Boston, MA -- (ReleaseWire) -- 02/14/2013 -- BMI's Thailand Petrochemicals Report Q113 examines the industry's attempts to add value to basic chemicals production following a surge in olefins and polymers capacities over recent years. We look at capacity expansion plans as well as Thailand's leading petrochemicals producer PTT Global Chemical (PTTGC)'s long-term investment strategy.
In 2013, the petrochemicals industry will benefit from growth in monoethylene glycol (MEG), acrylonitrile-butadiene-styrene and solution styrene butadiene rubber (SSBR). Increased synthetic rubber production will tap into the growing Asian market for automotive tyres, while MEG will feed the polyester chain. Speciality chemicals are also set to be boosted by growth in polyacetal capacity, which will serve the engineering plastics sector.
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PTTGC, Thailand's leading petrochemicals producer, is planning capital expenditure (capex) of US$4.5bn over 2013-2017 to help it achieve projected revenues of THB800bn by 2022, with a focus on expanding capacity in commodity-grade polymer products, high-value-added specialty plastics and green polymers. High-value-added polymers and specialty products are projected to account for 20-25% of the company's total revenue in 2022, up sharply from only 10% in 2012.
Over the last quarter BMI has revised the following forecasts/views:
- Beyond 2013, BMI only envisages a 260,000 tonnes per annum (tpa) increase in propylene capacity.
- Long-term natural gas production are a concern, with BMI forecasting that output will decline from an estimated 40bn cubic metres (bcm) in 2012 to 26bcm by 2021. With ethane representing 73% of current feedstock, this will place downward pressure on margins and may prompt greater use of naphtha in the future.
- In BMI's Asia Pacific Petrochemicals Risk/Reward Ratings (RRRs) matrix, Thailand scores 69.7 points, unchanged since the previous quarter. However, it has moved from sixth to fifth place due to a decline in Taiwan's position. As such, it is 0.2 points ahead of Taiwan and 6.1 points behind Singapore.
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