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China's Chemical Industry Enters a New Era with Sustainability

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China's Chemical Industry Enters a New Era with Sustainability China’s chemical SECTORS AND THEMES industry enters a newTitle era here with sustainability Additional information in Univers Green economy45 as light a game-chang12pt on16pt leadinger and growth driver kpmg.com kpmg.com/cn Chemicals and Performance Technologies c | China’s chemical industry enters new era with sustainability Introduction China is in the midst of a great In China, the forces driving transition. No longer willing to be sustainability will come from its new slotted in the class of big polluters, environment-friendly laws. Under it has undertaken one of the most the 12th Five-Year Plan (5YP), the comprehensive sustainability action country is evolving its regulatory plans in history, and the chemical regime to clamp down on energy- industry will be fundamental to turning guzzling industries and incentivising independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved.in China. Printed entity. (“KPMG International”), a Swiss with KPMG International Cooperative independent member firms affiliated in China, are member firms of the KPMG network joint venture enterprise in China and KPMG Huazhen, a Sino-foreign Advisory owned (China) Limited, a wholly foreign KPMG © 2012 this vision into reality. clean and green energy sectors. Its ambitious urbanisation drive is now Change, however, cannot come at Norbert Meyring being tweaked with ‘green’ regulations the cost of growth, and China will Partner, China and Asia Pacific requiring buildings to be energy- need to take a delicate balancing act Head,Chemicals efficient. There is greater demand as it moves from the older fast-paced KPMG China for smart transport that consumes industrial model to a slower pace of less fossil fuel and an urgent need development based on upgraded value to stabilise water sustainability. All chains and energy-efficient business. these factors and large government The chemical industry, meanwhile, investment will act as major growth has to deal with the current macro- drivers for chemical companies by economic forces brought on by a generating a need for new materials, slow US economy and lingering debt advanced polymers and specialty crisis in Europe that is dragging down chemicals. end-user demand. Emerging markets, As these new range of external especially China, are expected to demands evolve, chemical companies Leah Jin sustain the global economy until the too will need to refashion their internal Partner Western hemisphere begins to grow operations. To be a beneficiary of the Climate Change & Sustainability again. Most big-ticket petrochemical sustainability mega-trend, companies KPMG China and chemical investments are unfolding must embed certain strategies in the Middle East, Latin America or into their core business practices. East Asia, indicating that these regions There is a growing realisation that continue to hold potential, despite the environment can no longer be some slowdown. decoupled from profit estimates as the In 2011, KPMG predicted in its costs of ignoring it are too high. chemical industry report that one of In order to leverage the opportunities the most compelling mega-trends in generated by sustainability and China will be sustainability and the streamlining business costs, KPMG environment protection industry. This suggests a four-pronged strategy for report takes the prediction further chemical companies. A combination and tries to explore how the concept of product innovation, assuming of sustainable chemistry is becoming more stakeholder responsibility, increasingly strengthened, triggering a communication along the supply new generation of demand for chemical chain and a high level of sustainability companies. reporting may be the winning formula for chemical companies in China to achieve their next stage of growth. © 2012 KPMG Advisory (China) Limited, a wholly foreign owned enterprise in China and KPMG Huazhen, a Sino-foreign joint venture in China, are member firms of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. Printed in China. China’s chemical industry era with sustainability enters new chemical | d China’s Contents independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved.in China. Printed entity. (“KPMG International”), a Swiss with KPMG International Cooperative independent member firms affiliated in China, are member firms of the KPMG network joint venture enterprise in China and KPMG Huazhen, a Sino-foreign Advisory owned (China) Limited, a wholly foreign KPMG © 2012 1 Chemical industry combats new challenges 1.1 Complex economic environment 1.2 China chemical market promises steady growth 1.3 Feedstock: Shale gas shifts dynamics 1.4 Bulk to specialties: Product pie changes 1.5 Industry structure: Moving towards upgrade and integration 1.6 Chemical sector in transition mode 2 China chemical industry: Building business value through sustainability 2.1 Chemical industry on revised growth path 2.2 Sustainability in China: Managing risks, enabling growth 2.3 Four-fold strategy to build sustainability management model Conclusion © 2012 KPMG Advisory (China) Limited, a wholly foreign owned enterprise in China and KPMG Huazhen, a Sino-foreign joint venture in China, are member firms of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. Printed in China. 2 | China’s chemical industry enters new era with sustainability Chemical industry combats new challenges independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved.in China. Printed entity. (“KPMG International”), a Swiss with KPMG International Cooperative independent member firms affiliated in China, are member firms of the KPMG network joint venture enterprise in China and KPMG Huazhen, a Sino-foreign Advisory owned (China) Limited, a wholly foreign KPMG © 2012 1.1 Complex economic environment For chemical companies, the prospect The chemical industry is in a state of going forward revolves around of both optimism and uncertainty. a complex two-speed world. While The world economy has entered a emerging nations manage to buck difficult phase characterised by strong the trend, despite a slowdown in downside risks and fragility. Financial China, a muted American economy and political anxiety generated by and debt-constrained Europe will tend the European debt crisis continues to weigh down industry demand. A to affect high-income countries. continued recession in the developed These uncertainties may be mitigated world may take its toll on East Asian partially by growing consumption in economies unless they are beefed up emerging markets, which may help by more investment spending, higher sustain major end-use demand for the consumption and fresh opportunities chemical industry. in next-generation sectors like sustainability. A combination of macro-economic complexities has led the World Global growth trend and chemical Bank to greatly lower global growth curve projections to 2.5 percent and 3 The global chemicals industry began percent respectively, for 2012 and recovering from late 2009, but 2013. Over the next few years, production continues to be far below GDP growth of developed nations is pre-recession levels. Developing projected to be well below 3 percent, countries fared better compared to even under the best-case scenarios. the relatively mature economies of the For developing countries it will be a West. The recession, however, led to relatively weak 5.3 percent in 2012, a distinct structural shift in the global before strengthening slightly to 5.9 chemicals industry as production units percent in 2013. 1 moved towards Asian countries.3 Chemical makers, however, are Currently, the volume of demand optimistic that they should be able to China or East Asia generates has withstand the pessimism triggered by assumed greater significance. Output austerity measures in Western Europe of chemicals in emerging markets is and will be well-placed to reap the expected to outpace production in benefits from the emerging markets developed countries. India, Africa, as these economies will remain the Latin America and other emerging main drivers of world growth.2 markets will continue to expand, 1 Managing growth in a volatile world, June 2012, The World Bank 2 Cefic forecasts 2012 standstill for EU chem output, 14th June 2012, ICIS News 3 Global chemicals industry to reach US$5.5 trillion by 2015, Global Industry Analysts, Inc. 15 Feb 2012 © 2012 KPMG Advisory (China) Limited, a wholly foreign owned enterprise in China and KPMG Huazhen, a Sino-foreign joint venture in China, are member firms of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. Printed in China. China’s chemical industry era with sustainability enters new chemical | 3 China’s 4 | China’s chemical industry enters new era with sustainability with the strongest growth in 2012 production recorded a 1.1 per cent expected in specialty chemicals, increase in 2011 compared to 2010 consumer products, and agricultural and total sales were 10.7 percent chemicals. Globally, output is expected higher year-on-year, according to to grow 2.3 percent in 2012 and 4.3 CEFIC Chemicals
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