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• W267155415 abstract "The region's producers are fragmented, inefficient, and mostly broke What can they do to make themselves whole? Asia's chemical industry(*) is in deep trouble: the regional collapse in demand for its products is forcing more and more debt-burdened companies to the brink. But the crisis is hardly confined to Asia; it has deprived many US, European, and Middle Eastern chemical manufacturers of what used to be an important export market and undercut prices around the world for many of the industry's products. The continent's chemical industry is highly fragmented, and its capacity is in many cases chronically excessive, particularly for commodity chemicals. A radical restructuring will be needed for prices to recover, and Asian companies must lead it. Asians, after all, control by far the largest part of installed capacity in this part of the world; Western players still have only a limited presence, and most would balk at the number of takeovers needed to consolidate the industry in a meaningful way - and at their cost. Moreover, uncertainty about the pace of economic recovery in Asia will probably deter all but the most risk-hungry outside investors. Indeed, the task ahead for Asian chemical producers is enormous. Of all the world's regions, this has the largest imbalance of capacity and demand for many products, as well as the largest number of subscale (and therefore uneconomic) facilities. Yet if the Asian chemical industry can reform itself, it will emerge strengthened in what remains the most promising of all growth markets. Spectacular growth, negligible profits During the past 20 years, the Asian chemical business has expanded phenomenally, so that it now accounts for a third of world capacity. Exhibit 1 (next page) shows the recent growth of Asia's production resources for polypropylene, one of the most common kinds of plastics, used, for example, in the dashboards of automobiles. Nonetheless, profitability has been poor throughout the whole chemical industry. Much of the problem stems from the exceptionally large number of companies that produce most chemicals in Asia. China, a market a third the size of Western Europe, has some 100 polypropylene manufacturers, compared with just 15 in Western Europe. The reason for this fragmentation varies from country to country. In South Korea, for example, it reflects rivalry among conglomerates whose primary goal has been to increase their share of as many markets as possible. In China, the cause is a political decision to support local industrial development. Throughout the continent, profits have been significantly less important. Indeed, the notion of maximizing shareholder value remains largely alien to corporate Asia. Fragmentation and the desire to bid for market share have also generated substantial levels of overcapacity, particularly in such export-oriented countries as South Korea and Singapore. The problem is compounded by the fact that European and North American producers have off-loaded their excess capacity in Asia at knockdown prices. Overcapacity and inexpensive imports from other regions have often generated chronically low utilization rates, and this in turn has sparked recurrent, intense price wars. Over the past decade, prices for many commodity chemicals in Asia have therefore consistently lagged behind prices elsewhere. Of course, national trade barriers and other protection mechanisms meant to ensure independence from foreign suppliers and low unemployment have done little to force chemical manufacturers to improve their performance. Most of the region's countries still have tariffs of 20 to 40 percent for many chemical products - at least 10 percentage points higher than corresponding tariffs in Western Europe and North America. Even in the absence of specific measures of protection, local suppliers in some places still have a clear relationship advantage that effectively excludes foreigners. …" @default.
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• W267155415 date "1999-03-22" @default.
• W267155415 modified "2023-09-23" @default.
• W267155415 title "An Acid Bath for Asian Chemicals" @default.
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