In the first eight months of 2026, Shandong’s overall export growth was 2.8%, while exports of basic organic chemicals grew 19%—nearly seven times the former. Over the same period, basic organic chemicals exports reached RMB 60.31 billion, accounting for 4.1% of the province’s total exports of RMB 1.46 trillion.
This category sits at the raw-material end of industrial chains such as polyurethane, nylon 66, coatings, adhesives, polycarbonate and polyester—the upstream of global manufacturing—where Shandong occupies a key position. Force majeure at overseas plants, the breaking of technological monopolies, and the restructuring of global supply chains have simultaneously amplified Shandong’s capacity to take on export demand. The RMB 60.31 billion represents a continuous outflow of upstream manufacturing raw materials, and Shandong’s weight in this link is rising.
Wanhua Chemical: MDI and TDI
In H1 2026, revenue was RMB 119.316 billion, up 31.26% YoY, and net profit attributable to shareholders was RMB 10.063 billion, up 64.35% YoY. Polyurethane segment revenue was RMB 44.957 billion, up 21.87% YoY; production and sales volumes were 3.40 million tonnes and 3.26 million tonnes, respectively; gross margin was 27.05%.
Wanhua Chemical’s MDI capacity attributable to its equity interests is 3.41 million t/y, and its TDI capacity attributable to equity interests is 1.27 million t/y, both ranking first globally. Its global MDI capacity has expanded to 4.5 million t/y. The Yantai base is Wanhua’s core MDI production unit. Its products are sold directly to external markets and participate in supply and pricing in the global polyurethane industry chain, breaking the long-standing monopoly of overseas producers.
Qixiang Tengda: MEK and Maleic Anhydride
The MEK unit has a designed capacity of 260,000 t/y, which can be raised to 330,000 t/y in actual operation. It accounts for about 40% of the domestic market, with exports making up 58% of output; it is the world’s largest single-unit MEK plant by capacity. Maleic anhydride capacity is 400,000 t/y, and its export volume accounts for 56% of China’s total maleic anhydride exports. The company’s overall capacity exceeds 3.5 million t/y, with plant utilization consistently maintained above 90%.
Tianchen Qixiang: Adiponitrile
The first-phase 200,000 t/y adiponitrile plant has reached full production and is currently operating at a relatively high load. Tianchen Qixiang’s 75% equity interest corresponds to an attributable designed capacity of 150,000 t/y. The plant uses a butadiene-based process and is China’s first industrial-scale unit of its kind, breaking the long-term overseas technological monopoly in adiponitrile. After the plant reached full production, China’s PA66 capacity expanded to 1.5 million t/y. From January to August, PA66 exports totaled 158,100 tonnes, up 42% YoY.
Hualu Hengsheng: DMF, Dimethyl Carbonate and Dibasic Acids
DMF, dimethyl carbonate and dibasic acids account for 40%, 60% and 76% of China’s total exports of the respective products. DMF products are shipped directly by tank container trucks from the Dezhou Canal Hengsheng Chemical Industrial Park to Qingdao Port, then loaded onto vessels for export to South Korea; the order backlog extends several months out. Bulk intermediates such as DMF, acetic acid and organic amines form the export base, while adipic acid and dimethyl carbonate are higher-value-added categories. Hualu Hengsheng’s acetic acid, DMF and methylamine industrial chain centered on methanol leverages self-supplied refined acid and hydrogen as raw-material advantages; its products, together with DMF, serve downstream polyurethane applications.
Binhua Group: Propylene Oxide and Allyl Chloride
Propylene oxide capacity is 280,000 t/y and allyl chloride capacity is 80,000 t/y. Binhua has its own terminal and storage tanks in the Binzhou Port area. Its propylene oxide exports mainly target Southeast Asian and European markets. In H1 2026, propylene oxide export volume rose about 30% YoY, while allyl chloride exports remained stable.
Lihuayi Group: Phenol, Acetone and Bisphenol A
It has a phenol-acetone integrated unit, with phenol capacity of 220,000 t/y, acetone capacity of 130,000 t/y, and bisphenol A capacity of 120,000 t/y. Phenol exports mainly target South Korea and India, while bisphenol A exports cover Southeast Asian markets. In H1 2026, bisphenol A export volume increased about 25% YoY, while phenol exports remained steady. Lihuayi’s integrated refining and chemical complex in Lijin provides a stable raw-material source for phenol and acetone.
Dongming Petrochemical: Aromatics and Benzene
It has continuous catalytic reforming and aromatics complex units, with paraxylene capacity of 1 million t/y and benzene capacity of 300,000 t/y. Benzene exports mainly target South Korea and Southeast Asia. PX is mainly for domestic supply, with some exported to India and Turkey. In H1 2026, benzene export volume rose about 20% YoY, while PX exports remained stable. Dongming Petrochemical’s liquid chemical terminal and storage tanks at Rizhao Port provide the logistics foundation for its aromatics exports.
Lunan Chemical: Acetic Acid and Acetate Esters
Acetic acid capacity is 1 million t/y, ethyl acetate capacity is 300,000 t/y, and butyl acetate capacity is 150,000 t/y. Acetic acid exports mainly target India and Southeast Asia, while acetate ester exports cover South Korea and Japan. In H1 2026, acetic acid export volume rose about 15% YoY, while acetate ester exports remained stable.
INOV: Polyether and Polyester Polyols
In H1 2026, overseas revenue was RMB 1.334 billion, up 59.74% YoY, rising to 29% of total revenue. Its products cover more than 100 countries and regions worldwide. Export growth mainly came from incremental demand for environmentally friendly polyurethane materials in South American, Southeast Asian and European markets. Overseas gross margin rose to 8.78%, and the export product mix is shifting toward higher-value-added categories.
Taken together, these companies show that the high growth of Shandong’s basic organic chemicals exports stems from several structural conditions. Capacity concentration in individual products is high, export shares globally or nationally are relatively high, and continuous plant operation capability and process stability constitute barriers to entry. Downstream operations are directly embedded in the polyurethane, nylon 66, coatings, adhesives, polycarbonate and polyester industrial chains, making customer switching costs high. When older overseas plants are affected by geopolitical disruptions and force majeure, Shandong’s capacity becomes a source of supply to fill the gap. The 4.1% export share is not large, but it occupies the raw-material gateway to multiple downstream industries in global manufacturing. With growth nearly seven times the provincial average, it means that in Shandong’s foreign trade increment, the pricing power and supply chain weight of upstream chemicals are rising.
