asia pacific chemical industry report

8/16/2019 Asia Pacific Chemical Industry Report

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• Sector Overview

• Sector Performance

• Leading Companies

• Mergers, Acquisitions and Joint

Ventures

Industry Prole

• Industry Size and Value

• Production Levels

• Sector Investment

Market Trends and Outlook

• Polyethylene Glycol Presents

Opportunities in Asia

• Rising Demand for Automobile

Adhesives

• The Asia-Pacic is the Fastest

Growing Region for AerosolPropellants

• Market Outlook

Country Proles

• China

• India

• Japan

• Malaysia

• South Korea

• Taiwan

Currency Conversion Table

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• The chemical sector in the Asia-Pacic region grew in the six months under review, due to a jump

in M&A deals, demand for chemical and chemical products and investment activity in the region.

• Despite the slow recovery of the global economy, the Asia-Pacic continued to dominate the global

specialty chemicals market, closely followed by North America and Europe.

• The share prices of selected companies assessed by Mergent from November 7, 2014, to April 7,2015, grew by an average of 9.57%.

• A challenging and slowly recovering global economy led to increased Asia-Pacic joint venture

and acquisition activity, as companies sought to optimize their business portfolios by developing a

strategic alliance to boost prots and their market share values.

Industry Prole — Key Points

• The Asia-Pacic chemical industry is among the most diversied of global industries and produces

more than 70,000 products ranging from toiletries and plastics, to cosmetics, petrochemicals,

pharmaceuticals and fertilizers.

• China’s chemical companies continue to dominate the Asia-Pacic chemical market, replacing

Germany as the world’s second largest chemical producer, after US.

• Changing market dynamics have spread global chemical production throughout Asia, mostly to

China and India, making China the world’s second largest chemical producer after the US, andcontributing to Asia’s production levels and overtaking those in Europe.

• The Indian chemical industry is the country’s second largest industrial sector, after IT, with nine

broad segments: basic chemicals, petrochemicals, fertilizers, paints, varnishes, glass, perfumes,

toiletries and pharmaceuticals.

Market Trends and Outlook — Key Points

• Polyethylene glycol (PEG) has recently begun to experience growth in the global market as one

of the top lubricating agents. With the progressive development of the pharmaceutical industry in

countries such as China, Brazil and India, the market demand for PEG is expected to rise.

• Asia-Pacic countries, particularly China and India that are spearheading the commercial vehicle

production industry, are the largest consumers of adhesives in the global market.

• Aerosol propellants, widely used in products such as spray paints, air fresheners, and deodorants,have experienced signicant growth in the global market over the past six years.

• The outlook for the Asia-Pacic chemical industry is expected to remain stable over the next six

months, with China poised to lead growth due to a steady economy, abundant supply of feedstock

and a favorable labor market.

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Major Asia-Pacic chemical sectors grew in the six months

under review, due to an increase in M&A deals, demand

for chemical and chemical products and further investment

activity within the region. The strong rebound in fast-

emerging industries such as automotive, construction

and agricultural sectors boosted chemical demand in the

region, which continued to attract investment as global

chemical players saw it as an expansion platform for their

petrochemical and chemical business due to the local

availability of cheap feedstock.

Despite the slow recovery of the global economy, the

Asia-Pacic continued to dominate the global specialty

chemicals market, closely followed by North America and

Europe in the six-month period. Countries such as China

and India underpinned the demand for the specialty market

due to strong industrial activity. Japan and China are

expected to lead the Asia-Pacic market in the near future.

Japan’s economy and its chemical industry performed

better than expected in the six-month period, mainly due

to monetary policies to enhance global competitiveness

that promoted the depreciation of the yen. In June 2014,Japan’s Prime Minister Abe announced a broad package

that comprised the “third arrow” of the plans, including

liberalization of the agriculture and healthcare sector, and

also reducing the corporate tax from 35% to below 30%,

which began in January 2015.

China enjoyed continuous encouraging domestic demand,

strong agricultural markets and rapid development of

industrialization and infrastructure. However, its chemical

industry faced growing external competition in feedstock

supplies, a petrochemical surplus and safety issues,

causing chemical players to expand their efforts to become

more competitive globally. In India, persistent ination anda weak investment climate curbed chemical sector growth.

Nevertheless, rising disposable incomes and higher

standards of living led to higher consumption of chemicals

in the country.

In Malaysia, a sustained revenue expansion, a stronger

economy, more effective spending and the implementation

of expenditure reforms boosted growth. Gebeng Industrial

Park, located in Kuantan, continued to grow as a major

center for high-grade petrochemical production, with BASF

Petronas Chemicals spending RM1.5 billion (US$0.42

billion) on an integrated aroma ingredients complex to be

built within its existing site. Due to be fully operational

in 2016, the complex will employ 120 technically skilled

locals. Moreover, the demand for rare earth elements

continued to pick up due to the Malaysian Government’s

plans to implement a cost-efcient system for car vehicles.

Rising domestic chemical demand in Taiwan drove growthover the six-month period, thanks largely to the booming

private consumption and signicant acceleration in public

and private investment, while increased production and

global demand boosted employment. However, due to lack

of natural resources, Taiwan’s chemical industry faced

higher energy costs as it depends heavily on fuel imports.

