PTA: Productivity Growth Slows Down, Old Equipment Is Eliminated.

The global PTA industry has changed dramatically over the past 5 years.

With the downstream polyester enterprises actively extending their business to the upstream, China's PTA production capacity has surged from about 15 million tons in 2010 to nearly 46 million tons in 2015, an increase of over 200%, and now it has entered the post expansion era.

China, once the largest importer of PTA in the world, achieved self-sufficiency in one fell swoop and achieved a small net export in the month of 2015 4~7.

Such a drastic change has made the world, especially in Northeast Asia.

Industry has been seriously affected.

In the domestic market, competition is becoming increasingly fierce.

In the fierce competition, the elimination of old capacity has become a rather helpless factor to partially alleviate market pressure.

As of the end of 2014, domestic long-term idle or basically closed capacity has exceeded 7 million tons / year.

In 2015, the Far East Petrochemical Company of Shaoxing formally launched bankruptcy proceedings, and moved the market for about 2 million tons a year.

In the future, some monomers have smaller capacity.

There are delisting expectations in the older plants, and a few years of benefits may also force some foreign investment enterprises to make decisions. The capital side may also lead to a larger capacity adjustment similar to Far East petrochemical.

The current wave of investment has basically reached its peak, but it will still be available in the next few years.

Attack.

From the fourth quarter of this year to next year, the two phase of Han Bang (2 million 200 thousand tons / year) and Sichuan Shengda (1 million tons / year) will be put into production successively.

There are still many uncertainties in the project of Ningxia Baota petrochemical and Xinjiang Kun Yu, at least there is a delay in anticipation.

In addition, it is reported that Jiaxing petrochemical, Hengli and Yisheng still have a new set of equipment or in preparation or in the early stages of brewing.

Overall, the capacity growth rate will slow down significantly, but the impact of large-scale new installations on the market can not be underestimated.