PLASTICS RESIN AND SYNTHETIC RUBBER INDUSTRY REPORT … · Input materials for the plastic resin...
Transcript of PLASTICS RESIN AND SYNTHETIC RUBBER INDUSTRY REPORT … · Input materials for the plastic resin...
TABLE OF CONTENTS
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Abbreviations3 3. Plastic resins 63
Executive Summary4 4. Synthetic Rubber 70
I. Business environment 5 5. Price-affecting factors 74
1. Macroeconomic situation 5 IV. Industry risks 76
2. Legal framework 9 1. Industry risks 76
3. Trade agreements 13 2. SWOT analysis 79
II. Global market 15 V. Industry trend, forecast and planning 81
1. Definition and classification 15 1. Industry trend 81
2. Chain value of the industry 19 2. Global market forecast 83
4. Input material 22 3. Local market forecast 87
5. Plastic resins 38 4. Industry development planning 91
6. Synthetic Rubber 51 VI. Business analysis 94
III. Local market 58 1. Business Introduction 94
1. Industry scale 58 2. Financial analysis 97
2. Input material 60 VII. Appendix 107
Abbreviations
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Abbreviation Full Name Abbreviation Name
BR Butadien Rubber PET Polyethylene Terephthalate
CIS Commonwealth of independent states PP Polypropylene
ISRG International Rubber study group PS Polystyrene
HIPS High Impact Polystyrene PVC Poly Vinyl Chloride
HPE High Density Polyethylene SBR Styrene Butadien Rubber
LLDPE Low Density Polyethylene TPP Trans-Pacific partnership
NAFTA North America Free Trade Area VPA Vietnam plastic association
PE Polyethyelene
Executive summary
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• Primeval plastics and synthetic rubber are important input materials
for many industries, especially plastics and automobile industry.
• The development of the polymer industry relates to the petrochemical
industry and is affected by the price fluctuation, supply and demand
for the main raw materials like crude oil, gas.
• China takes the lead in thermoplastic production, with an output of
92.1 tons in 2016.
• In 2016, global sales of polymer-based products reached 851 billion
USD, up 6.2% compared to 2015.
• Global synthetic rubber production and consumption has been on the
upward trend in recent years, much greater than those of natural
rubber.
TÓM TẮT BÁO CÁO
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• In Vietnam, the oil refinery sector has just newly-fledged, having only
Dung Quat oil refinery in operation.
• Plastic material and additive production in 9M/2017 were estimated at
915 thousand tons, up 32.8% over the same period in 2016 (689
thousand tons).
• In the first 9 months of 2017, the domestic consumption of plastic
materials reached 4,575 thousand tons, up 19.3% over the same period
in 2016.
• The demand for plastic resins has increased, resulting in a sharp
increase in plastic resin import volume between 2012 and 2016 with a
CAGR of 19%.
• Opec Plastics is a leading company among top importers of plastic raw
materials in 9M/ 2017.
• In recent years, Vietnam’s plastic industry has been highly appreciated
in terms of growth speed compared to ASEAN countries
TABLE OF CONTENTS
Part I. Business environment
1. Macroeconomic situation
2. Legal framework
3. Trade agreements
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Part I. Business environment
1. Macroeconomic situation
Source: VIRAC, GDVC
Source: VIRAC, GSO
GDP growth rate by quarter, 2015 – 2017
Imports of plastic raw materials and percentage contribution to total turnover,
2010 – 2017
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Part I. Business environment
1. Macroeconomic situation
Source: VIRAC, SBV
Source: VIRAC, SBV
USD/VND exchange rate, 2013 – 12/2017
CNY/VND exchange rate, 1/2016 – 12/2017
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Part I. Business environment
1. Macroeconomic situation
FDI attraction by sector, 2017
Vietnamese plastic enterprise’s SCG ownership, 2016
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TABLE OF CONTENTS
Part I. Business environment
1. Macroeconomic situation
2. Legal framework
3. Trade agreements
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• The Prime Minister signed Decision No.45/2017/QD-TTg amending and supplementing Decision No. 36/2016/QD-TTg regulating the application of
ordinary tax tariff on imported goods.
Part I. Business environment
2. Legal framework
Part I. Business environment
2. Legal framework
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Part I. Business environment
2. Legal framework
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TABLE OF CONTENTS
Part I. Business environment
1. Macroeconomic situation
2. Legal framework
3. Trade agreements
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• The plastic industry is opened to positive signals thanks to priorities brought about by free trade agreements.
• Joining free trade agreements has helped Vietnam to attract immensly FDI.
