Introduction: The PTA market trend is changing in 2020. The large-scale refining and chemical integration project has achieved rapid development. The PTA industry chain continues to expand upstream, and the chemical fiber industry chain industry pattern has gradually emerged with new characteristics. However, the COVID-19 epidemic swept the world, international crude oil prices plummeted, Sino-US trade relations were tense, and many global macro events were negative for the PTA market. At the same time, the supply and demand data of the PTA industry also experienced substantial changes. How will the distribution of domestic PTA production enterprises and future production expansion be interpreted in 2021?
In January 2021, Fujian Baihong’s 2.5 million-ton new device was put into operation. As of now, the domestic PTA production capacity has reached 63.555 million tons, and the supply is sufficient.
1. China’s PTA production capacity distribution statistics
Data source: Jin Lianchuang
As of the beginning of 2021, China’s leading companies are still dominated by Yisheng, Hengli, Fuhaichuang, Xinfengming, etc., with their main production capacity concentrated in East China, South China, and Northeast China, of which East China accounts for approximately It accounts for 42.64% of the total domestic production capacity. Northeast China accounts for approximately 22.34% of the total domestic production capacity, South China accounts for approximately 28.95% of the total domestic production capacity, and other regions account for approximately 6.07% of the total domestic production capacity.
2. Production capacity statistics of major PTA manufacturers
Data source: Jin Lianchuang
The “state retreat and private advancement” policy that began in 2005 has shaped the current PTA industry. State-owned enterprises have stopped investing in PTA. Investment, focusing on upstream development, private companies took advantage of the momentum to develop from downstream polyester to upstream PTA, and the scale of equipment increased geometrically. In addition, a large amount of external funds have entered the PTA industry, and the proportion of joint ventures has increased. As of the beginning of 2021, my country’s PTA production enterprises are divided into state-owned enterprises, private enterprises and joint ventures. Among them, private enterprises account for approximately 74.73% of the total domestic production capacity, joint ventures account for approximately 18.49% of the total domestic production capacity, and state-owned enterprises account for approximately 10% of the total domestic production capacity. 6.78%.
3. New/expansion statistics of China’s PTA installations from 2020 to 2023
In 2020, PTA ushered in a turning year in history. The industrial chain continued to expand upstream, realizing the full range of “crude oil-PX-PTA-polyester” In the industrial chain development model, integrated projects have developed by leaps and bounds, and the company has also realized substantial operations in the entire industry chain business from “a drop of oil” to “a thread”. In the process of this development, new characteristics have also emerged in the PTA industry pattern. In 2020, 8.4 million tons of new domestic PTA devices were put into production. In recent years, the domestic PTA industry has experienced a period of overcapacity and a period of overcapacity reshuffle, and changes in the supply pattern have had a greater impact on the market. According to statistics from Jin Lianchuang, 16.5 million tons of new devices will be put into operation in 2021. If the new devices are put into operation as scheduled, the total domestic PTA production capacity is expected to exceed 77.555 million tons in 2021, with a growth rate of 27.02%; in 2022, the growth rate will be 11.22%; in 2023 The growth rate was 7.54%. The supply pattern of the domestic PTA industry will return to the surplus situation soon. </p