(MENAFNEditorial)
The Spanish petrochemicals industry is witnessing a solid recovery following a period of a sharp and prolonged downturn. Strong export growth will be crucial to the revival of the sector but the industry will not get back to previous levels of production due to permanent plant closures in recent years according to BMI's latest Spain Petrochemicals Report.
The Spanish petrochemicals industry shows signs of strengthening growth returning to around 2010 levels amid a recovery in export markets and to a more limited extent domestic markets. In H114 the chemicals production index grew by an average of 3.6% year-on-year (y-o-y) while the rubber and plastic index grew by an average of 4.5%; this follows growth in 2013 of -1.0% and 1.5% respectively.
* In view of improved market performance we have raised our chemical production growth forecast from 2.0% to 4.3% while we have maintained our rubber and plastic growth forecast at 7%. Domestic household deleveraging limits any improvements in consumer spending on domestically manufactured end-use products.
* The automotive industry a major local consumer of petrochemical products is enjoying a revival due to exports. BMI forecasts vehicle production in Spain to increase 8.6% in 2014. Indeed we expect to see resurgence in Spanish output on the back of strong fundamentals and improving vehicle sales in Europe Spain's main export market; Europe's new car market grew nearly 6% y-o-y in H114. The domestic market is also showing increased potential with Spanish autos sales up 18.8% y-o-y albeit from a low base and boosted by the re-introduction of government incentives.
Full Report Details at
- http://www.fastmr.com/prod/881040_spain_petrochemicals_report_q4_2014.aspx?afid=101
In BMI's European Petrochemicals Risk/Reward Ratings Spain scores 67.5 points up 0.3 points since the previous quarter due to an improvement in market risks as stronger growth returns to the petrochemicals industry. The country has clawed back some of the ground it lost during recession but it is unlikely to fully recover over the medium-term...
The Spain Petrochemicals Report has been researched at source and features Business Monitor International (BMI)'s market assessment and independent forecasts for key petrochemicals sub-sectors. The report also analyses the impact of regulatory changes recent developments and the background macroeconomic outlook and features competitive landscapes comparing companies by products and services sales market share investments projects partners and expansion strategies.
BMI's Spain Petrochemicals Report provides industry professionals and strategists sector analysts trade associations and regulatory bodies with independent forecasts and competitive intelligence on the Spanish petrochemicals industry.
Key Benefits
* Benchmark BMI's independent petrochemicals industry forecasts to test other views - a key input for successful budgetary and planning in the Spanish petrochemicals market.
* Target business opportunities and risks in the Spanish petrochemicals sector through our reviews of latest industry trends regulatory changes and major deals projects and investments in Spain.
* Assess the activities strategy and market position of your competitors partners and clients via our Company Profiles (inc. KPIs and latest activity).
Coverage
BMI Industry View
Summary of BMI's key industry forecasts views and trend analysis covering petrochemicals markets regulatory changes major investments projects and company developments.
Market Overview
Structure size and value of the industry sector; overview of the industry landscape and key players; assessment of the business operating environment and the latest regulatory developments.
Business Environment Rankings
BMI's Petrochemicals Business Environment Rankings provide a country-comparative Risk-Reward Rankings index aimed at investors (both corporate and financial) in the regional petrochemicals market.
The rankings methodology makes sophisticated use of over 40 industry economic and demographic data points and is part of BMI's integrated Country Risk-Industry Rankings products.
Industry Trends & Developments
Evaluation of company and sector-wide developments including key projects (as well as expansion plans) latest company financial details and proposed international ventures.
BMI Industry Forecasts
Historic data series (2009-2012) and forecasts to end-2018 for all key industry and economic indicators supported by explicit assumptions plus analysis of key risks to the main forecasts. Indicators include:
Energy: Oil production (`000 b/d) oil consumption (`000 b/d) net oil exports (`000 b/d) gas production (bcm) gas consumption (bcm) net gas exports (bcm) oil refinery capacity (`000 b/d).
Petrochemicals: Ethylene capacity (`000 tpa) ethylene production (`000 tpa) ethylene consumption (`000 tpa) polyethylene capacity (`000 tpa) polypropylene capacity (`000 tpa) polyvinyl chloride capacity (`000 tpa) polyolefins consumption (`000 tpa).
Oil Products Prices: Price forecasts for all major oil-based products (US$/bbl) at major global energy trading hubs.
Economic: Nominal GDP (US$bn) real GDP growth (%) GDP per capita (US$) population (mn) unemployment (%) exchange rate (against US$).
Company Profiles
Examines the competitive positioning and short- to medium-term business strategies of key industry players. Strategy is examined within the context of BMI's industry forecasts our macroeconomic views and our understanding of the wider competitive landscape. The latest financial and operating statistics and key company developments are also incorporated within the company profiles enabling a full evaluation of recent company performance and future growth prospects.
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