Thailand Petrochemicals Report Q3 2016

Date: July 6, 2016
Pages: 79
US$ 1,295.00
Report type: Strategic Report
Delivery: E-mail Delivery (PDF)

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Includes 3 FREE quarterly updates

BMI View: Thailand's petrochemicals industry is poised for higher sales volumes in 2016 on the back of higher capacity utilisation and expansion and improved margins. Thai petrochemicals producer PTT Global Chemical Public Company has secured an increase in ethane supply for the year, which will support cracker output growth and margin expansion. However, in the long run, Thailand is likely to see more orientation towards naphtha feed and increased efforts to add value to output as it diversifies feedstock in order to become more profitable.

Naphtha-polyolefins spreads are likely to remain strong in 2016, even as new capacity comes onstream. However, this will have a mixed impact on Thai producers. Thailand's naphtha-based petrochemicals production will benefit from lower oil prices, but gas producers will see margins squeezed. The price movements affected Thai producers in different ways in 2015 with Siam Cement Group (SCG), the largest naphtha-based producer, reporting an improvement in chemical margins while gas-based producer PTTGC saw earnings drop. Margins will influence the competitiveness of Thai producers, who are increasingly reliant on external markets. We expect cooling regional demand stemming from a broad economic slowdown in the region - particularly in China and Japan, which are Thailand's largest and fourth largest export destinations - to persist. In the first four months of 2016, the chemicals trade deficit totalled THB6.4trn. This represented a decline of 14.9% year-on-year (y-o-y) with exports declining 1.1% y-o-y to THB53.5trn while imports fell 2.1% to THB59.9trn.
BMI Industry View
Operational Risk
Industry Forecast
  Table: Thailand's Petrochemicals Sector, 2012-2020
Macroeconomic Forecasts
Economic Analysis
Industry Risk/Reward Index
Asia Petrochemicals Risk/Reward Index
  Table: Asia Petrochemicals Risk/Reward Index Ranking
Thailand Petrochemicals Risk/Reward Index
Market Overview
Industry Trends And Developments
Company Profile
Indorama Ventures
  Table: Indorama financial results (THBmn)
Integrated Refinery and Petrochemicals Company (IRPC)
  Table: IRPC Financial results (THBmn)
PTT Global Chemical
  Table: PTTGC Financial Results (THBmn)
Siam Cement Group (SCG)
  Table: Siam Cement Group (THBmn)
Regional Overview
Asia Overview
Global Industry Overview
Demographic Forecast
  Table: Population Headline Indicators (Thailand 1990-2025)
  Table: Key Population Ratios (Thailand 1990-2025)
  Table: Urban/Rural Population & Life Expectancy (Thailand 1990-2025)
  Table: Population By Age Group (Thailand 1990-2025)
  Table: Population By Age Group % (Thailand 1990-2025)
  Table: Glossary Of Petrochemicals Terms
Industry Forecast Methodology
Risk/Reward Index Methodology
  Table: Petrochemicals Risk/Reward Index Indicators
  Table: Weighting Of Indicators
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