New Market Research Report: Singapore Petrochemicals Report 2014
New Energy research report from Business Monitor International is now available from Fast Market Research
[UKPRwire, Wed Jan 29 2014] BMI View: Singapore is ideally placed to capitalise on the expansion in demand in Asia over the long term. Segments such as aromatics and synthetic rubber, in which Singapore is intensifying investment, are likely to be key growth areas. However, the market could become more challenging as China works to improve the polyester supply chain, while demand growth remains slower in historical terms.
Petrochemicals have grown strongly over the past two years amid capacity growth, with output in 2013 rising by around 3.5% while overall chemicals output rose 0.5%. Petrochemicals production grew as ExxonMobil's second petrochemicals complex at Jurong Island , completed in 2012, ramped up to full capacity with 1mn tonnes per annum (tpa) of ethylene, 650,000tpa of polyethylene (PE), 450,000tpa of polypropylene (PP) and 300,000tpa of speciality elastomers, as well as an aromatics extraction unit and an oxo alcohol expansion unit. Lanxess also brought into operation its new butyl rubber plant on Jurong Island in Singapore in 2013, further diversifying the state's product portfolio.
Full Report Details at
Key BMI Forecasts
* Further growth is expected in 2014, with a massive expansion of aromatics at Jurong Aromatics Corporation (JAC)'s complex, including a condensate splitter and plants with capacity for 800,000tpa paraxylene (PX), 200,000tpa orthoxylene (OX) and 450,000tpa of benzene.
* Synthetic rubber production is set to grow with a further 50,000tpa butyl rubber line at Lanxess' Jurong Island complex in 2014. This will boost the country's profile in rubbers, with an eye on tyre production in a region that leads the global automotive market in both size and rate of growth.
* Singapore remains in fourth place in BMI's Petrochemicals Risk/Reward ratings for Asia, with a score of 75.8, rising as a result of rising capacity. Singapore lies behind Japan and ahead of Thailand. Despite its small size and lack of indigenous oil and gas resources, it has a positive risk environment, reliable infrastructure and a large, integrated and growing petrochemical industry. Singapore is often considered the petrochemicals hub of Asia.
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