Part I. Business environment
3. Trade agreements
TABLE OF CONTENTS
Part II. Global market
1. Definition and classification
2. Chain value of the industry
3. Input materials
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Part II. Global market
1. Definition and classification – 1.1. Plastic resins
Classification by polymer effect with temperature
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Thermoplastic production share, 2015
Thermoset plastic production share, 2015
Source: VIRAC, ICIS
Source: VIRAC, ICIS
Part II. Global market
1. Definition and classification – 1.1. Plastic resins
Polymer usage structure, 2015
Source: VIRAC, ICIS
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Source: VIRAC, Rubbernews
Synthetic rubber production structure, 2015
Part II. Global market
1. Definition and classification – 1.2. Synthetic rubber
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• Synthetic rubber is a compound made from chemical reactions which is mainly
comprised of oil and gas.
• Synthetic rubber is classified via multiple ways.
TABLE OF CONTENTS
Part II. Global market
1. Definition and classification
2. Chain value of the industry
3. Input materials
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Part II. Global market
2. Chain value of the industry
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Part II. Global market
2. Chain value of the industry
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• Oil refinery plants:
• The oil refinery technology with various raw material combination alters chemical features to generate desirable products.
TABLE OF CONTENTS
Part II. Global market
1. Definition and classification
2. Chain value of the industry
3. Input materials
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Part II. Global market
3. Input materials – 3.1. Overview
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Part II. Global market
3. Input materials – 3.1. Overview
Source: VIRAC, IHS
Monomer input materials structure, 2016
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Input materials for the plastic resin and synthetic rubber industry (generally known as polymer) are oil and gas products.
Part II. Global market
3. Input materials – 3.1. Overview
Source: VIRAC, ICIS
Source: VIRAC, ICIS
Products gained from Naphtha distillation, 2015
Products gained from Ethane distillation, 2015
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Part II. Global market
3. Input materials – 3.2. Ethylene
Global ethylene supply and demand, 2010 -2016
Ethylene’s application, 2016
Source: VIRAC, IHS
Source: VIRAC, ICIS
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Part II. Global market
3. Input materials – 3.2. Ethylene
Source: VIRAC, Stratas Advisor
Ethylene production capacity and demand by region, 2015
Ethylene dichloride consumption by region, 2016
Source: VIRAC, IHS
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Ethylene production structure, 2016
Source: VIRAC, Statista
Million tons
Source: VIRAC, Platts
Part II. Global market
3. Input materials – 3.2. Ethylene
Global ethylene prices, 11/2016 – 12/2017
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Part II. Global market
3. Input materials – 3.2. Ethylene
Source: VIRAC, Uncomtrade
Source: VIRAC, UncomtradeSource: VIRAC, Uncomtrade
Global ethylene trade, 2011 - 2016
Global ethylene export structure, 2016 Ethylene import structure, 2016
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Part II. Global market
3. Input materials – 3.3. Propylene
Source: VIRAC, ICIS
Source: VIRAC, ICIS
Global propylene export structure, 2010 – 2016
Propylene export structure by region, 2016
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Part II. Global market
3. Input materials – 3.3. Propylene
Source: VIRAC, ICIS
Global Propylene export, 2011 – 2016e
Source:VIRAC, Platts
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Global Propylene price, 11/2016 – 11/2017
Source: VIRAC, ICIS
Global butadiene capability and production, 2011 -2015
Butadiene production structure by country, 2015
Source: VIRAC, ICIS
Part II. Global market
3. Input materials – 3.4. Butadiene
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Part II. Global market
3. Input materials – 3.4. Butadiene
Source: VIRAC, IHS
Source: VIRAC, American Chemical Society
Butadiene consumption structure by type 2017
SBR consumption by region, 2016
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Part II. Global market
3. Input materials – 3.4. Butadiene
Fluctuations of butadiene prices, 1/2011 – 1/2017
Source: VIRAC, Bloomerg
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Part II. Global market
3. Input materials – 3.4. Butadiene
Butadiene production capacity of some companies in the world
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Part II. Global market
3. Input materials – 3.5. Benzene
Global benzene supply and demand, 2012 – 2017F
Source: VIRAC, IHS
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Part II. Global market
3. Input materials – 3.5. Benzene
Source: VIRAC, Platts
Structure of benzene use in the world, 2015
Fluctuations of Benzene prices, 11/2016 – 11/2017
Source: VIRAC, Platts
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TABLE OF CONTENTS
Part III. Vietnam's market
1. Industry scale
2. Input materials
3. Plastic resins
4. Synthetic rubber
5. Price-affected factors
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Source: VIRAC
Part III. Vietnam's market
1. Plastic resins – 1.1. Production
