Business Monitor International


Belgium Petrochemicals Report

Published 26 November 2014

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Belgium Petrochemicals Report

The Belgian petrochemicals industry is attracting investment due to its strong infrastructural advantages, but could still feel the effects of a downturn in the eurozone that would threaten profit margins, according to BMI's latest Belgium Petrochemicals Report.

Belgium hosts leading petrochemicals companies with a strong and well integrated value chain. Antwerp's status in terms of both high-quality and cost-effective production, as well as extensive access to markets and its infrastructure are appealing to petrochemicals players as is its open economy with foreign trade representing more than 80% of GDP.

However, a lack of domestic markets for Belgian petrochemicals output exposes it to strong external risk. Belgium is specialised in only a few segments and risks being outflanked by high volume producers in the Middle East, which have indigenous hydrocarbons resources. There is also limited growth potential in a mature market.

Nevertheless, Belgium is seeing an increase in investment activity in the petrochemicals sector, with a focus on product diversification and technological sophistication. Supporting that growth is INEOS's new ethylene terminal in Antwerp which provides 1mntpa of competitively priced ethylene feedstock from the Middle East and is regarded as a good alternative to a world-scale cracker facility.

  • In 2014, Belgium had ethylene capacity of 2.54mntpa with intermediate and aromatics capacities of 870,000tpa benzene, 890,000tpa ethylbenzene, 1.94mntpa ethylene dichloride (EDC), 810,000tpa vinyl chloride monomer (VCM) and 600,000tpa xylenes. In terms of polymers, Belgium has capacities of 1.64mn tpa high density polyethylene (HDPE), 930,000tpa low density polyethylene (LDPE), 2.1mn tpa polypropylene (PP), 475,000tpa polyvinyl chloride (PVC) and 645,000tpa polystyrene (PS).

  • There is a danger that JBF Industries' new 432,000tpa bottle-grade polyethylene terephthalate (PET) plant at Geel will exacerbate a situation of over-capacity, leading to...

Table of Contents

Executive Summary
5
SWOT Analysis
7
Belgium Petrochemicals SWOT
7
Belgium Political SWOT
8
Belgium Economic SWOT
8
Global Petrochemicals Overview
9
Global Oil Products Price Outlook
13
Table: BMI's Refined Products Forecasts, 2010-2016
14
Table: Middle East Outperforms In Terms of Passenger Growth
18
European Petrochemicals Overview
23
Market Overview
27
Table: Belgium Olefins Facilities
28
Table: Belgium Aromatics And Intermediates Facilities
28
Table: Belgium Polyolefins Facilities
29
Industry Trends And Developments
30
Upstream and refining
31
Table: Refineries In Belgium
32
Western Europe Petrochemicals Risk/Reward Ratings
33
Table: West Europe Power Risk/Reward Ratings (Scores Out Of 100)
35
Industry Forecast Scenario
36
Table: Belgium Sector Data and Forecasts, 2010-2017
37
Macroeconomic Forecast
38
Table: Belgium - Economic Activity, 2011-2016
40
Competitive Landscape
41
Competition: Regulatory Scenario
41
Encouragement To Foreign Investment
41
No Free Zones And Ports
42
Company Profiles
43
Total Petrochemicals
43
Solvay SA
45
Glossary of Terms
46
Table: Glossary Of Petrochemicals Terms
46
BMI Methodology
47
How We Generate Our Industry Forecasts
47
Chemicals And Petrochemicals Industry
48
Cross Checks
49
Business Environment Ratings
49
Table: Petrochemicals Business Environment Indicators And Rationale
50
Table: Weighting Of Indicators
51
Country Snapshot
52
Table: Belgium's Population By Age Group, 1990-2020 ('000)
53
Table: Belgium's Population By Age Group, 1990-2020 (% of total)
54
Table: Belgium's Key Population Ratios, 1990-2020
55
Table: Belgium's Rural And Urban Population, 1990-2020
55

The Belgium Petrochemicals Report has been researched at source, and features Business Monitor International (BMI)'s market assessment and independent forecasts for key petrochemicals sub-sectors. The report also analyses the impact of regulatory changes, recent developments and the background macroeconomic outlook and features competitive landscapes comparing companies by products and services, sales, market share, investments, projects, partners and expansion strategies.

BMI's Belgium Petrochemicals Report provides industry professionals and strategists, sector analysts, trade associations and regulatory bodies with independent forecasts and competitive intelligence on the Belgian petrochemicals industry.

Key Benefits

  • Benchmark BMI's independent petrochemicals industry forecasts to test other views - a key input for successful budgetary and planning in the Belgian petrochemicals market.
  • Target business opportunities and risks in the Belgian petrochemicals sector through our reviews of latest industry trends, regulatory changes and major deals, projects and investments in Belgium.
  • Assess the activities, strategy and market position of your competitors, partners and clients via our Company Profiles (inc. KPIs and latest activity).

Coverage

BMI Industry View

Summary of BMI's key industry forecasts, views and trend analysis, covering petrochemicals markets, regulatory changes, major investments, projects and company developments.

Market Overview

Structure, size and value of the industry sector; overview of the industry landscape and key players; assessment of the business operating environment and the latest regulatory developments.

Business Environment Rankings

BMI's Petrochemicals Business Environment Rankings provide a country-comparative Risk-Reward Rankings index aimed at investors (both corporate and financial) in the regional petrochemicals market.

The rankings methodology makes sophisticated use of over 40 industry, economic and demographic data points and is part of BMI's integrated Country Risk-Industry Rankings products.

Industry Trends & Developments

Evaluation of company and sector-wide developments, including key projects (as well as expansion plans), latest company financial details and proposed international ventures.

BMI Industry Forecasts

Historic data series (2009-2012) and forecasts to end-2018 for all key industry and economic indicators supported by explicit assumptions, plus analysis of key risks to the main forecasts. Indicators include:

Energy: Oil production (`000 b/d), oil consumption (`000 b/d), net oil exports (`000 b/d), gas production (bcm), gas consumption (bcm), net gas exports (bcm), oil refinery capacity (`000 b/d).

Petrochemicals: Ethylene capacity (`000 tpa), ethylene production (`000 tpa), ethylene consumption (`000 tpa), polyethylene capacity (`000 tpa), polypropylene capacity (`000 tpa), polyvinyl chloride capacity (`000 tpa), polyolefins consumption (`000 tpa).

Oil Products Prices: Price forecasts for all major oil-based products (US$/bbl) at major global energy trading hubs.

Economic: Nominal GDP (US$bn), real GDP growth (%), GDP per capita (US$), population (mn), unemployment (%), exchange rate (against US$).

Company Profiles

Examines the competitive positioning and short- to medium-term business strategies of key industry players. Strategy is examined within the context of BMI's industry forecasts, our macroeconomic views and our understanding of the wider competitive landscape. The latest financial and operating statistics and key company developments are also incorporated within the company profiles, enabling a full evaluation of recent company performance and future growth prospects.

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Testimonials

'An essential, multi-faceted research tool. BMI’s thorough understanding of the major market players enables an informed – and informative – review of the sector’s actual performance, together with useful insights into current industry issues, which are topped-off with detailed and invaluable forecasts of industry and macroeconomic trends.’

Senior Research Analyst, ABC International Bank plc