A lack of attractive R&D incentives and booming US shale

gas discoveries continued to be major threats to Taiwan’s

chemical sector, causing a shift in focus to more original

products, advances in technology and strategic innovation

plans to gain competitive advantage.

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In the six-month period, major Asia-Pacic economies

performed moderately. The share prices of selected

companies’ assessed by Mergent from November 7, 2014,

to April 7, 2015, grew by an average of 9.57%, with LG

Chem Ltd and Sinopec Corp seeing double digit increases.

The share price of the region’s largest oil rener Sinopec

Corp (HKSE: 00338) closed at HK$3.18 (US$0.51) on

April 7, 2015, compared with HK$2.43 (US$0.39) on

November 7, 2014, reecting a 30.86% increase on the

Hong Kong Stock Exchange, while world’s largest lithium-

ion maker LG Chem Ltd’s (KSE: 051910) share price rose by 21.48% on the Korea Stock Exchange, from KRW188,

500 (US$169.65) to KRW229, 000 (US$206.1) on April

7, 2014.

Formosa Petrochemical Corp (TWN: 6505) saw its

share price increase by 3.22% in the six-month period

to NT$70.50 (US$2.21) on the Taiwan Stock Exchange

(TWN), compared with NT$68.30 (US$2.13) six months

earlier. Japan’s third largest chemical company Sumitomo

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Chemical Corp’s (TSE: 8053) share price rose 7.99% to

JPY 1317.50 (US$11.06) from JPY1220.00 (US$10.24).

Tata Chemicals Ltd (BSE: 500770) share price increased

on the Bombay Stock Exchange, by 8.94% from Rs418.55

(US$0.29) to Rs456.00 (US$7.34), due largely to the

fast growing demand form agriculture and for consumer

staples such as salt and pulses. The only company that

underperformed was giant oil rener Reliance Industries’

(BSE: 500325), whose share price dropped 15.05% from

Rs980.90 (US$15.79) to Rs833.20 (US$13.41) on the

Bombay Stock Exchange. The drop was due to lower crude

oil prices and volumes mainly in the rening and its oil andgas business.

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Taiwan’s second largest oil rener Formosa Petrochemical

Corp’s revenues for the year ended December 31, 2014

dropped 1.95% to NT$913.08 billion (US$28.57 billion),

from NT$931.33 billion (US$29.15 billion) a year earlier. Its

operating prot dropped 99% to NT$227 million (US$7.10

million) from NT$23.41 billion (US$0.73 billion), while

its net income dropped to NT$9.06 billion (US$0.28

billion) from NT$26.85 billion (US$0.84 billion), mainly

due to increased cost of revenue and selling, general andadministrative costs. The poor nancial result was largely

due to the global decrease in oil prices.

The world’s largest lithium-ion battery maker, South

Korean-based LG Chem Ltd’s (KSE: 051910) saw its

fourth quarter 2014 revenue total KRW22.57 trillion

(US$0.02 trillion), down by 2.4% from KRW23.14 trillion

(US$0.02 trillion) a year earlier. Net income declined

by 31.4% to KRW867.9 billion (US$0.78 billion) from

KRW1.26 trillion (US$0.001 trillion) a year earlier,

mainly due to poor demand from its major petrochemicals

markets, especially China, and slower growth in its

liquid crystal display sales. However, sales by its energy

solutions division outperformed those of other divisions,

due to increased polymer battery production and a wider

range of battery use. Operating income fell by 26.3%

from KRW1.66 trillion (US$0.0014 trillion) a year earlier

to KRW1.23 trillion (US$0.0011 trillion), due largely to

increased selling, general and admin expenses.

Japan’s third largest chemical company Sumitomo

Chemical Corp’s (TSE: 8053), in the nine months toDecember 31, 2014, saw its gross prot declined 23.40%

to ¥685.1 billion (US$5.75 billion), from ¥894.4 billion

(US$7.51 billion) a year earlier, while prot for the year

declined massively by 97.94% to ¥4.8 billion (US$0.04

billion) from ¥233.9 billion (US$1.96 billion) a year

earlier. The poor nancial result was mainly due to high

investment and operating activities within the nancial

period.

One of Asia’s largest rener, China Petroleum and Chemical

Corporation or also known as Sinopec Corp engaging in

segments such as chemical, petrochemical, petroleum,

natural gas, fertilizer and synthetic ber. In 2014, SinopecCorp’s chemical posted turnover, other operating revenue

and other income of RMB2.83 trillion (US$0.46 trillion),

a 1.9% decrease year-on-year, primarily due to the

price decline of crude oil and petrochemical products.

Confronted by severe market conditions with low chemical

products prices, the company reduced its feedstock costs by

increasing the light feedstock ratio, strengthening efforts in

R&D, production, and sales of new products, and adjusted

its product mix. The company reported operating revenue

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of RMB427.5 billion (US$68.91 billion) for its chemicalsegment, down by 2.3% from the same period a year ago,

due mainly to a drop in chemical product prices.

