Development trend of bottle grade polyester chip industry
February 04, 2023
1) Industry profits are expected to maintain a relatively good state
The main raw materials for bottle grade polyester chips are PTA and MEG. As the company mainly produces PTA for bottle grade polyester chips, the price of PX has become the main fluctuation factor in PTA production costs. In 2019, various large-scale refining projects in China's seven major petrochemical bases have been put into operation, and the outbreak of production capacity has changed the import situation of China's PX market, making the supply of PX more sufficient; With the strengthening of research and production capacity investment in coal based MEG technology in China, the self-sufficiency rate of MEG has increased, the import dependence has decreased, and the industry chain profits will continue to shift downstream. Stable production costs are conducive to maintaining good industry profits for bottle grade polyester chips.
2) The expansion of global bottle grade polyester chip production capacity and market demand growth in the future will still be mainly in the Asia Pacific region
In terms of demand, according to statistical data, from 2014 to 2021, the global bottle grade polyester chip market had an average annual compound growth rate of 7.49%, while the Chinese market had an average annual compound growth rate of 9.45%, which is higher than the global growth level. Among them, the average annual compound growth rate from 2019 to 2021 was 13.07%, which remained relatively high despite the disturbance of the epidemic. In the future, with the gradual change of the consumption concept and consumption habits of domestic consumers, drinks such as bottled water may still maintain a high growth rate in the short term. It is expected that China will still be the fastest growing market in the world. In terms of production capacity, China is currently the main source of global expansion of bottle grade polyester chip production capacity. Leading enterprises in the domestic bottle grade polyester chip industry fully utilize global industry transfer and market growth opportunities for capacity expansion.
3) Technology continues to mature, and downstream application fields of products continue to expand
According to data, the downstream demand for polyester bottle chips in China in 2021 mainly includes soft drinks, exports, oils, sheets, and others. Among them, the area with the largest domestic demand is soft drinks, accounting for about 42%, exports accounting for about 32%, and oils, sheets, and others accounting for 4% and 22% respectively. In addition, with its excellent material properties and the continuous progress of science and technology, new polyester materials and emerging fields based on PET are constantly emerging, demonstrating broad market space and huge development potential.
The production technology of bottle grade polyester chips is constantly breaking through, and the production process is constantly innovating and improving. The use of bottle grade polyester chip products is also developing towards broader fields. The demand for bottle grade polyester chips in industries such as beverages, dairy products, edible oils, and seasonings has maintained stable growth, and their share in emerging applications such as alcohol, daily chemicals, and electronic products has steadily increased. Bottle grade polyester chips are mainly used in the form of sheets in these emerging industries. In the future, the demand for bottle grade polyester chips will form a new pattern of stable growth in mature application fields, rapid rise of emerging application fields, and playing an important role.