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No Product
Capacity
(ton/year) Producer
1 PVC
2 PVC
3 PP
4 PE
5 BOPP
6 BOPP
7 PS
8 PET
9 EPS
10 EPS
Total
Plastic resin and additives production capacity, 2015
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TABLE OF CONTENTS
Part III. Vietnam's market
1. Industry scale
2. Input materials
3. Plastic resins
4. Synthetic rubber
5. Price-affected factors
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Part III. Vietnam's market
2. Input materials
Monomer imports, 2012 - 6T/2017e
Source: VIRAC, GDVC
Thousand USD
Aromatic compound imports, 2013 - 6T/2017e
Source: VIRAC, GDVC
Thousand USD
TABLE OF CONTENTS
Part III. Vietnam's market
1. Industry scale
2. Input materials
3. Plastic resins
4. Synthetic rubber
5. Price-affected factors
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Source: VIRAC, MIT, GSO
Source: VIRAC, MIT, GSO
Part III. Vietnam's market
3. Plastic resins – 3.1 Production
Polymer Production, 2010 – 2017
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Polypropylene supply and demand in Vietnam, 2010 – 2017
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Source: VIRAC, TCTK
Part III. Vietnam's market
3. Plastic resins – 3.1 Production
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LLDPE, LDPE, HDPE, PP distribution figures in the northern market,
2014-2015
Source: VIRAC, HCD White paper
PP production and consumption of Binh Son Oil Refinery, 2013 -
6T/2017
Source: VIRAC, HCD White paper
Plastic materials by region, 2017
Source: VIRAC, MIT, GSO
Source: VIRAC, MIT, GSO
Part III. Vietnam's market
3. Plastic resins – 3.2. Consumption
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Polymer consumption in Vietnam, 2010 – 2017
Polymer consumption structure by sector in Vietnam, 2017
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Source: VIRAC, GDVC
Source: VIRAC, GDVC
Part III. Vietnam's market
3. Plastic resins – 3.3 Import - Export
Plastic resins imports, 2010 – 2017
Plastic material importing market by output, 2017
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Plastic material importing market by value, 2017
Source: VIRAC, GDVC
Source: VIRAC, GDVC
Part III. Vietnam's market
3. Plastic resins – 3.3 Import - Export
Source: VIRAC, GDVC
Polymer import structure by volume, 6T/2017e Proportion of top largest plastic material importers, 9T/2017
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Plastic material import structure by type, 2017
Source: VIRAC, GDVC
Part III. Vietnam's market
3. Plastic resins – 3.3 Import - Export
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Source: VIRAC, GDVC
Polymer
type
2012 2013 2014 2015 2016 2017
PE
PP
PVC
PET
EVA
PS
Imports of some polymer types, 2012 – 9T/2017e
Source: VIRAC, GDVC
Part III. Vietnam's market
3. Plastic resins – 3.3 Import - Export
Source: VIRAC, GDVC
PP importing markets, 6T/2017e
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Source: VIRAC, GDVC
PE import structure by type, 6T/2017ePE importing markets, 6T/2017e
Part III. Vietnam's market
3. Plastic resins – 3.3 Import - Export
Source: VIRAC, GDVC
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Source: VIRAC, GDVC
Top largest PE importing enterprises, 6T/2017e
Top largest PP importing enterprises, 6T/2017e
Source: VIRAC, GDVC
Part III. Vietnam's market
3. Plastic resins – 3.3 Import - Export
Source: VIRAC, GDVC
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Source: VIRAC, GDVC
Polymer importing market structure by volume, 2017Polymer importing value, 2012-2017
Polymer importing market structure by value, 2017
Source: VIRAC, GDVC
Part III. Vietnam's market
3. Plastic resins – 3.3 Import - Export
Source: VIRAC, GDVC
PE & PP export values, 2017
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Source: VIRAC, GDVC
Top 10 largest plastic material exporters, 9T/2017Plastic export structure by type, 2017
Source: VIRAC, GDVC
Part III. Vietnam's market
3. Plastic resins – 3.3 Import - Export
Source: VIRAC, GDVC
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Source: VIRAC, GDVC
Top 10 largest PE exporters, 6T/2017e
PE exporting market structure, 6T/2017e PP exporting market structure, 6T/2017e
Top 10 largest PP exporters, 6T/2017e
Source: VIRAC, GDVC
Part III. Vietnam's market
3. Plastic resins – 3.4. Production technology
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TABLE OF CONTENTS
Part III. Vietnam's market
1. Industry scale
2. Input materials
3. Plastic resins
4. Synthetic rubber
5. Price-affected factors
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Source: VIRAC, UN Comtrade, GDVC
Part III. Vietnam's market
4. Synthetic rubber – 4.1 Import - Export
Synthetic rubber import and export, 2011 – 2017e
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Part III. Vietnam's market
4. Synthetic rubber – 4.1 Import - Export
Source: VIRAC, GDVC
Export market structure of synthetic rubber, 2017e
Import market structure of synthetic rubber, 2017e
Source: VIRAC, GDVC
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Part III. Vietnam's market
4. Synthetic rubber – 4.1 Import - Export
Source: VIRAC, GDVC
Top 10 largest synthetic rubber exporters, 9T/2017e
Top 10 largest synthetic rubber importers, 9T/2017e
Source: VIRAC, GDVC
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TABLE OF CONTENTS
Part III. Vietnam's market
1. Industry scale
2. Input materials
3. Plastic resins
4. Synthetic rubber
5. Price-affected factors
