Introduction: 2020 is at the end of the year, and the COVID-19 epidemic has caused heavy damage to the global economy. Although the polyester market has fallen to the bottom, the performance of polyester companies has become the most profitable end of the polyester industry chain. Polyester Production capacity continues to grow, but the overall growth rate has shown a trend of slowing down year after year.
Data source: Jin Lianchuang
China’s polyester production capacity has increased from 48.15 million tons in 2016 By 2020, it will increase to 63.725 million tons, with an average annual growth rate of 6.60%. From 2016 to 2017, domestic polyester production capacity increased slowly in these two years, with an average annual growth rate of 4.41%. 2018-2019 was the peak period for polyester production, with a total of 12.1 million tons of new production capacity. After entering 2020, domestic polyester production capacity continued to grow steadily, and the industry re-emerged from a surplus crisis. New production capacity was put into operation as scheduled. A total of 4.94 million tons of new production capacity was added this year. A total of 1.7 million tons of waste production capacity was deleted in 2020, and the production capacity growth rate dropped to 5.77 %. Next year, a large number of new polyester projects are expected to be put into production, and polyester will once again usher in a production peak.
Data source: Jin Lianchuang
This year’s new domestic polyester production capacity is concentrated in 2- In the third quarter, as the domestic epidemic was effectively controlled, the economy recovered steadily, and the good domestic economic environment laid a solid foundation for the start-up of new domestic polyester projects as scheduled. Especially in April, the new production capacity reached 1.6 million tons in a single month. In terms of the new additions of various polyester products, polyester filament yarn (including polyester industrial yarn) and polyester bottle flakes have the largest new production capacity. The new production capacity of polyester bottle flakes is 1.45 million, and the new production capacity of polyester yarn is 2.93 million. Ton. The newly added polyester products are mostly focused on differentiated and functional specifications, and the polyester industry is developing towards high-end products.
Table 1. Production capacity statistics of leading domestic polyester enterprises (unit: 10,000 tons)
Data source: Jin Lianchuang
In recent years, the market share of leading polyester companies has gradually increased. According to statistics from Jin Lianchuang, there are currently 8 domestic polyester companies with more than 2 million tons of polyester, and their total production capacity is 31.85 million tons, accounting for nearly 50% of the total domestic polyester production capacity. Among them, Hengyi has a production capacity of 6.98 million tons and Tongkun has a polyester production capacity of 5.9 million tons. The combined production capacity of the two companies is 12.88 million tons, accounting for 20% of the total domestic polyester production capacity. They have a large market share and the polyester industry pattern is dominated by leading companies. Taking shape.
Most of the new polyester production capacity this year is the expansion of production and capacity of leading companies. Leading companies continue to expand their market share, which not only consolidates their competitive position, but also strengthens their control over prices. As far as the current polyester industry is concerned, the industry concentration is high, and larger companies play a certain leading role in the market, jointly promoting market development and maintaining industry profit levels, which is also beneficial to the healthy and stable development of the industry to a certain extent. Polyester companies are lengthening and broadening the industrial chain through horizontal or vertical integration. Companies with large scale, strong strength and complete industrial chain supporting facilities will have more say. Therefore, in the future polyester industry, brand effect and large-scale development will be the key. An important bargaining chip for enterprises to compete for the market. </p
