China's machinery industry is expected to maintain an average annual growth rate of 12% to 15% during the "Eleventh Five-Year" period and up until 2020. However, within this sector, different sub-sectors are showing varying trends. High-tech and major equipment sectors, such as petrochemical general equipment and CNC machine tools, are likely to continue experiencing rapid growth.
Zhang Jiaming, director of the Information Department at the China Petroleum and Petrochemical Equipment Industry Association, recently highlighted that the chemical machinery industry had long been facing losses. A significant factor contributing to low efficiency was the large-scale import of modern petrochemical equipment. However, in 2004, the industry saw a remarkable turnaround with booming production and sales, reversing the overall loss situation.
One key reason for this recovery was the strong demand for petroleum and chemical equipment both domestically and internationally. In 2004, there was a sudden surge in market demand, which significantly benefited the petrochemical equipment sector. For example, due to rising crude oil prices, refining companies intensified their efforts to produce more light oils like liquefied gas, gasoline, kerosene, diesel, and lubricants, leading to a surge in the construction or upgrading of hydrogenation equipment.
Currently, over 100 hydrogenation units are in operation in China, with an additional 45 units under construction or newly built between the second half of 2004 and the first half of 2005. This sudden increase in demand made it challenging for manufacturers to keep up, resulting in a significant shortage of supply. Many chemical machinery firms received large orders not seen in years, and product sales rose sharply, increasing by 30% in the first half of 2004. Leading enterprises like Jinxi Chemical Machinery Group, Dalian Hydrotreating Reactor Manufacturing Co., Ltd., and Beijing Chemical Machinery Plant experienced a substantial rise in both sales and profits.
Another factor driving improved economic performance was technological advancement. The successful development of new technologies and products has enhanced the competitiveness of China’s petrochemical equipment in both domestic and international markets.
At the end of 2003, Shandong Hualu Hengsheng Chemical Co., Ltd. successfully completed a trial run of a large-scale nitrogen fertilizer localization device, marking a milestone in reducing reliance on imported equipment. This system, designed and manufactured domestically, can produce 300,000 tons of synthetic ammonia annually, with a localization rate of 94.5%. The total investment was less than 1.3 billion yuan, compared to nearly 4 billion yuan for an imported unit. Similarly, the development of domestic hydrogenation equipment and key components for ethylene cracking and post-processing have created new growth opportunities for manufacturers.
Moreover, improvements in industrial restructuring and enterprise optimization have contributed significantly to the industry’s increased efficiency. It is anticipated that the chemical machinery manufacturing sector will see sustained growth, ending its long-term loss phase and moving toward a more sustainable and healthy development path.
According to the China National Chemical Equipment Association, as the petrochemical industry continues to grow rapidly during the "Eleventh Five-Year" period, the chemical machinery industry is set for a promising development phase, with further expansion of its market potential.
Analysts predict that during the next five-year plan, refining and ethylene production will become the core of the petrochemical industry. China’s chemical machinery sector is expected to show several key development trends: traditional high-quality products will maintain strong market positions, such as large-scale ammonia synthesis equipment and high-pressure vessels in urea plants. Equipment used for energy-saving technology upgrades and structural adjustments in petrochemical enterprises will also see significant growth. Energy-efficient units and environmental protection equipment will gain traction, becoming new growth areas. Large-scale petrochemical equipment will drive demand for bigger systems, while storage and transportation equipment for oil and chemicals will capture specific market shares. For instance, railway tank cars and truck tankers will continue to expand to meet diverse transportation needs.
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