Tata Chemicals is a global India-based company that

involve in production and manufacturing of chemicals,

fertilizers and food additives. For the third quarter ended

December 2014, the company’s consolidated net sales

grew 5% from Rs4, 580.46 billion (US$73.7 billion)

in the previous corresponding period of 2013 to Rs4,

820.46 billion (US$77.6 billion). This is primarily due to

an improved business environment in India and oversea,

in particular the US. Despite the persistent ination and

weak investment climate, the company saw an impressive

growth in its net prot of Rs205 billion (US$3.3 billion) in

the third quarter 2014, 39% higher than the corresponding

period a year ago. This was mainly due to the robust

demand for soda ash in India.

The world’s largest producer of polyester ber and yarn,

and India’s largest petrochemical company, Reliance

Industries’ (NYSE: RELIANCE) saw its net revenues

decrease by 20.4% to US$15.3 billion in third quarter 2014,

compared with the corresponding period of 2013, due

mainly to a decline in the sales of petrochemicals, rening

and oil and gas businesses. Its third quarter net prot totaled

US$822 million, down by 7.7% from the same period a

year ago. The company, which operates the world’s largestrenery complex in Gujarat, has been investing heavily

in consumer-facing areas such as telecoms and retail to

expand beyond rening and petrochemicals.

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A challenging and slowly recovering global economy led

to increased Asia-Pacic joint venture and acquisition

activity, as companies sought to optimize their business

portfolios by developing a strategic alliance to increase

prots and boost their market share values. In addition, due

to the steady regional trade and rebound in the fast-emerging

markets, the investors’ condence level has restored inorder to further expand their business relationship.

On April 1, 2015, leading Chinese oil rening, petrochemical

and new coal chemical engineering company, Sinopec

Engineering Group Co Ltd (HKG: 2386), and Exxon Mobil

Research and Engineering Company (EMRE) participated

in a cooperative development agreement (CDA) for

advancement of uid bed methanol to gasoline technology,

widely recognized as methanol gas (MTG) technology.

The CDA was to leverage the two companies’ expertise andexperience in methanol conversion to gasoline and uid

bed technology development to rene and commercialize

a uid bed version of the technology. Both companies

are developing the technology under the cooperative

development agreement with the intent to globally license

the technology. With more than forty years of R&D

experience in MTG technology, Exxon Mobil is looking

forward to continuing these efforts through its cooperative

agreement with Sinopec.

Exxon Mobil’s manager of technology sales and licensing,

Vince Alberico believes that once the technology is

successfully developed they anticipate it to have a strong

market competitiveness and broad marketability.

On February 3, 2015, Sumitomo Chemical Corp (TSE:

8053) agreed to acquire compound semiconductor

materials business of Hitachi Metals Ltd (TYO: 5486). The

acquisition was nalized on April 1, 2015 and the business

Sumitomo Chemical acquired from Hitachi Metals

included those of compound semiconductor materials,

such as gallium nitride (GaN) substrates, gan epiwafers,

and gallium arsenide (GaAs) epiwafers. The acquisition

allowed Sumitomo Chemical to expand its business of

GaN substrates and epiwafers for use in electronic and

optical components, for which the market has kicked off

on a full scale, while at the same time devoting its effortsto early commercialization of the products for use in power

devices.

In addition, the fusion of Hitachi Metals’ ample resources

and superior mass-production technology and Sumitomo

Chemical’s technological and other expertise will

accelerate the Company’s work for commercialization of

its next-generation GaN epiwafers that are currently under

development. As for GaAs epiwafers, which Sumitomo

Chemical has already commercialized, the company looks

to further strengthen its business foundation by making the

best use of a reservoir of each other’s resources. Sumitomo

Chemical positions the compound semiconductormaterials business for next-generation power devices as a

potential area in its long-term business portfolio for the IT-

related chemicals sector. The business acquisition further

reinforced the company’s relevant operations, and paved

way for it to become a leading company in the eld.




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The Asia-Pacic chemical sector is the region’s largest

industry and among the most diversied worldwide, with

more than 70,000 products ranging from toiletries to

plastics, cosmetics, petrochemicals, pharmaceuticals and

fertilizer. For a decade, changing market dynamics have

spread global chemical production throughout Asia, mostly

to China and India, making China the world’s second

largest chemical producer after the US, and contributing to

Asia’s production levels overtaking those in Europe.

China’s chemical industry is the country’s third largest,

after textiles and machinery, and accounts for nearly 27%

of global chemical production, which generated revenues

of US$810 billion, excluding pharmaceuticals in 2013.

The National Development and Reform Commission

(NDRC) estimates there are 25,169 domestic chemical

companies that manufacture specialty chemicals, rubber

products, organic chemicals and synthetic materials and

that they enjoyed modest growth in 2013. Revenues totaled

RMB3.8 trillion (US$0.61 trillion), up by 13.2% compared

with RMB3.3 trillion (US$0.53 trillion) in 2012.