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World crude oil average price, 2014 -2017
Monomer price volatility, 2/2016 - 1/2017
Part III. Vietnam's market
5. Price-affected factors
Source: VIRAC, Bloomberg
Source: VIRAC, Bloomberg
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Part IV. Industry risks
2. SWOT analysis
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Strength Weaknesses
Opportunities Threats
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TABLE OF CONTENTS
Part V. Industry trend, forecast and planning
1. Industry trend
2. Global market forecast
3. Vietnam's market forecast
4. Industry development planning
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Source: VIRAC, European Bioplastic
Part V. Industry trend, forecast and planning
1. Industry trend
Bioplastic production capacity in the world,
2012 - 2018F
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TABLE OF CONTENTS
Part V. Industry trend, forecast and planning
1. Industry trend
2. Global market forecast
3. Vietnam's market forecast
4. Industry development planning
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Source: VIRAC, IHS
Part V. Industry trend, forecast and planning
2. Global market forecast
Global PP & PE demand growth, 2014 – 2019f
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Part V. Industry trend, forecast and planning
2. Global market forecast
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Source: VIRAC, Polymerupdate
Part V. Industry trend, forecast and planning
2. Global market forecast
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Time Company Capacity Location
Synthetic rubber production projects in Asia, 2012 - 2016
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TABLE OF CONTENTS
Part V. Industry trend, forecast and planning
1. Industry trend
2. Global market forecast
3. Vietnam's market forecast
4. Industry development planning
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Source: VIRAC
Part V. Industry trend, forecast and planning
3. Vietnam's market forecast
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Project Location Capital Capacity (million tons/year)
Some petrochemical refining projects in Vietnam, 2010 - 2020
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Source: VIRAC, GDVC
Source: VIRAC, VPA
Part V. Industry trend, forecast and planning
3. Vietnam's market forecast
Plastics consumption per capita, 1989 – 2020F
Plastic export turnover, 2010 – 2017e
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Source: VIRAC, MOIT
2013 2014F 2015F 2016F 2017F 2018F CAGR
Demand forecast for tires in Vietnam, 2013 – 2018F
Part V. Industry trend, forecast and planning
3. Vietnam's market forecast
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Source: VIRAC,
PP and PVC production capacity forecast, 2016 – 2021f
Part V. Industry trend, forecast and planning
3. Vietnam's market forecast
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Thousand tons/year
TABLE OF CONTENTS
Part V. Industry trend, forecast and planning
1. Industry trend
2. Global market forecast
3. Vietnam's market forecast
4. Industry development planning
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Part V. Industry trend, forecast and planning
4. Industry development planning
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Part V. Industry trend, forecast and planning
4. Industry development planning
Source: VIRAC, MOIT
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No. Project name Location
Investment information
Capacity (1.000
tons/year)
Investment capital
(million USD)Time
Oil refinery projects, 2011 - 2020
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Company Logo
Total asset
(VND
billion)
Revenue
(VND billion)General information
Part VI. Business analysis
6.1 Business introduction
83
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Part VI. Business analysis
6.1 Business introduction
Company Logo
Total asset
(VND
billion)
Revenue
(VND billion)General information
84
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Net revenue, 2015 - 2016
Part VI. Business analysis
6.2 Financial analysis – Business performance
86
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Gross profit, 2015 - 2016
Part VI. Business analysis
6.2 Financial analysis – Business performance
87
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Self-financing rate, 2015 - 2016
Part VI. Business analysis
6.2 Financial analysis – Business performance
88
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Financial expenses, 2015 - 2016
Part VI. Business analysis
6.2 Financial analysis – Business performance
89
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Total assets ratio, 2015 - 2016
Part VI. Business analysis
6.2 Financial analysis – Financial indicators
90
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Fixed assets ratio, 2015 - 2016
Part VI. Business analysis
6.2 Financial analysis – Financial indicators
91
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Total debt / equity, 2015 - 2016
Part VI. Business analysis
6.2 Financial analysis – Financial indicators
92
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Profit ratio, 2015 - 2016
Part VI. Business analysis
6.2 Financial analysis – Financial indicators
93
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Payment indicators of enterprises, 2015 - 2016
Part VI. Business analysis
6.2 Financial analysis – Payment indicators
94
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