China’s ever-more sophisticated chemicals markets could entirely serve itself

By John Richardson

AS RECENTLY AS three years ago, China’s chemicals producers would just about always run flat out regardless of the market conditions.  

This was to “to keep people working in the washing-machine factory by making sure they never ran out of raw materials [polymers and composites]”, said the former chairman of one of the world’s biggest chemicals companies.

Chinese producers enjoyed some years of astoundingly strong profitability during the 1992-2021 Supercycle.