Boston, MA -- (SBWIRE) -- 01/23/2015 -- Singapore's petrochemicals industry continued to surge in 2014 as aromatics production capacity was boosted by projects on Jurong Island, securing the city state's position as a major supplier to the Chinese market, according to BMI's latest Singapore Petrochemicals r eport.

In 2014, BMI estimates petrochemicals output growth of around 16%, compared to 7% chemicals growth. The completion of SK Global Chemical (SKGC) subsidiary Jurong Aromatics Corporation (JAC)'s aromatics project in Q314, added condensate splitter and plants with capacity for 800,000 tonnes per annum (tpa) of paraxylene (PX), 200,000tpa of orthoxylene (OX) and 450,000tpa of benzene. This should sustain output growth over 2015.

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The task now facing the industry is to add value to basic chemicals output. In May 2014, SKGC entered into a USD595mn joint venture (JV) with a unit of Saudi Arabia-based petrochemicals producer Saudi Basic Industries Corporation (SABIC) to establish a 230,000tpa metallocene linear low density polyethylene (mLLDPE) plant in Singapore.

- China will be the driver for Singapore's petrochemicals exports with aromatics and synthetic rubber likely to dominate. PX a notable segment where Chinese supply has failed to keep up with demand for its polyethylene terephthalate (PET) production, but where Singapore has been ramping up capacities. Singapore's JAC will be best placed to capitalise on the short-fall in China and the resulting tightness in the Asian market.

- On the downside, Singapore's olefins segments will be squeezed by soaring capacity in China and the US, forcing it to consider increasing downstream derivative production in order to defend margins. Ethylene capacity in China will increase to around 39.1mn tpa by 2019, a rise of 52% on 2014 volumes.

- The forecast decline in the price of naphtha, Singapore's main petrochemicals feedstock according for 84% of raw material inputs, will help protect margins as low-cost ethane-based production in the US...

The Singapore Petrochemicals Report has been researched at source, and features Business Monitor International (BMI)'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 Singapore Petrochemicals Report provides industry professionals and strategists, sector analysts, trade associations and regulatory bodies with independent forecasts and competitive intelligence on the Singaporean petrochemicals industry.

Key Benefits

- Benchmark BMI's independent petrochemicals industry forecasts to test other views - a key input for successful budgetary and planning in the Singaporean petrochemicals market.

- Target business opportunities and risks in the Singaporean petrochemicals sector through our reviews of latest industry trends, regulatory changes and major deals, projects and investments in Singapore.

- Assess the activities, strategy and market position of your competitors, partners and clients via our Company Profiles (inc. KPIs and latest activity).

Coverage

BMI Industry View

Summary of BMI's key industry forecasts, views and trend analysis, covering petrochemicals markets, regulatory changes, major investments, projects and company developments.

Market Overview

Structure, size and value of the industry sector; overview of the industry landscape and key players; assessment of the business operating environment and the latest regulatory developments.

Business Environment Rankings

BMI's Petrochemicals Business Environment Rankings provide a country-comparative Risk-Reward Rankings index aimed at investors (both corporate and financial) in the regional petrochemicals market.

The rankings methodology makes sophisticated use of over 40 industry, economic and demographic data points and is part of BMI's integrated Country Risk-Industry Rankings products.

Industry Trends & Developments

Evaluation of company and sector-wide developments, including key projects (as well as expansion plans), latest company financial details and proposed international ventures.

BMI Industry Forecasts

Historic data series (2009-2012) and forecasts to end-2018 for all key industry and economic indicators supported by explicit assumptions, plus analysis of key risks to the main forecasts. Indicators include:

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