PTA becomes a new support for the polyester industry chain

Leading enterprises have deployed refining and chemical-PX-PTA-polyester-chemical fiber integration

On May 23, Dongfang Shenghong announced that in order to further consolidate the scale advantage of PTA (purified terephthalic acid) production capacity and enhance the comprehensive competitiveness of the entire polyester chemical fiber industry chain, its wholly-owned subsidiary - Jiangsu Honggang Petrochemical .

Dongfang Shenghong said that Honggang Petrochemical's current PTA production capacity is 5 million tons/year, and the construction of the new project is in line with the company's industrial integration development strate.

At present, the domestic PTA industry has formed an industry structure dominated by industry giants such as Hengli, Rongsheng, Tongkun, Hengyi, Shenghong, and Xinfengming, supplemented by several small and medium-sized enterprises, and the industry's right to speak is firmly in the hands of P.

Capacity growth slows, bargaining power improves

China is the world's largest producer and consumer of PTA, accounting for 58% of global production capacity, with an output of about 40 million tons in 201 Oversupply in previous years has led to a slowdown in new production capacity in recent yea.

The main upstream raw material of PTA is PX (paraxylen.

In the past, PX has always occupied the strongest dominant position in the polyester industry chain, but this phenomenon is quietly changing recent.

"In 2019, China's PX production capacity will increase by at least 10 million tons, and the growth rate will be as high as 7

From the perspective of downstream demand, the polyester industry has been recovering since 2017, and the new production capacity from 2017 to 2018 was about 8 million to.

Giants extend the chain, the industry tends to concentrate

Domestic companies such as Hengli, Rongsheng, Tongkun, Hengyi, and Shenghong, which were originally engaged in chemical fiber products, have moved upstream one after anoth.

Taking Dongfang Shenghong as an example, at the time of the backdoor in 2018, in addition to the chemical fiber industry, Shenghong Group also has a petrochemical industry with refining and PTA business as its main busine.

After completing the backdoor, Dongfang Market changed its name to Dongfang Shenghong, accelerating its upstream deployme.

Hengli's Dalian Changxing Island 20 million tons/year refining and chemical integration project was fully put into operation on May 17, and the supporting Hengli fourth and fifth PTA production lines with a total annual output of 5 million tons have been in full swi.

The 40 million ton/year refining and chemical integration project (Phase I) jointly built by Rongsheng Petrochemical and Tongkun .

        Zhao Chen, an analyst at Orient Securities, pointed out that PTA, as the central axis of the polyester industry chain, bears PX from the top and starts polyester from the bott.

        According to estimates, considering the cost savings at the sales end and the reduction in energy consumption brought about by supporting public works, the cost per ton of industrial chain integration is saved at 100-150 yuan, which is 20% lower than the current lowest cost per ton of P.

        The late-mover advantage is obvious, and the industry reshuffle is accelerated

        In addition, the scale effect of the PTA industry is getting stronger and strong.

        In terms of scale, there are still some old production capacities that are not very competitive in the industry, and a single production line below 1 million tons/year accounts for 18%; in terms of production time, the production lines put into production before 2005 account for about
The installation cost is relatively hi.

The single-line scale of Xinfengming Phase I and Hengli Phase IV, which are expected to be put into operation at the end of this year, both exceed 2 million tons/year, and adopt the latest BP and NVIDIA P8 technologies respectively, which are expected to be about 400 yuan/ton lower than the marginal capacity co.

        In addition, the 2 million ton/year plant built by Zhongtai Chemical in Xinjiang and the second phase of the 2 million ton/year plant built by Xinfengming in Jiaxing, Zhejiang will also be completed next ye.

Fujian Baihong 5 million tons/year plant, Hengli Phase V 5 million tons/year plant, and Honggang Petrochemical Phase II 4 million tons/year plant in the EIA and feasibility study stage, considering the one and a half year commissioning cycle, the most Production is expected to begin in early 202

        Therefore, the production peak of PTA is expected to come after 202 Therefore, in the short term, compared with the expansion scale of the downstream polyester industry, the pressure on PTA shipments is not large, and the market has a strong right to spe.

This year and next year, it will still be the "happiness of PTA enterprise.

tim.

        "However, the substantial increase in PTA production capacity after 2020 is also a problem that cannot be ignored in the indust.

At that time, there will be a fierce price war, and small-scale and old devices will be eliminated first, while the cost-leading industry chain giants will achieve the opposi.

The industry will also usher in a new round of reshuff.

” Zhao Chen predicts that in 2021, the market share of the six giants PTA, Hengli, Tongkun, Hengyi, Rongsheng, Shenghong, and Xinfengming, will increase from the current 5
Up to 68%, there will be several million-ton large-scale PTA-polyester bases in Chi.