Chemical Machinery Industry Maintains High-speed Growth During the "11th Five-Year Plan" Period
During the "Eleventh Five-Year" period and up to 2020, China's machinery industry is expected to maintain an average annual growth rate of 12% to 15%. However, different sub-sectors within the industry will experience varied development trends. Major technical equipment, such as petrochemical general equipment and high-tech manufacturing like CNC machines, is likely to continue growing rapidly.
Zhang Jiaming, director of the Information Department at the China Petroleum and Petrochemical Equipment Industry Association, noted that the chemical machinery sector had long struggled with losses. One major factor was the large-scale import of modern petrochemical equipment, which affected the industry's economic efficiency. However, in 2004, the sector saw a significant turnaround, with production and sales booming, reversing the loss trend. This was driven by several key factors.
First, strong demand from both domestic and international markets for petroleum and chemical equipment led to a surge in orders. For instance, due to rising crude oil prices, refining companies increased their investment in hydrogenation equipment to produce more light oils such as gasoline, diesel, and lubricants. This sudden demand created a shortage, as manufacturers struggled to meet the growing needs. In 2004, many chemical machinery firms received large orders that had not been seen in years, leading to a 30% increase in sales during the first half of the year. Companies like Jinxi Chemical Machinery Group and Dalian Hydrotreating Reactor Manufacturing Co., Ltd. experienced significant revenue and profit growth.
Second, technological advancements have improved the industry’s efficiency and competitiveness. The successful development of new technologies and products has enhanced the global and domestic market position of China's petrochemical equipment. For example, Shandong Hualu Hengsheng Chemical Co., Ltd. completed a trial of a large-scale nitrogen fertilizer localization device, marking a breakthrough in reducing reliance on imports. This coal-based facility, designed and manufactured domestically, achieved a 94.5% localization rate and cost significantly less than imported alternatives. Similarly, the development of domestic hydrogenation equipment and key components for ethylene cracking has opened up new growth opportunities for manufacturers.
Additionally, improvements in industrial restructuring and enterprise reorganization have contributed to better economic performance. It is expected that the chemical machinery industry will continue to grow steadily, ending its long-term loss phase and entering a more sustainable development stage.
According to the China National Chemical Equipment Association, with the continued rapid growth of the petrochemical industry during the "Eleventh Five-Year" period, the chemical machinery sector is set for a promising future. During the next five-year plan, refining and ethylene production will become central to the industry. Several key development trends are expected: traditional high-quality products will retain strong market positions, such as large ammonia synthesis equipment and high-pressure vessels in urea plants. Equipment used for energy-saving upgrades and product adjustments in petrochemical enterprises will see significant growth. Energy-efficient units and environmental protection technologies will also become important growth areas. Large-scale petrochemical equipment will drive further expansion, while storage and transportation equipment for oil and chemicals will gain a specific market share. For example, railway tank cars and truck tankers will continue to expand to meet diverse transportation needs.
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