(MENAFNEditorial)
The Spanish petrochemicals industry continued to show solid growth in Q115 although it is only just approaching 2010 levels following a collapse in output in 2013. However BMI's latest Spain Petrochemicals Report warns that the industry is still facing a weak domestic market and volatile and uncertain markets that could scupper the recovery although a contraction is unlikely.
Spain's economic recovery is gathering pace with positive effects for its petrochemicals industry. In Q115 chemicals output in the year to date grew 2.6% while rubber and plastics grew 6.0%. This compares with chemicals growth of 4.6% and rubber and plastics growth of 4.4% in 2014. However the industry is still highly exposed to external risk due to sluggish domestic demand; while the automotive industry is a major domestic consumer of petrochemicals it is also dependent on external demand.
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The sector's risk has improved with the process of merger and acquisition which is ongoing. Following the liquidation of La Seda de Barcelona (LSB) in 2014 the focus in 2015 will be Compania Espanola de Petroleos's (Cepsa) divestment of its polyethylene terephthalate (PET) facilities with Thailand's Indorama tipped to make major acquisitions. A final agreement between Indorama and Abu Dhabi's International Petroleum Investment Co. (the owner of Cepsa) is expected on the future of Cepsa's San Roque-based complex which has capacities of 480000 tonnes per annum (tpa) of PTA 175000tpa of PET and 220000tpa of purified isophthalic acid.
* The industry is leaner and more capable of responding to negative risk than in previous years. Structural adjustment is continuing with Repsol YPF planning to reduce ethylene and propylene capacities at its Puertollano cracker by 62% and 57% respectively as part of a process of optimisation and improving competitiveness. The cracker will use alternative feedstocks - such as refinery gases - which will replace naphtha.
* With the economic...
The Spain Petrochemicals Report has been researched at source and features BMI Research'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 the petrochemicals markets regulatory changes major investments projects and company developments.
Industry SWOT Analysis
Analysis of the major Strengths Weaknesses Opportunities and Threats within the petrochemicals sector and within the broader political economic and business environment.
BMI Industry Forecasts
Historic data series (2009-2013) and forecasts to end-2019 for 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 (USD/bbl) at major global energy trading hubs.
* Economic: Nominal GDP (USDbn) real GDP growth (%) GDP per capita (USD) population (mn) unemployment (%) exchange rate (against USD).
BMI’s Petrochemicals Risk Reward Index
BMI’s Risk Reward Indices provide investors (both corporate and financial) looking for opportunities in the region with a clear country-comparative assessment of a market’s risks and potential rewards. Each of the country markets are scored using a sophisticated model that includes more than 40 industry economic and demographic data points to provide indices of highest to lowest appeal to investors with each position explained.
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.
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.
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.
Global & Regional Market Overview
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