With the rapid expansion of domestic refining and chemical integration projects, domestic polyester-end polyester filaments are also keeping pace. At present, the main producing areas of polyester filament in my country are mainly concentrated in Zhejiang. With the continuous improvement of the industrial layout of leading polyester enterprises, the area in northern Jiangsu will occupy a place in the polyester filament industry in the future.
Proportion of domestic polyester filament production capacity by region in 2021 and 2023
As of early June 2021, China’s polyester filament yarn is mainly concentrated in Zhejiang, with a production capacity of 22.955 million tons/year, accounting for 69.06% of the total capacity, followed by Jiangsu , Fujian ranked third, with production capacities of 7.452 million tons/year and 2.53 million tons/year respectively, accounting for 22.42% and 7.61% respectively. With the rapid expansion of new production capacity in the later period, my country’s polyester filament production capacity is still mainly distributed in Jiangsu and Zhejiang, with Fujian ranking third in market share.
Looking at new production capacity in the future:
Comparison table of domestic direct-spinning polyester filament production capacity CR6 in 2021 and 2023 (unit: 10,000 tons)
Comparing the new additions of polyester filament in 2021 and the next two years, the polyester filament device The new additions are mainly concentrated in the leading manufacturers, and the status of leading enterprises is stable. It is expected that the six leading polyester filament companies will account for 70.31% of the industry in 2023, an increase of 4.26% from the current share. It is worth mentioning that the new production capacity is mainly to support the upstream refining and PTA business, followed by the replacement of old production capacity, renovation and expansion.
Polyester filament is “three pillars”, and the concentration of production capacity is the general trend!
According to statistics, the current production expansion information is available. Most of the new polyester filament production capacity in 2021 will come from leading companies. From the statistical data, we can see that the largest number of newly added productions The three companies are Xinfengming, Hengyi, and Hengli. Their combined production capacity accounts for 95.2% of the country’s new production capacity. The concentration of the top three is 46.7%, an increase of 1.7% compared with the previous year. According to the capacity expansion plan in recent years, it can be seen that the concentration of polyester filament is the general trend.
The top three companies accounting for the largest share of the country’s total production capacity are Hengyi, Tongkun and Xinfeng Ming, among the three companies, Xinfengming has the highest growth rate, with an increase of 1.6%. Tongkun has no new production capacity plans this year, and its production capacity share of the country’s total production capacity has dropped by 0.9%, with the lowest growth rate. In the short term, Xinfengming Compared with other peers, the production capacity expansion is relatively strong.
High concentration brings high bargaining power for FDY/POY/DTY
With the expansion of the second phase of the project of the leading refining and chemical enterprise, the raw material cost advantage of the leading enterprise will continue to be enlarged. Coupled with the cost advantage brought by scale, the polyester filament industry has established a relatively high Industry barriers will become increasingly difficult to shake. According to the analysis of the Guojin Securities team, the cost advantages of different polyester filaments of leading refining and chemical companies are also reflected in the following aspects:
POY: Companies that also produce POY filaments are in terms of scale and efficiency. , the difference in equipment energy consumption can be about 100-200 yuan/ton.
FDY: Considering that the FDY process uses a lot of compressed air, the compressed air unit can be driven by a steam turbine or an electric motor, so energy consumption is the main cost. If the pressure does not require electricity or the factory has its own power plant, the cost can be saved by 150-250 yuan/ton.
DTY: Compared with companies that outsource POY for the texturing process, companies with integrated POY-DTY links have higher power consumption and packaging ratio than non-raw material costs for DTY processing. About 40% of the total cost can be saved by supporting public engineering systems (self-provided power plant/steam) and self-produced packaging materials (including paper tubes, foam boards, cartons, wooden frame recycling, etc.) of about 150-250 yuan/ton. The efficiency difference between old and new texturing equipment, including vehicle speed, power consumption, single machine efficiency, etc. can save costs by 150-1,000 yuan/ton depending on the type of filament.
At the same time, high concentration brings high bargaining power. Compared with downstream textile companies with obvious decentralization characteristics, the high concentration of filament companies allows them to take more effective measures to protect their own interests.
Leading companies continue to release new production capacity, industry concentration will be further enhanced, industrial chain supporting facilities will be more complete, and the supply of differentiated polyester filament will steadily increase. At the same time, downstream Demand growth may slow down, and excess supply will remain a major problem in the future. </p