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Research | Time: Jul 21 2021 10:52AM
Polyester market operation in H1 2021 and outlook for H2
 
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Core points: 

Demand for polyester had strong resilience in 2021. The whole polyester market witnessed high run rate, high growth rate of output and moderate profit, especially PFY. 


As for demand side, downstream market performed moderately in the first half of 2021. Export data was better than domestic sales. As for micro data, there were many new machine on twisting market and fabric manufacturing market. Downstream plants ran at high capacity but saw slow sales, low profit and high inventory with hiking sea freight and short containers. 


Domestic sales basically returned to the pre-pandemic level and may grow stably in the second half of 2021, hard to surge like the second half of last year with recovering demand amid eased pandemic, cold winter and in expectation of bargain-hunting opportunity. Export still enjoys growing potential while high sea freight and tight containers will continue restricting the growth. Meanwhile, with eased pandemic, the orders transferred from Southeast Asia may flow back. 


There will be some disadvantageous factors on end-user market in the second half of 2021 but cautious and optimistic view is held. Downstream plants may face pressure from inventory and profitability in the second half of year. As long as feedstock market does not fare extremely, demand may have big resilience. Downward space of operating rate on downstream market may be limited. 


Contents:

I. Operation status of polyester market in H1 2021

1. Polyester capacity growth 

2. Operation status of polyester market 


II. Operation characteristics of major polyester products 

1.PFY 

2. PSF 

3. PET bottle chip 


III. Operation status of end-user market 

Charts:

Chart 1. Capacity of polyester market in 2010-2021

Chart 2. The launch of new polyester units by month in 2021

Chart 3. Capacity growth rate of the whole polyester value chain in 2016-2022

Chart 4. Polyester polymerization rate in 2019-2021

Chart 5. Profit of polyester products in 2021

Chart 6. Capacity of direct-spun PFY in 2010-2021

Chart 7. Growth of twisting machine in 2016-2021

Chart 8. Increment of fabric manufacturing machine in 2016-2021

Chart 9. Cash flow of polyester POY in 2010-2021

Chart 10. Price of virgin PSF and re-PSF

Chart 11. PSF capacity and growth rate in 2018-2023

Chart 12. Freight of major shipping routes on basic ports in 2021

Chart 13. Monthly PET bottle chip export orders in 2020-2021

Chart 14. Inventory in PET bottle chip factories in 2020-2021

Chart 15. End-month total inventory of PET bottle chips in 2020-2021

Chart 16. Cumulative YOY growth rate of retail sales of textiles and apparels (2021VS2019)

Chart 17. YOY change of retail sales of textiles and apparels by month (2021 VS 2019)

Chart 18. Growth rate of apparel retail sales in EU and US

Chart 19. Export of apparels in India

Chart 20. Export of textiles and apparels in Vietnam

Chart 21. Export of textiles and apparels in Bangladesh

Chart 22. Export of textiles and apparels in Pakistan

Chart 23. Export of textiles and apparels in China (excluding mask and protective clothes)

Chart 24. Operating rate of fabric mills in Zhejiang and Jiangsu in 2019-2021

Chart 25. Inventory of grey fabrics in Zhejiang and Jiangsu in 2019-2021

Chart 26. Inventory of PFY in downstream plants in Zhejiang and Jiangsu in 2019-2021

Chart 27. Profit of DTY150D/48F based on POY price 20 days ago


If you need the report, please contact us at:


T 86-571-83786653, 83786504

F 86-571-83786600

Email: market@ccfgroup.com


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