In tandem with the capacity expansion, domestic PP product substitution of imported resources has obviously accelerated.
Source: OilChem
According to OilChem, China's PP production capacity will keep an uptrend from 2023 to 2027, and it remains the largest in 2023. However, given unforeseen events of implementation, postponements and failures become general in new projects, and PP capacity expansion progress is estimated to slow down after 2025.
In the wake of large capacity expansion, especially during 2022-2025, the supply of PP materials in general application field is estimated to be excessive in an all-round manner.
Source: OilChem
The PP research and development direction of private enterprises mainly focuses on ordinary household and packaging field, while that of Sinopec, PetroChina and other state-owned enterprises focuses on special material field.
China's PP monthly import volume remains at a low level in 2023, compared with previous years. As domestic PP producers actively participate in the research of high-end field, China's PP import dependency is obviously on a downtrend.
Written by Ariel Guo, gq@oilchem.net
Edited by Navy Liu, liuchuanjun@mysteel.com