While mainstream polyester and polyester factories continue to develop into the midstream and upstream, they are also deploying to the downstream and terminal markets.
Among the three types of polyester filament products, DTY has always been the most profitable. Many melt direct spinning polyester filament factories are also actively moving into the field of texturing. In addition to large-scale production, the raw material POY is self-produced, and the cost With strong control capabilities, it has a strong say in market pricing.
According to market estimates, the new number of texturing machines in 2021 is estimated to be around 1,500 units, with an annual growth rate of 6.8%. At present, when mainstream polyester filament companies put new devices into production, they will mostly carry out downstream texturing and The supporting equipment of terminal weaving is the main driving force for the growth of the number of domestic texturing machines.
The number of texturing machines and year-on-year data changes from 2017 to 2021
There will be more new weaving and texturing equipment in 2021. This is mainly due to the relatively considerable profit benefits of the weaving and texturing links in 2020 due to the impact of raw material price differences and terminal stockpiling. Profit induction and the recovery of macroeconomic expectations will increase the number of weaving and texturing equipment in 2021. Investment in textile equipment is likely to reach its peak. In the first half of the year, the launch of texturing machines was concentrated in April/May, and in the second half of the year, it was concentrated in July/August. The launch of a large number of new equipment also provides rigid growth space for the demand for polyester and polyester. At the same time, the production capacity concentration and bargaining power of the polyester link are much higher than that of the weaving and texturing link. At that time, the polyester link can rely on the advantages of high concentration to promote downstream buying through joint quotations, output control, promotions, etc., thus reducing inventory. transfer.
In terms of profits, with the continuous expansion of downstream demand, the average annual profit of polyester filament POY 150D/48F is 479.41 yuan/ton, a year-on-year increase of more than 600%. It is in line with expectations for POY profit recovery in early 2021. Supported by the large increase in texturing machines on the demand side, polyester filament POY’s full-year profit level in 2021 is good. Although in the second and third quarters, dragged down by poor demand and the phased promotion model, POY’s profit level fell sharply to a loss. But then profit levels improved. The overall efficiency level throughout the year was good.
From the perspective of the entire industry, competition in the polyester market is intensifying. On the one hand, polyester factories with poor competitiveness and serious losses will continue to be shuffled by the market. On the other hand, with the vertical integration of PX-PTA-polyester-chemical fiber-weaving, Based on the industrial layout of the industry, the major manufacturers in the polyester industry chain have rich sources of profits. They can adjust the sources of industrial profits in a timely manner according to the actual conditions of different industries in the industry chain, and adapt to the current situation without having to bet on the polyester industry. The industrial concentration of the polyester market will continue to rise.
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