Driven by robust demand in sectors such as new energy vehicles, electronic appliances, and textile and apparel, the production of chemical products has seen a significant increase in 2024, with nearly 80% of chemical products experiencing varying degrees of growth. The electronic appliances sector, benefiting from the push of emerging technologies and strong downstream market demand, has seen an increase in the production of household appliances, thereby expanding the demand for chemicals such as acetone, phenol, and polyether polyols. The textile and apparel industry, spurred by the recovery of exports and the promotion of green transformation standards, has also seen an increase in the production of chemicals such as cyclohexanone, caprolactam, and PA6.
Currently, the fundamental aspects of China’s economy remain positive in the long term. According to the plans laid out at the Central Economic Work Conference, more proactive and effective macroeconomic policies will be implemented in 2025 to achieve important goals such as comprehensively expanding domestic demand. On January 8, 2025, the National Development and Reform Commission and the Ministry of Finance issued the “Notice on Strengthening and Expanding the Implementation of Large-scale Equipment Renewal and Consumer Goods Replacement Policy in 2025,” introducing various replacement policies for consumer goods, covering terminal industries such as automobiles, home appliances, mobile phones and digital products, and home decoration. The introduction of these stimulus policies will promote the development of upstream industries such as aromatics, phenolic ketones, and new energy, supporting the continuous growth of terminal consumption of chemical products.
Looking ahead to 2025, the continuous growth of the new energy vehicle industry, the constant innovation in electronic appliance technology, and the green development of the textile and apparel industry will continue to stimulate the demand for chemical products, thereby further driving the increase in chemical production, with quality also continuously optimized to meet market demands. However, the chemical industry also faces some challenges, including the persistent high pressure of global energy costs, the impact of trade protection and environmental standards on some exported chemical products, and the slowdown in overseas demand growth due to global liquidity tightening.
Facing these challenges, chemical enterprises need to continuously enhance their competitiveness, increase R&D investment, innovate products, optimize production processes to reduce production costs, strengthen market research to grasp demand trends, and actively expand market channels, thereby achieving sustainable development in an environment of coexisting opportunities and challenges.
Post time: Mar-20-2025