The Indian chemical industry is the country’s second largestindustrial sector, after IT, with nine broad segments: basic

chemicals, petrochemicals, fertilizers, paints, varnishes,

glass, perfumes, toiletries and pharmaceuticals. India’s

Department of Chemicals and Petrochemicals estimates the

industry, which accounts for more than 5% of the country’s

GDP, had an annual growth rate of 12.5% in 2013, and

generated net revenues of US$155 billion. India’s rising

standard of living and higher disposable income have

boosted growth in consumer spending, leading to higher

demand for chemical products.

Japan’s chemical industry is the world’s third largest in

terms of shipment and production, with the Japan ChemicalsIndustry Association (JCIA) reporting production was

worth US$338.2 billion in 2012, and the industry employed

about 880,000 people. However, the booming US shale gas

and oil industry has becoming a major feedstock threat to

Japan, so its chemical industry is intensifying its focus on

specialty chemicals and niche products.

Malaysia’s chemical industry is diversied, with seven

broad segments: oleo chemicals, petrochemicals, industrial

gases, agricultural chemicals and fertilizers, inorganic

chemicals, soaps and detergents and cosmetics and paints.

Its oleo chemical segment is one of the world’s largest,

accounting for 20% of global production. Malaysia

has the world’s 15th largest natural gas reserves and 28th

largest crude oil reserves, which make its petrochemical

and polymer industry the most important segment, with

investment totaling RM112 billion (US$31.33 billion) in

2013.

South Korea’s chemical industry is the world’s sixth largest

in term of production after those of China, the US, Japan,

Germany and Brazil. The industry is the country’s second

largest manufacturing sector and has four broad segments:

petroleum products, plastic resins, synthetic bers and

synthetic rubbers. The South Korean Government’s plan

to develop 100 core technologies that focus on green

chemistry and clean energy has attracted more than 470

foreign chemical engineering companies, helping develop

South Korea as a chemical hub. It has boosted foreign

direct investment (FDI) by US$7.5 billion from 2003 to

2013, and made the country the second highest recipient

of FDI.

Taiwan’s chemical industry remains vital to the country’s

economy, accounting for 29.5% of manufacturing GDP

in 2012, according to the American Institute of Chemical

Engineers (AIChE). It has 11 broad segments: base

chemicals, fertilizers, petroleum and kerosene products,

petrochemical intermediates, polymers, specialty

chemicals, pharmaceuticals, paper and printing inks,

synthetic bers, rubber and plastics.

Production Levels

Production growth in the Asia-Pacic region was betterthan that in Europe and the US, with China being the largest

chemical producer in 2013, and chemical production in

most Asian countries returning to pre-nancial crisis level.

However, there was a slowdown in China’s production,

growth due largely to surpluses after local and foreign

players’ massive investments in basic chemicals over the

previous ve years. Slowdowns in major Chinese industries

such as automotive, and construction also curbed chemical

production growth in 2013.

Industry Size and Value




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The American Chemical Council estimates Asia-Pacicchemical production, excluding pharmaceuticals rose

by 19%, higher from that in 2012, thanks largely to easy

credit policies, positive agricultural performance and

higher demand for industrial chemicals for infrastructure

development. The improving global economy and an

emerging middle class led to higher demand for goods from

Asia’s electrical and electronics, agricultural, construction

and automotive sectors, bringing growth to the chemical

industry in 2013.

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Despite the sluggish economy, there were several major

investments in the Asia-Pacic chemicals sector in thesecond half of 2014. In November 2014, Asia’s largest

chemical producer Formosa Plastic Group (TWN: 6505)

announced its decision to pour an addition US$2 billion

into its US investment projects. In a move motivated by the

cheaper supplies of natural gas, the company’s expansion

in the US has led to the group constructing and purchasing

numerous PVC factories and chemical production facilities

in the country.

In December 2014, Leading South Korean chemical

company LG Chem Ltd reported it would invest KRW320

billion (US$304 million) to expand its crude acrylic acid

(CAA) and super absorbent polymers (SAP) plants bySeptember 2015. CAA is used as a raw material for diapers

and SAP is used in paints. The expansion is expected to

boost LG Chem’s annual production capacity of CAA by

160,000 tonnes to 510,000 tonnes, and of SAP by 80,000

tonnes to 360,000 tonnes.

Also in December 2014, major Indian oil rener Reliance

Industries (NYSE: RELIANCE) announced plans to invest

Rs4 billion (US$644 million) in polyester value chain to

increase the capacity from 7.5 million tonnes to 15 milliontonnes. The company is expanding its entire value chain

of polyester including puried terephthalic acid (PTA),

the preferred raw material for polyester. Polyester ber

manufacturers in India have been importing large quantities

of PTA, as a gap exists between demand and supply.

Tata Chemicals Ltd announced in December 2014 that

it plans to invest Rs150 million (US$2.42 million)

into setting up a nutraceuticals manufacturing facility

in Sriperumbudur, Channai which is expected to be

completed in the next three years. The investment is in line

with the company’s strategy to focus on the farm solutions

and food products business. Tata expects its branded and

non-commodity business, which is at 22% of turnover, to

increase to 50% in the next seven years.

