China dominates global chemical revenue rankings, with sales of €1,331 billion ($1,643 billion) in 2016, accounting for almost 47% of total global chemical investments. The country vastly surpasses other nations—for reference, the US, which ranks second, had 2016 chemical sales of €476 billion ($587 billion).

By 2030, global sales of chemicals are forecast to reach €6.3 trillion ($7.7 trillion), with China controlling the largest share at around 44%, of the market.

Chemical demand in China is growing rapidly, as well as in India and emerging countries, but is increasing at a slower pace in Europe and North America. Nonetheless, China is a large and attractive market for chemical suppliers and investments. The country is the EU’s largest trading partner, representing approximately 9% of EU chemical exports.

In its 13^th Five-Year Plan, the Chinese government outlined a strategic plan for the Chinese petroleum and chemical industry, with plans of becoming the world leader in the market through increased innovation and trade. The country’s chemical companies have slightly shifted their focus onto specialty chemicals, but commodity chemicals are expected to remain a major import for the foreseeable future.

Source: European Chemical Industry Council