chemical production equipment, and gas-liquid separation equipment [4][5]. Industry Characteristics - Key equipment includes ethylene cracking units and propylene dehydrogenation units, which are essential for producing core petrochemical products [10]. - The industry is witnessing a trend towards modularization, integration, automation, and intelligence in equipment manufacturing [20]. Development History - The development of China's petrochemical equipment manufacturing has gone through three phases: exploration (1949-1963), expansion (1964-2007), and fluctuation (2008-present), with significant advancements in domestic production capabilities [13][15]. Industry Chain Analysis - The petrochemical equipment industry chain consists of three main segments: upstream (raw materials and core components), midstream (specialized equipment manufacturing), and downstream (end-users such as major oil and chemical companies) [16][22]. Market Size and Trends - The market size of the petrochemical equipment industry decreased from 42.826 billion yuan in 2021 to 29.162 billion yuan in 2024, with a CAGR of -12.02%. However, it is expected to grow from 25.624 billion yuan in 2025 to 35.622 billion yuan by 2030, with a CAGR of 6.81% [23][24]. Competitive Landscape - The global market for refining and chemical equipment is characterized by a three-way competition among Asia, North America, and Europe, with leading companies from developed countries dominating the high-end market [31][32]. - Chinese companies are increasingly competing in the mid-to-low-end market, while still facing challenges in high-end product segments due to technological and financial constraints [31][32]. Policy Overview - Recent policies aim to promote equipment upgrades and technological innovation in the petrochemical sector, which is expected to enhance demand for high-efficiency and intelligent equipment [28][30].