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8/32

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Polyethylene glycol (PEG) has recently begun to

experience growth in the global market as one of the top

lubricating agents. With the progressive development of

the pharmaceutical industry in countries such as China,

Brazil and India, the market demand for PEG is expected to

rise due to its non-toxic, resistant, and physical properties

such as its solubility in organic solvents. As a result, this

polyether compound has also become increasingly popular

in construction, automotive, and marine industries for use

in water-based coatings, paints, and inks.

For the last two years PEG has been increasingly used in

the medical industry as a dispensing agent, solvent, tablet,

and ointment, accounting for more than 40% of market

share, according to report by Grand View Research Inc.

Having also gained popularity in pharmaceutical and

biotechnological applications, these compounds are useful

as thickeners, moisturizers, and softeners in cosmetics.

However, the existing health and environmental concerns

that come with the addition of PEG into personal care

products are expected to abate market growth.

China and India are currently the fastest growing

pharmaceutical, automotive, and construction sectors

globally, making the Asia-Pacic one of the largest

markets for PEG. Throughout the rapid industrialization

in this region over the past ten years, there has been a

steady demand for PEG and these trends are anticipated

to continue over the long term period. The key players in

the global market consist of BASF SE, The Dow Chemical

Company, Ineos, Liaoning Oxiranchem, Jiangsu Haian

Petrochemical Plant, India Glycols, and Taijie Chemical.

Having just announced the Draft National Chemical Policy

in 2012, the Indian Government aims to improve domestic

chemical production output, and consequently raise the

country’s share in the global chemical industry by two-

fold, from 3% to 6% within 2013 and 2020. This is likely

to augment PEG market demand in the years to come.

Rising Demand for Automobile Adhesives

Adhesives, one of the most versatile binding agents

available on the market today, has a long-established usage

in industries involved with building and construction,

packaging, and transportation. Consequently, the

market for adhesives has thus become impervious to

the general slowdown in economic activity. Major Asia-

Pacic economies spearheading the commercial vehicle

production industry, particularly China and India, are

the largest consumers of adhesives in the global market.

With a predicted compound annual growth rate (CAGR)

of 3% between 2014 and 2019, the regional demand for

substances such as epoxy, polyurethane, and acrylics,

is thus expected to grow, according to gures by the

Chemicals and Petrochemicals Manufacturers Association

(CPMA).

Acrylic-based adhesives, which made up 35% of the total

volume in the region in 2013, is the leading product segment

in the regional market due to its quick-setting properties,

environmental resistance, and stronger adhesion to hard-

to-bond substances. Forecasts for 2014 to 2020 estimate

the CAGR to be approximately 3.5%, making acrylic-

based adhesives the fastest growing product in the region,

according to RnRMarketResearch.

World leading automotive adhesive solutions supplier

Henkel (OTCMKTS: HENKY) claims ownership to the

largest adhesives factory in the world located in Shanghai,

China. In July 2014, Henkel Asia-Pacic released Loctite

4090, its rst hybrid adhesive designed with strong and

rapid bonding properties. About a month later, Henkel

collaborated with the organizers of the Federation

Internationale de l’Automobile (FIA) Formula E Team

China Racing to feature exclusive electric-powered

Formula cars designed to promote sustainable technology.

China continues to play a leading role as the world’s

largest automotive market in terms of production and

population. As part of their development plan for fuel-

efcient and new energy cars, the Chinese government

aims to hit a total market volume of ve million cars by the

year 2020, according to the National Bureau of Statistics.

Manufacturers are thus promoting hybrid body structures

composed of plastic and composite materials combined

with traditional steel and light alloy components. Due to

their ability to secure hard-to-bond substrates, the demand

Polyethylene Glycol Presents Opportunities in Asia




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for adhesives is expected to increase along with thecountry’s growing “New Energy Vehicle industry”.

The Asia-Pacic is the Fastest Growing Region for

Aerosol Propellants

Aerosol propellants, which are widely used in products

such as spray paints, air fresheners, and deodorants, have

experienced a signicant growth in the global market. As

these propellants are increasingly used in personal care

products, such as personal hygienic items and cosmetics,

consumer demands are expected to drive market growth

throughout the years to come.

The aerosol propellants industry consists of different

segments, such as CFC, dimethyl ether (DME) and

methyl ethyl ether, nitrous oxide and carbon dioxide, and

hydrocarbons. Hydrocarbon propellants, which are highly

stable and less toxic compared to other propellants, account

for the majority of market volume and are supported based

on the guidelines of the US Environmental Protection

Agency (EPA). These organic propellants are said to have

zero ozone depletion potential, and due to their short

atmospheric residence times are expected not to have any

signicant impact on global warming.

As a result, there has been a growing demand forhydrocarbons to be used in products such as hairsprays,

antiperspirants, styling mousses, and shaving creams,

which is expected to play a major role in driving market

growth.

In the next six years, the Asia-Pacic will be the

fastest growing region in the global market for aerosol

propellants due to increasing awareness, consumer

income, and product demand, according to Chemical

Market Associates Inc (CMAI). A change in lifestyle of

the general population has also resulted in an increase in

personal care product use among the younger generations,

primarily from countries such as China and India, whichis expected to have a positive impact on overall market

growth. Older generations have also contributed to

the increasing demand for propellants due to the use of

aerosols in anti-ageing cosmetics.

