Why is China's propylene capacity so large but still lacks global chemical giants like BASF or DuPont?

Why is China's propylene capacity so large but still lacks global chemical giants like BASF or DuPont?
China's propylene capacity exceeds 63 million tons per year, with Zhejiang Petrochemical alone holding 3.3 million tons, making it the country's largest producer. Yet global leadership remains fragmented. Unlike ExxonMobil or LyondellBasell, Chinese capacity is spread across many players, and technology gaps persist. For instance, PDH units in China have historically relied on UOP or Lummus licenses and catalysts, raising costs and uncertainty. The recent commissioning of Sinopec's first domestic PDH pilot unit at Beihai marks a shift toward breaking foreign tech monopolies. As domestic PDH technology matures, production costs could fall significantly, improving competitiveness. However, scale alone hasn't translated into pricing power or integrated downstream differentiation, which is why China still trails in global chemical influence despite volume leadership.