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Research | Time: Mar 26 2021 9:13AM
China chemical fiber industry development and outlook
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Core point of view:
In 2021, market is more optimistic about the chemical fiber industry, as downstream demand slowly recovers. After gradual digestion of new capacity, the capacity expansion pace of some products has slowed down. Under the situation of periodical supply tightness, profits of products like spandex and viscose are eye-catching. In the process of expanding to upstream of the industrial chain, the increase in raw materials supply also renders more room for chemical fiber products development, such as polyester filament and staple fiber.

As a traditional industry, the chemical fiber industry is still in steady growth. With enterprises gradually expanding, it has extended to more fields, and there are explosive growth in both scale and industry involved sectors.

I. China chemical fiber industry development
1. Industry growth status
2. Chemical fiber output growth remains relatively robust

II. Industry-based development features
1. PFY: cost performance
2. PSF: Developing all around
3. Spandex: booming
4. VSF: out of the woods comes fortune

III. Where will chemical fiber industry go in the future?
1. Product and market development
2. Production efficiency and industrial upgrading
3. Stage of industry development deepening
4. Challenge or opportunity: breakthrough for the future

Chart 1. Production of major chemical fibers in China in 2020
Chart 2. Output change of major chemical fibers in China in 2010-2020
Chart 3. Manufacturing PMI and growth rate of chemical fiber production in 2011-2021
Chart 4. Cumulative production growth of some industrial goods in 2002-2020
Chart 5. Growth rate of PFY capacity and production in 2011-2019
Chart 6. Cost comparison of cotton textiles and chemical fibers in 2007-2021
Chart 7. O/R and profit of PSF in 2011-2020
Chart 8. Price of solid virgin PSF and re-PSF in 2010-2021
Chart 9. Theoretical profit of different types of PSF in 2016-2021
Chart 10. Stocks and theoretical profit of spandex enterprises in 2010-2021
Chart 11 .Price of stocks of VSF producers
Chart 12. Theoretical profit of VSF in 2016-2021

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