Several large corporations that play key roles in the global

market, such as Lindal, Aeropress, Honeywell, and Bayer

Material Science AG, have begun to introduce more

environmentally-friendly propellants that offer lower

volatile organic compound (VOC) formations at lowercosts which are expected to broaden opportunities for the

market in the years to come.

Market Outlook

The outlook for the Asia-Pacic chemical industry is

expected to remain stable over the next six months, with

China poised to lead growth due to a steady economy,

abundant supply of feedstock and a favorable labor

market. Mergent believes that China’s chemical industry is

maturing and entering a phase of slower but solid growth,

supported by its petrochemical industry, which is one of

the largest consumers and importers over the past decade,and is expected to maintain its growth momentum, driven

by key products such as polyethylene and polypropylene.

Chemical production in China is forecast to rise by 8.5%

in 2015, compared with 8.8% in 2014, according to data

by the China Petroleum and Chemical Industry Association

(CPCIA)

India’s chemical industry is expected to see double-digit

growth in 2015 with sales is estimated to reach US$150

billion 2015, according to gures by the Indian Chemical

Council. Many of the fundamentals that support chemical

industry in the country, such as urbanization, higher GDP

growth, and a growing middle class, is expected to increasedemand. Furthermore, the Indian government is expected

to introduce and implement several policies and special

economic zones centered on the petrochemical sector

to attract foreign and private investment and make the

industry more progressive.

Chemical growth in Japan also has a promising outlook,

with chemical production expected to grow by 1.5% in

2015 and 2.2% in 2016, compared with 1.4% in 2014.

A strong rebound in the industrial and construction

sectors continued to contribute to the growing demand

for Japanese chemicals such as adhesives, paints and

coatings, while a weakening yen is expected to promoteexport growth.

Taiwan and South Korea’s chemical industries are likely to

expand over the next six months as continuous R&D efforts

should boost trading activities and market share, despite

challenges linked to structural issues in their economies.

Some of the more emerging chemical industries in the

region such as Vietnam and Indonesia are expected to

record strong growth.




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Asahi Kasei is one of Japan’s top three chemical producers

in diversied segments such as basic chemicals, plastics,

fertilizers, construction materials, bers, electronicmaterials and medical products. The company continues to

enjoy huge growth in net sales, thanks largely to favorable

performances in its homes segments and higher chemicals

and pharmaceuticals sales volumes, while the weaker yen

helped boost exports.

For the scal rst nine months ended December 31, 2014,

Asahi Kasei’s net sales rose 5.83% to ¥1.47 billion (US$

billion) from ¥1.39 billion (US$0.38 billion) in the same

period of 2013, while operating income rose by 148%

to ¥118.7 million (US$0.99 million) from ¥47.8 million

(US$0.40 million). Its ordinary income grew to ¥127.3

million (US$1.06 million) from ¥53.1 million (US$0.44million) and net income grew by 127% to ¥88.4 million

(US$0.74 million), compared with ¥38.9 million (US$0.32

million) a year earlier.

Asahi Kasei plans to invest billions of yen to its subsidiary

“Fuji Branch” for production equipment and aims to

generate revenues of about ¥30 billion (US$0.25 billion)

by 2020. Its production materials will be purchased from

US Crystal IS (a private company), which it acquired in

2011.

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Tokyo-based Shin-Etsu Chemical is one of the world’s

largest suppliers of semiconductor materials, semiconductor

silicon, polyvinyl chloride (PVC) resins, synthetic quartz

glass, methyl cellulose and electronic materials. It operates

in three segments: organic and inorganic chemicals,

electronic and functional materials, and others.

Its fourth quarter 2014 revenue was ¥1.16 billion (US$

billion), compared with ¥1.02 billion (US$0.0085 billion)

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18/32

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19/32

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Lucky Goldstar Chemical Ltd, or LG Chem Ltd, is the world

largest lithium-ion battery maker and makes diversied

products including cosmetics, personal care products,

petrochemicals, pharmaceuticals and specialty chemicals.

It has 21,966 workers in South Korea and operates in

Europe and the Americas. Although its business outlook has

been affected by slow global economic recovery affecting

demand for its petrochemicals, it remains a leading global

producer.

In fourth quarter 2014, its revenue totaled KRW22.57trillion (US$0.02 trillion), down by 2.4% from KRW23.14

trillion (US$0.02 trillion) a year earlier. Net income

declined by 31.4% to KRW867.9 billion (US$0.78 billion)

from KRW1.26 trillion (US$0.001 trillion) a year earlier,

mainly due to poor demand from its major petrochemicals

markets, especially China, and slower growth in its liquid

crystal display sales.

However, sales by its energy solutions division

outperformed those of other divisions, due to increased

polymer battery production and a wider range of battery

use. Operating income fell by 26.3% from KRW1.66

trillion (US$0.0014 trillion) a year earlier to KRW1.23

trillion (US$0.0011 trillion), due largely to increasedselling, general and admin expenses. LG Chem is focused

on producing more high-prot petrochemical products and

diversifying its IT and electronics materials, producing

new OLED and touch materials.

