09 May 2013 06:09 [Source: ICIS news]
TAIPEI (ICIS)--South Korea’s petrochemical production of three major categories in 2013 is estimated to be 21.52m tonnes, an increase of just 1.1% year on year amid highly competitive environment among major countries, the country’s trade association said on Thursday.
The estimates are based on synthetic resins, synthetic fibres and synthetic rubbers.
Similarly, export of petrochemical products is also expected to record only a marginal growth because of competition from the Middle East and China, Korea Petrochemical Industry Association (KPIA) said in a report for the annual Asian Petrochemical Industry Conference (APIC).
APIC 2013 is taking place in Taiwan’s capital Taipei on 9-10 May.
“In 2012, the domestic petrochemical supply [based on the three major fields] recorded its production at 21.28m tonnes, an increase of 0.1% [year on year] and demand of 10.52m tonnes, a decrease of 0.4% [year on year],” KPIA said.
In 2013, domestic demand is expected to show low growth trend mainly because of slower consumption and overseas production by major industries, it added.
The KPIA said, the domestic synthetic resin supply production in 2012 was recorded at 11.96m tonnes, an increase of 3.4% compared with the previous year, and the demand was recorded at 5.13m tonnes, an increase of 1.2% year on year.
In 2013, the domestic synthetic resin supply production is estimated at 12.11m tonnes, and the demand is forecasted at 5.19m tonnes.
In 2012, the domestic synthetic fibre supply recorded the production of 8.3m tonnes, a decrease of 4.5% compared to the previous year, and the demand was recorded at 4.95m tonnes, a decrease of 1.9% year on year.
In 2013, the synthetic fibre supply is expected at 8.29m tonnes, and the demand is estimated at 4.94m tonnes.
In synthetic rubber category in 2012 production stood at 1.01m tonnes, an increase of 1.9% compared with the previous year, and demand was recorded at 0.43m tonnes, a 0.2% year-on-year increase.
For 2013 the synthetic rubber supply is expected at 1.12m tonnes, and demand is estimated at 0.43m tonnes, unchanged from demand in 2012.
KPIA said a major increase in synthetic rubber production is expected because higher operating rates by producers.
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