In recent years, China’s polyester production capacity has continued to grow due to increasing social demand. Polyester is the main raw material for the textile industry and beverage packaging industry. The rapid development of the textile industry and beverage industry is the main reason for the rapid growth of polyester production capacity.
China’s polyester production capacity will increase from 50.55 million tons in 2017 to 66.975 million tons in 2021, with an average annual growth rate of 6.85%. From 2015 to 2017, the growth rate of domestic polyester production capacity slowed down in the past three years, with an average annual growth rate of 4.48%. 2018-2019 was the peak period for polyester production, with a total of 12.1 million tons of new production capacity. From 2020 to 2021, domestic polyester production capacity continued to grow steadily, the industry re-emerged from a surplus crisis, and the growth rate of new production capacity slowed down. From 2021 to now, a total of 4.67 million tons of new production capacity has been added, 620,000 tons of waste production capacity has been deleted, and some products have been Production capacity has been revised and adjusted, and the production capacity growth rate is 4.69%.
Table 1. Statistical table of new domestic polyester production capacity in 2021
(Unit: 10,000 tons/year)
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 9 domestic polyester companies with more than 2 million tons, and their total production capacity is 37.1 million tons, accounting for nearly 55% of the total domestic polyester production capacity. Among them, Hengyi has a production capacity of 8.13 million tons, Xinfengming polyester production capacity is 6.3 million tons, and Tongkun polyester production capacity is 5.9 million tons. The total production capacity of the three companies is 20.33 million tons, accounting for 30.35% of the total domestic polyester production capacity, and has a large market share. The polyester industry pattern dominated by leading enterprises has begun to take shape.
Table 2. Production capacity statistics of leading domestic polyester companies in 2021 (unit: 10,000 tons)
Data source: Jin Lianchuang
This year’s new polyester production capacity is mostly due to the expansion of leading companies. Among them, Hengyi Group’s new polyester production capacity is 1.4 million tons, and Xinfengming Group’s new polyester production capacity is 1.2 million tons. The two new production capacities this year account for 1.4 million tons. 58% of new production capacity. Leading companies continue to expand their market share, which not only consolidates their competitive position, but also strengthens their control over prices. 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.
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