By 2030, China's chemical output value will account for 50% of the world's total value

From the perspective of global chemical output value, the total output value of the world chemical market in 2018 is US $3348 billion, and around US $3415 billion in 2019. China has become the largest chemical producer. In 2019, China's chemical output value reached US $1198 billion, accounting for 36% of the world's total value. It is estimated that by 2030, China's chemical output value of a single country will reach 50% of the world's total value. 

In terms of chemical output growth, China also contributes the most to global chemicals (excluding pharmaceuticals). In other major countries and regions, the year-on-year change in the United States is particularly obvious. The decline in production growth is mainly due to the weak domestic demand of the automobile industry, agriculture and construction industry. In addition, due to the trade conflict between China and the United States, the export of chemicals from the United States to China has decreased significantly. Chemical production in the EU has declined for two consecutive years. Due to the weak overall economic environment, South America's chemical production also decreased by 2.0% in 2019. In contrast, chemical production in emerging markets in Asia increased by 4.0%, slightly higher than expected, mainly due to continued growth in China. 

The way of competition of chemical industry chain in the world has gradually changed from technology competition to cost combined technology competition in the 21st century. Resources and market have become the main direction of global layout of chemical industry chain.