全球人口增加粮食需求不断增长，农药长期具备刚需属性。农药品种众多，仅原药就达600多个，但随着农业耕作模式的转变以及抗药性的出现，农药品种将不断的更新换代；同时，农药企业结构也将面临持续变化，跨国公司的农药产能继续向发展中国家转移，国内农药企业有承接产业转移的契机，而我国政府一方面实行环保高压不断淘汰不合格的小农药企业，另一方面又鼓励培育大的农药企业集团参与国际竞争，所以部分农药企业有着重大的历史发展机遇。

供需格局改善，全球钾肥开启复苏之路。长期来看钾肥产能与消费增长相匹配，边际成本将维持稳定。

2018 年，化工行业继续延续了增长态势。作为化工行业主体，化学原料与化学制品子行业主营业务收入继续保持增长，利润总额也呈快速增长态势，较去年同期，毛利率也略有增长。化学纤维子行业也保持了相似的态势。

2018 年，成本端原油价格波动加剧，中枢上行。供给端新一轮行业投资扩张已经开始。外需强劲但未来面临较大不确定性，行业估值处于历史较低水平。判断行业集中度持续提升，龙头企业获得更多市场份额与更高盈利水平。维持行业强于大市评级。

2018年世界范围内政治经济形势较为复杂，在国内去杠杆、调整结构和国际贸易不确定等因素作用下，我国在投资、消费和出口等方面均面临一定下行的压力。化工行业2018年前三季度基本延续了2016年以来的景气度，处于高景气周期，多数大宗商品价格处于高位，大部分化学品表现强劲，行业盈利保持高增速。四季度行业整体进入淡季，油价加速下行，加上全球范围内经济低迷，大部分化工产品价格出现较大幅度回调，预计短期内产品价格将进一步承压。目前行业整体估值处于历史阶段性低位

We have covered the quantitative and qualitative analysis of polytetrafluoroethylene (PTFE) market in the leading application segments, which include chemical & industrial processing, electrical & electronics, automotive & transportation, building & construction, and others. On the basis of product, the market is segmented into granular, fine-powder, micro-powder, and others. The analysis for polytetrafluoroethylene (PTFE) market on the basis of product and application has been provided in terms of volume (kilotons) and revenue (USD million), where 2014 to 2016 is considered as the historic period, 2017 is considered as the base year, the period of seven years from 2017 to 2025 is considered as the forecast period.

The global next generation refrigerant market is expected to grow at a significant rate during the forecast period (2018-2023). Refrigerants are a major product used for the proper functioning of various applications, such as air conditioning systems, refrigeration, and heat pumps, which are a necessity for consumers. The next generation refrigerants are defined as the refrigerants that do not affect the environment negatively and have minimal or zero ODP and GWP. According to American Society of Heating, Refrigerating and Air-Conditioning Engineers (ASHRAE) code, R-717, R-744, R-600a, R-1270, R-1234yf, and R-1234ze, among others, are considered next generation refrigerants.

We have estimated the silicon carbide industry by segmenting the market on three levels. Functional segmentation of the silicon carbide industry has been done based on key products and application markets. The market split by these product and application industries has been done to the extent of covering over 90% of the global silicon carbide market. Key products included are black silicon carbide, green silicon carbide and other silicon carbide such as coated and refractory while major application markets include steel, automotive, aerospace, defense, electronics and medical. Furthermore, these have been segmented based on regional markets including North America, Europe, Asia Pacific and RoW.

2019年化工行业面临的内外部环境不确定性增加：1）中美贸易摩擦风险仍在；2）在国内经济转型升级、金融去杠杆大背景下，以基建投资、房地产投资为主的固定资产投资增速下滑；3）国内消费面临走弱的可能；4）布伦特油价从85美元/桶调整至60美元/桶，预计油价继续低位整理。我们认为2019年化工投资难度加大，需要在不确定中寻找确定性机会，把握成长相对确定的细分子行业。

需求方面，受能源结构升级和环保需求推动，《天然气发展 “十三五”规划》提出 2020 年天然气消费占一次能源比例从 2016年的 6.3%提升到 8%-10%，据此测算，2020 年之前我国天然气消费量 CAGR 将保持 15%左右。供给方面，国内天然气供给由国产气、进口管道气、进口 LNG 三部分组成，其中国产气、进口管道气供应量相对稳定，加大海外 LNG 进口是补充国内用气缺口的必然选择。