With the continuous expansion of melt direct spinning filament production capacity, the DTY market as the downstream of POY has also attracted widespread attention from market participants. The proportion of polyester DTY used in weaving is much greater than that of FDY, and its proportion has shown an upward trend in recent years. It is also the direct consumer end of POY, the most sensitive market, and is an indispensable and important link in the terminal of the polyester industry chain. After the domestic texturing machine experienced a slowdown in growth from 2019 to 2020, the texturing efficiency rebounded significantly in 2020, which in turn caused the growth of texturing machines to hit a record high in 2021.
In recent years, with the continuous expansion of upstream polyester POY production capacity, the number of supporting texturing machines has also continued to increase. The number of new texturing machines in 2021 will be 1,950, with the growth reaching a record high, with a year-on-year growth rate of about 9.87%. The total number of domestic texturing machines will reach about 21,710.
The main reasons for the increase in texturing machines last year were:
1. Large-scale polyester companies are equipped with texturing machines and have stronger cost control capabilities.
Major polyester manufacturers directly produce POY and supporting texturing machines. This part is dominated by large polyester companies such as Tongkun, Hengyi, and Shenghong. To support the development of the entire industry chain, downstream DTY texturing production has been added. The downstream supporting products of major polyester manufacturers are mainly 384 and 576 ingots.
It is understood that many melt-spun polyester filament factories are actively moving into the field of texturing. According to statistics in 20 years, the six major polyester filament factories have a total of around 2,100 texturing equipment. In addition to large-scale production, raw materials POY is self-produced and has strong cost control capabilities, so it has a strong say in market pricing.
At the same time, in the past two years, the number of texturing machines in polyester filament factories in Fujian has also increased rapidly, and the number of chemical fiber factories with more than 200 units in Xiaoshao and other regions has also continued to increase. With the increasing demand for functional fabrics, in the future The texturing field not only requires large-scale growth, but also makes breakthroughs in the field of functional and differentiated fibers.
2. DTY becomes a “cash cow” for polyester yarn
In the past two years, with the obvious growth of POY production capacity, DTY has relatively good profits, which has prompted manufacturers to invest in texturing machines and expand their intentions. The new production models of small texturing companies that purchase POY are mainly 288 and 312 spindles, and most of them are concentrated in bases such as Taicang Huangjing. 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, the cash flow of DTY texturing has been at a high level among the three varieties of polyester filament in the past two years. As shown in the figure below, polyester in 2020 POY’s annual average cash flow is 47 yuan/ton, FDY is 103 yuan/ton, and DTY is 476 yuan/ton. Judging from the data, when POY and FDY are struggling on the edge of the break-even line in 2020, DTY can still remain close. Profit level of 500 yuan/ton.
With profit induction and a rebound in macro expectations, investment in weaving and texturing equipment is likely to reach its peak in 2021. In the first half of the year, the launch of looms and texturing machines is concentrated in April/May, and in the second half of the year, it is concentrated in July/August.
The implementation of a large number of new equipment also provides room for growth in 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.
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