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SK Innovation is a leading energy provider with

subsidiaries SK Energy Co, SK Global Chemical Co

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and SK Lubricants Co producing chemical lubricants, petroleum and petrochemicals. The SK Group is the third

largest conglomerate in South Korea that owns 113 ofces

with 70,000 employees worldwide.

The prolonged volatility in oil prices has affected demand

for its oil products making its 2014 outlook less favorable.

In second half 2014, its operating income totaled KRW1.06

billion (US$0.00095 billion), compared with KRW733.20

million (US$0.65 million) a year earlier. Operating prot

rose 69.26% to KRW923.60 million (US$0.83 million)

from KRW550.98 million (US$0.49 million) a year earlier.

Net income declined to KRW111.25 million (US$0.10

million) from KRW376.30 million (US$0.33 million).

With an on-going but slow global economic recovery, the

company expects growth in its rening margins and a better

performance by its lubricants business. The establishment

of strategic business relationships and capacity expansions

should continue to build up SK Innovation values.

In January 2014, SK Innovation formed a joint venture,

Beijing BESK Technology, with China’s state-run Beijing

Automotive Industries Holdings (private company) and

Beijing Electronics Holding (private company), the

world’s No.5 LCD manufacturer. The company stated that

the collaboration will be a catalyst to expand its market

share in the China’s fast-emerging electric vehicle (EV)market as China is expected to become the world’s single

largest EV market in 2020 with Beijing policy to increase

subsidies to EV buyers.

Market Outlook

South Korea’s chemical industry is gradually evolving

to become leader in the world market. However, new

investments in energy resources, a shift to higher-value-

added products, and development of major environmental

friendly technologies are needed for South Korea to

improve with the most advanced chemical economies.

Despite the slowly improving global economic climateand the booming US shale gas industry, the outlook for

South Korea’s chemical industry looks fragile over the

next six months due to continuous volatility in crude oil

prices and a new wave of challenges in adapting advanced

technologies. The stronger Korean won, which has reduced

exporters’ dollar earnings, will also restrain prot growth.

However, with South Korea paying more attention to

its petrochemicals business, there is hope for further

strengthening of the chemical industry in the next sixmonths. Toward the end of 2015, South Korea will have

more ethylene plants in an annual production capacity of

more than 300,000 tons.




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Formosa Plastics Corp (FPC) is one of the world’s leading

petrochemical and polyvinyl chloride (PVC) resins

manufacturers. Its revenues for year ended December 31,

2014 totaled NT$216.58 billion (US$6.77 billion), up by

0.5% from NT$215.42 billion (US$6.74 billion) a year

earlier, thanks largely to increased demand for its PVC,

polyethylene (PE) and polypropylene (PP) after it restarted

its vinyl chloride monomer (VCM) plant in Kaohsiungand its PE plant in New Taipei. Operating income rose to

NT$5.51 billion (US$0.17 billion) from NT$4.58 billion

(US$0.14 billion) a year earlier. Despite a good operational

and revenue results, net income fell by 13.41% to NT$17.99

billion (US$0.56 billion) from NT$20.72 billion (US$0.64

billion) due to high income taxes.

In August 2013, Formosa Plastics established a US$1.15

billion joint venture with Australia’s third largest iron

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This report looks at the chemicals industries in the Asia-Pacic, with a focus on China, India, Japan, Malaysia, South

Korea and Taiwan. The report examines the current environment in the sector, proles the industry and discusses market

trends and outlook. The key nancial results for leading companies in each country sector, as reported by the company,

are represented in the comparative data tables on proceeding pages.

Research analysts draw on a range of credible industry and company data sources as well as news and information

services to research and analyze the current trading environment, industry landscape and market trends and outlook for a

particular sector. Primary sources are used, unless otherwise indicated, and include company data, e.g. annual reports and

company nancial results: macroeconomic and trade data; data information from global and country regulatory, industry

and trade bodies; government data; and reports from industry organizations and private research organizations.

Industries covered by the industry reports are dened by standard industry classication systems and leading companies

are identied on this basis. The following SIC codes are relevant to the industry: 2812 (Alkalies and Chlorine); 2813

(Industrial Gases); 2816 (Inorganic Pigments); 2819 (Industrial Inorganic Chemicals); 2821 (Plastics Material andSynthetic Resins, and Nonvulcanizable Elastomers); 2822 (Synthetic Rubber); 2823 (Cellulosic Man-Made Fibers); 2824

(Man-Made Organic Fibers, Except Cellulosic) 2841 (Soaps and Other Detergents, Except Specialty Cleaners); 2842

(Specialty Cleaning, Polishing and Sanitary Preparations); 2843 (Surface Active Agents, Finishing Agents, Sulfonated

Oils, and Assistants); 2844 (Perfumes, Cosmetics, and Other Toilet Preparations); 2851 (Paints, Varnishes, Lacquers,

Enamels, and Allied Products); 2861 (Gum And Wood Chemicals); 2865 (Pigments); 2869 (Industrial Organic Chemicals);

2891(Adhesive And Sealants); 2892 (Explosives); 2893 (Printing Ink); 2895 (Carbon Black); 2899 (Chemicals and

Chemical Preparations); 2873 (Nitrogenous Fertilizer); 2874 (Phosphatic Fertilizers); 2875 (Fertilizers, Mixing Only);

and 2879 (Pesticides and Agricultural Chemicals).




