The global chemical construction market is extremely bad

As investment has begun to pick up, the current global engineering and construction company's chemical business is recovering. Although the profitability level is still low, the market outlook is optimistic. Industry sources recently stated that the global capital investment in the chemical industry is recovering and the project is moving forward. In addition to Asia and the Middle East, the exploration and development of shale gas resources in the United States has also changed the prospects of the market. However, global political and economic instability is still amplifying the risks. Investors are more cautious in deciding projects.

Most industry insiders expect that the global chemical construction market will be a turning point this year. According to Pete Prem, vice president of the global chemical business of American private company CH2M HILL, “As with most other companies, our chemical business suffered a severe impact in the global economic recession, and most projects were postponed or cancelled. However, the current market We are gradually taking a good step. In the past few quarters, we have seen significant growth in our chemical business worldwide. We have expanded our business in North America, Brazil, Argentina and Asia, and are firmly expanding into the Middle East market.”

Other engineering giants, including Jacobs Engineering, Fluor, Foster Wheeler, and Sauer, also provided shareholders with the same information in the quarterly performance announcements in late July and early August. Jacob Engineering CEO Craig Martin pointed out: "The current chemical market is strong, as good as we expected, and even better." At the same time Martin is also optimistic about the relevant oil and gas market, but cautious on the refining industry Attitude, although the status of the oil refining industry is also improving, the current momentum is still not strong. Martin also stated that although positive factors have emerged in the market, the global chemical construction industry has not completely escaped the quagmire.

In the future, the Middle East and Asia will continue to lead the recovery of the global chemical construction market. Countries in the Middle East are investing in the construction of high value-added petrochemical products. Since 2005, investment in chemical projects in the Middle East (including Africa) has doubled, reaching 18.8 billion U.S. dollars in 2008, and slightly lowering to 18.7 billion U.S. dollars in 2009, and rebounding to 20.6 billion U.S. dollars in 2010. Saudi Aramco and Dow Chemical Co., a joint venture invested by Jubail Petrochemical Co., Ltd., has invested US$20 billion and will have a world-class cracker and 25 other devices to produce isocyanates, polyether polyols, propylene oxide, and propylene glycol. Linear low density polyethylene, low density polyethylene, ethylene glycol/ether and other products.

Pram of CH2M HILL said: “What we are currently seeing is that large-scale chemical investment continues to shift to the developing market because investment and production costs there are low.” Asia, especially China, has become the main beneficiary region. In the past 10 years, the chemical investment in the region (excluding Japan) has increased year by year, even during the economic recession, from 249 billion U.S. dollars in 2008 to 291 billion U.S. dollars in 2009, and reached in 2010. US$338 billion, accounting for more than 3/4 of the world’s 464 billion US dollars in chemical investment in 2010. Primam said: “We continue to be optimistic about the prospects of China's chemical market, with the increase in the middle class population, the market will expand rapidly. Vietnam is also seen as the most growth potential in Asia, but the growth rate is not faster than China.”

Primm said that chemical companies are also investing in advanced economies, but most of these investments are used to upgrade production facilities, remove bottlenecks, and increase production efficiency, but there are still new investments in green chemistry and sustainable development. opportunity.

According to industry sources, the vigorous development of shale gas resources development will also affect the prospects of North American engineering and construction markets. Jim Bernhardt, president of Sauer, said: “We have seen hopes in the US olefin market that will be affected by the vigorous development of shale gas resources. Natural gas prices in North America will continue to maintain their advantages. We expect that the United States will Newly built or significantly increased capacity for 2 to 4 sets of olefins."

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