1, industry chain analysis: a wide range of downstream applications
Currently China's PET industry chain involves a wide range of areas. the upstream of the PET industry chain is mainly for the petrochemical industry, which involves synthetic materials are mainly PX (paraxylene), PTA and MEG (ethylene glycol).
The midstream of PET industry chain is mainly PET material preparation, according to the different forms, PET material can be divided into PET fiber PET bottle flakes and PET film.
The downstream of PET industry chain is mainly a variety of applications of PET materials, including fiber grade products also known as polyester, this fiber is high strength, its fabric wearing performance is good, is currently a synthetic fiber in the highest production of a variety. Staple fibers can be blended with cotton, wool, hemp, made of textiles for clothing or upholstery cloth; filament can be made for clothing or industrial filaments, such as for filter cloth, tire cord, parachutes, conveyor belts, seat belts, etc.; PET bottles with high transparency and good barrier properties, can be used for preservation of packaging materials. Such as beer, liquor, carbonated beverages, edible oil, food, spices, medicines, cosmetics and health food, etc.; mainly used for packaging materials, such as food, pharmaceuticals and non-toxic and sterile hygiene packaging; textiles, precision instruments, electronic components of high-grade packaging; audio tape, video tape, photographic negatives, motion picture films, disks, CD-ROMs, and magnetic cards, and other substrates; capacitor film, flexible printed circuit boards and membrane switches and so on.
2, cost structure analysis: the largest proportion of the cost of upstream raw materials
Tongkun shares is China's polyester fiber industry representative enterprises, Wankai new material is China's PET bottle flake industry representative enterprises, and Shunde Science and Technology is China's PET film industry leading enterprises, from the cost structure of the three representative enterprises, the cost of direct materials accounted for the largest, are more than 70%, direct material costs. The largest, are more than 70%, direct material is the most important part of the cost structure, in which the direct material cost of Wankai New Material is the highest, amounting to 92.56%, followed by Tongkun shares, the direct material cost of the lowest proportion of Wankai New Material, accounting for 76.58%.
3, value chain analysis: industry chain profits mainly obtained by the PET industry
Review the development of PET industry chain, the industry's profits are mainly by the PX-PTA-PET link in the most scarce link to obtain. 2009 years ago, the gap of domestic PTA is bigger than the PX, so at that time, the profits were mainly by the PTA The link earns, but with a large number of PTA projects put into operation in 2010-2013, pulling the demand for PX, resulting in the expansion of the gap of PX, PTA gap is reduced, making the profitability of PX improve, PTA profitability declined, the industry's profits show PX link leading trend. 2020 after the expansion of PX and PTA capacity, polyester industry capacity adjustment, decline, industry profits again turned back to the polyester link. Profit is once again turned back to the polyester link.
Into 2022 came, the industry on behalf of the enterprise PX and PTA projects have been put into production, such as Sheng Hong refining 2022 in the second quarter of the successive production of PX capacity of 4 million tons, William chemical three quarters of the production of 100 production capacity, etc., the PX total new capacity of 10.2 million tons, the PTA total 10.8 million tons of new, the MEG total 7.7 million tons of new, are higher than polyester industry More than 5 million tons, preliminary statistics 2022 industry profits are still concentrated in the polyester industry.
For more research and analysis of this industry, please refer to "China Polyethylene Terephthalate (PET) Industry Market Outlook and Investment Strategy Planning Analysis Report" by Prospect Industry Research Institute.