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Global and Regional

American Chemical Society (ACS)

The primary US professional organization for chemists and related professionals.

http://www.acs.gov

American Chemistry Council (ACC)

The association represents the US chemical industry on public policy issues; it also conducts research and administers the

industry’s environmental, health and safety program.

http://www.americanchemistry.com

Asian Development Bank

A membership development nance institution engaged in promoting the economic and social progress of its developing

member countries in the Asian and Pacic regions.

http://www.adb.org

Chemical Market Associates Inc (CMAI)

A research and consulting rm that offers services for petrochemical companies worldwide.http://www.cmaiglobal.com

Organisation for Economic Cooperation Development (OECD)

The OECD group’s 30 member countries share a commitment to democratic government and the market economy. The

OECD plays a prominent role in fostering good governance in the public service and in corporate activity.http://www.oecd.org

World Trade Organization (WTO)

The global international organization dealing with the rules of trade between nations that aims to liberalize trade, negotiatetrade agreements and settle trade disputes.

http://www.wto.org

!.*%7

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A leading agency controlled by the government-run State Information Center that provides information about the nation’seconomic activities.

http://ce.cei.gov/cn

China Petroleum and Chemical Industry Association

The trade association that represents the petroleum and chemicals industry in China.http://www.cpcia.org.cn

China National Chemical Information Center

The center is a branch of the National Engineering and Technology Library that provides comprehensive informationresearch, information services and computer application technology development for China’s chemical industry.

http://www.cncic.gov.cn

National Bureau of Statistics

A government ofce that provides general and economic data.

http://www.stats.gov.cn/english/




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National Development and Reform Commission

A trade department of the State Council with a mandate to develop national economic strategies, long-term economic plans and annual plans, and to report on the national economy and social development.

http://www.ndrc.gov.cn

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Chemicals and Petrochemicals Manufacturers Association (CPMA)

CPMA is the apex forum representing the Indian Petrochemical Industry. It provides real-time linkages between the

industry, the Government and the society.http://www.cpmai.net

Confederation of Indian Industries (CII)

An industry whose goal is to create and sustain an environment conducive to the growth of industry in India and partnerwith industry and the Government.

http://www.ciionline.org

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A government agency that formulates policies related to foreign trade, including import and export policies, multilateral

and bilateral commercial relations, state trading and export promotion measures.http://commerce.nic.in

Indian Chemical Manufacturers Association

An association that fosters and promotes the development of the chemicals industry to government.

http://www.icmaindia.com

Indian Plastic Federation

A body formed to represent various interests of India’s plastic industry.

http://www.plasticfederation.org

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Ministry of Economy, Trade and Industry (METI)A government agency that overseas and implements economic and trade policy in Japan and provides information on

various industries in Japan.http://www.meti.go.jp

Ministry of Finance

The Ministry of Finance is responsible for developing Japan’s scal and monetary policies to provide guidance for thenational economy.

http://www.mof.go.jp

Japan Foreign Trade Council Inc

A private sector organization that engages in a wide range of activities with the objective of contributing to the prosperity

of Japanese economy and the enhancement of international society through trade.http://www.jftc.or.jp

Malaysia

Chemical Industries Council of Malaysia (CICM)

CICM is the umbrella body that represents chemical groups (ranging from oleochemicals, paints, cosmetic and toiletries,fertilizers, petrochemicals, agriculture chemicals, industrial gases and pharmaceutical sectors), following restructuring in

2001 to establish a stronger and better representation of the Malaysian chemical industry.http://www.cicm.org.my




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Ministry of Industrial Development Authority (MIDA)

MIDA is the Malaysia Government’s principal agency for the promotion and coordination of industrial development

in Malaysia. It is often the rst point of contact for investors who intend to set up manufacturing and related services projects in Malaysia.

http://www.mida.gov.my

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Bank of Korea (BoK)

The country’s central bank issues South Korea currency, coordinates monetary policy, maintains price stability and

manages foreign exchange reserves.http://www.bok.or.kr

Korea International Trade Association (KITA)

A trade organization that provides trade information, tariff schedules and statistical data about South Korea’s majortrading partners.

http://www.kita.org

Korea Petrochemical Industry Association

The trade association that represents the petrochemicals industry in South Korea.http://www.mofe.go.kr

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The American Institute in Taiwan is a private, non-prot corporation established to promote relations between the US

and Taiwan.http://www.ait.org.tw

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The ministry is responsible for administering industry, commerce, trade and international cooperation, small and mediumenterprises, investment, intellectual property, technological research and development, energy, water resources, mining,

standards, inspection, weights and measures and subsidiary enterprises.http://www.moea.gov.tw

Photonic Industry and Technology Development Association (PIDA)

PIDA works with private enterprises and government agencies to improve the competitiveness of Taiwan’s optoelectronics

industry.http://www.pida.org.tw




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