China’s Shandong Binzhou planning construction of high-end chemical production base, USD 141 billion revenue foreseen by 2030
Jun. 10, 2020
On 29th May, Chinese Shandong's Binzhou Municipal Government made an announcement stating that the city will build a high-end chemical production base in Binzhou, which is expected to extend and optimize Binzhou's chemical industry development and promote the city's industrial value chain towards higher levels.
Binzhou is the nation’s most important high-end petrochemical industry base, has a solid petrochemical and salt chemical industry foundation, a steady supply of key chemical raw materials (epoxypropane, ethylene and aromatics) and new chemical materials (butyl rubber and polyurethane), as well as a well-known fine chemical industry covering daily chemicals, pharmaceutical chemicals, and information technology-oriented chemicals.
With the aim of achieving a world-level reputation and gaining international influence, supported by seven provincial-level chemical industrial parks and nine supervised key chemical production locations, Binzhou is determined to achieve its strategic goal of completing the full-scale construction of its chemical production base within three years, as well as achieving remarkable success in five years and completion in ten years.
According to the plan, by 2030，the business income of the city's high-end chemical industry is expected to reach USD 141 billion with high-end products accounting for over 80%. By that time, the city will be able to play its global industrial role and be deeply involved in the global value and supply chains. Meanwhile, the city will maintain its core technology, distribution channels and strategic essentials, while some of its products will capture a dominant market share at home and abroad, with its chemical industry playing a pivotal role in the global industrial system. Hence, a world's high-end chemical production base will be established.
It is reported that Binzhou’s chemical industry cluster in 2019 generated an income of USD 26.7 billion from its primary business, with contributions from 166 chemical enterprises above a designated business scale. A complementary industrial system has also been established, which integrates the petrochemical industry, the marine chemical industry, the fine chemical industry, the inorganic chemical industry and the new chemical materials sector, creating a solid foundation for the industrial chain to advance.
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