Research and Markets: Spain Petrochemicals Report Q3 2011: Export Growth will Lead Recovery of Spanish Petrochemicals Industry

DUBLIN--()--Research and Markets (http://www.researchandmarkets.com/research/e109ca/spain_petrochemica) has announced the addition of the "Spain Petrochemicals Report Q3 2011" report to their offering.

Spain Petrochemicals Report provides industry professionals and strategists, corporate analysts, petrochemical associations, government departments and regulatory bodies with independent forecasts and competitive intelligence on Spain's petrochemicals industry.

Export growth will lead the recovery of the Spanish petrochemicals industry with domestic sales set to remain weak in 2011, according to BMI's latest Spain Petrochemicals Report.

The key elements vital for private consumption to grow - including higher incomes, lower taxes, greater wealth and available consumer credit - will all be lacking in Spain over the medium term, and this will thrust Spanish petrochemicals production into increased export dependency. We have revised down our forecast for Spanish growth in 2011 to 0.7%, from 0.9% previously, on the back of the government's push for major fiscal consolidation this year, which allows for little prospect of recovery. Indeed, aside from exports, we believe it unlikely that any petrochemicals market will recover in 2011. In order to recover competitiveness lost during the boom years and successfully rebalance the economy away from an overreliance on domestic demand, asset prices and real wages will need to be brought down further. As such, we believe that Spanish growth will prove anaemic over the long run, averaging 1.6% through to 2015.

The country remains burdened with low levels of consumer confidence, contraction of credit and rising inflation, all of which are combining to dampen domestic demand. Firms have failed to see a significant rebound in industrial activity, with industrial production growth - a bellwether for the petrochemicals industry - proving flat in recent months. With industrial production remaining well below 2007 levels, and with low capacity utilisation rates, overall demand for petrochemicals products will be capped for the foreseeable future.

BMI believes Spanish petrochemicals production will grow on the back of growth in eurozone markets. The resumption of operations at the PET plant at San Roque, after Compania Espanola de Petroleos (Cepsa) acquired it from La Seda de Barcelona (LSB) in January 2011, is largely in response to declines in imports from Asia, which had undermined domestic production. The plant, which was closed in September 2008, will be integrated with Cepsa's 480,000tpa PTA facility at Guadarraque, creating a captive market for its output. The move should enhance and grow PTA-PET output in 2011. The reopening of the San Roque PET facility comes nearly a year after LSB brought its PET plant at El Prat de Llobregat following a lengthy shutdown.

Key Topics Covered:

Executive Summary

SWOT Analysis

Spain Petrochemicals SWOT

Spain Political SWOT

Spain Economic SWOT

Spain Business Environment SWOT

Global Petrochemicals Overview

Petrochemicals Market Overview

Financial Results

Global Oil Products Price Outlook

Table: Oil Product Price Assumptions, Q410-Q411 (US$/bbl)

Table: Oil Product Price Data And Forecasts, 2008-2015 (US$/bbl)

European Petrochemicals Overview

Spain Market Overview

Market Structure

Table: Spain's Polymer Capacity

Petrochemicals Business Environment

Table: Western Europe Petrochemicals Business Environment Ratings

Industry Trends And Developments

Upstream

Industry Forecast Scenario

Table: Spain's Oil, Gas And Petrochemicals Sector, 2007-2015 (000 tpa unless otherwise stated)

Macroeconomic Outlook

Table: Spain - Economic Activity; 2006-2015

Company Monitor

Cia Espaola de Petroleos (Cepsa)

LyondellBasell

Repsol YPF

La Seda de Barcelona (LSB)

Glossary Of Terms

Table: Glossary Of Petrochemicals Terms

Methodology

How Our Industry Forecasts are Generated

Chemicals And Petrochemicals Industry

Cross Checks

Business Environment Ratings

Table: Petrochemicals Business Environment Indicators And Rationale

Companies Mentioned:

  • Cia Espaola de Petroleos (Cepsa)
  • LyondellBasell
  • Repsol YPF
  • La Seda de Barcelona (LSB)

For more information visit http://www.researchandmarkets.com/research/e109ca/spain_petrochemica

Contacts

Research and Markets
Laura Wood, Senior Manager,
press@researchandmarkets.com
U.S. Fax: 646-607-1907
Fax (outside U.S.): +353-1-481-1716

Contacts

Research and Markets
Laura Wood, Senior Manager,
press@researchandmarkets.com
U.S. Fax: 646-607-1907
Fax (outside U.S.): +353-1-481-1716