As a crucial foundation and pillar industry of the national economy, the chemical raw materials industry accounted for 14.9% of the industrial added value in 2024, with a growth rate of 6.6%. China ranks first in the world in production capacity for more than 20 types of basic chemicals, including oil refining and ethylene. China has become the world's largest producer and consumer of petrochemical products. China's chemical raw materials industry has undergone a difficult development process from scratch to strength. In its initial stage from the 1950s to the 1970s, it mainly focused on the production of basic chemical products. In the 1980s and 1990s, the industry entered a period of rapid development. After entering the 21st century, the industry entered a period of structural adjustment.
As of 2024, the added value growth rate of China's petrochemical industry reached 6.6%. In 2021, the total output value of China's basic chemical raw materials manufacturing industry reached 2,948.26 billion yuan, a year-on-year increase of 2.74%. From 2014 to 2021, the total assets of China's basic chemical raw materials manufacturing industry increased from 2,057.53 billion yuan to 2,723.98 billion yuan, with a compound annual growth rate (CAGR) of 4.09%. Technological innovation is becoming the core driving force for the development of the chemical raw materials industry, with R&D investment showing a steady upward trend overall. Taking some leading companies as examples, Zhongyida's R&D investment surged by 5.3% year-on-year in 2024, while Sanyou Chemical's R&D investment increased by 35% year-on-year.
