Polyester Daxie aromatics industry
Polyester Daxie “Fire Fighting” aromatics industry chain
Source : texnet
Just after the Spring Festival in 2019, the “Dayu” enterprises in the polyester market released a signal of active expansion, which caused concern in the chemical fiber industry and capital market.
On February 14th, when many downstream clothing brands and terminal retailers actively created a “romantic Valentine’s Day” atmosphere, when the hot-selling festival was busy, the chemical fiber listed company Tongkun Group Co., Ltd. (hereinafter referred to as “Tongkun Shares”) Also “hot” a hand. Polyester Daxie aromatics industry
On the same day, Tongkun announced a number of announcements announced that it plans to build three new projects, including: signing an investment agreement with Jiangsu Rudong Yangkou Port Economic Development Zone, with an investment of 16 billion yuan, and an interim plan to build an annual output of 2 × 2.5 million tons of PTA. Project, 900,000 tons FDY, 1.5 million tons of POY project; start Hengteng 4 phase annual output of 300,000 tons of green fiber project, and Hengchao chemical fiber annual output of 500,000 tons of intelligent super-simulation fiber project. Polyester Daxie aromatics industry
“In order to enhance operational stability and obtain cost advantages, polyester filament leading enterprises have extended the industrial chain upstream, starting from crude oil refining and refining, and building a complete industrial chain of ‘aromatic-PTA-polyester-polyester civil silk’. The flexibility and anti-risk ability of enterprise development.
At the same time, with the demand for polyester filament products to diversify and high quality, seize the opportunity of market demand adjustment, introduce advanced production equipment, improve production intelligence, optimize product structure of enterprises, It has become an important choice to enhance the competitiveness of the enterprise market and become stronger and stronger.” Tongkun shares expressed this in the announcement. Polyester Daxie aromatics industry
” In this regard, an industry insider also pointed out: “At this stage, the polyester group is very hard.
From the overall situation of the polyester industry chain, as the competition advances to the depth of the industrial chain integration, several large polyesters The Group is accelerating the ‘staking of the land’ through various forms, and continuously extending the industrial chain to enhance the comprehensive competitiveness of the entire industry chain. This situation will also accelerate the re-integration of the entire polyester industry.”
Tongkun plans to pay attention to 3 new projects
In the current expansion of the polyester industry, Tongkun has taken the initiative. With its leading technology level, overall scale advantage and comprehensive strength, it has actively invested in the construction of several new projects to accelerate the expansion of polyester filament and PTA capacity.Polyester Daxie aromatics industry
In 2018, the three bases of Jiaxing Port, Zhouquan and Changxing Hengteng, which are under the jurisdiction of Tongkun, proceeded smoothly. Several projects such as Jiaxing Petrochemical FDY Project, Hengbang Phase III, Hengteng Phase III and Hengrui Phase III were put into operation.
Among them, Hengten Phase III project is the project with the largest middle-age production capacity of Tongkun’s 2018 project. It has 20 spinning production lines, including 16 POY production lines and 4 FDY production lines. After the project is fully produced, it will be With an annual output of 600,000 tons of various types of differential fiber.Polyester Daxie aromatics industry
At present, Tongkun has an annual production capacity of 5.7 million tons of polyester filament yarn, and a production line of 900,000 tons of polyester filament yarn is being transformed.
It is estimated that by the end of 2019, the total production capacity of polyester filament will reach 6.6 million tons.
At the same time, it has an annual production capacity of 4 million tons of PTA.
Moreover, its PTA products are basically used to meet the demand for raw materials for polyester filaments inside the company, forming a strong “synergy effect” and cost control ability.
The announcement of the three new projects to be launched on February 14 undoubtedly shows that the pace of Tongkun’s expansion will continue.
According to the announcement, Tongkun Co., Ltd. and the Jiangsu Rudong Yangkou Port Economic Development Zone Management Committee recently signed the “Tiankun Group (Yangkou Port) Petrochemical Polyester Integration Project Investment Cooperation Agreement”.
The project will invest about 16 billion yuan, with a total construction land of about 2610 mu. It will build an annual production capacity of 2 × 2.5 million tons of PTA, 900,000 tons of FDY and 1.5 million tons of POY.
Among them, the first phase investment of the project is 12 billion yuan, and 2×2.5 million tons of PTA, 300,000 tons of FDY and 900,000 tons of POY projects will be built.
The investment for the second phase of the project is 4 billion yuan. It is planned to build 600,000 tons of FDY and 600,000 tons of POY projects in the original main plant area.
The construction period of the first phase of the project is from December 2019 to December 2022, and the second phase is from December 2023 to December 2025.
In terms of process technology, the project will realize integrated production of PTA and polyester spinning, with obvious competitive advantages.
In the process of melt direct spinning, the project will also use online additive technology, adding functional additives to achieve on-line copolymer blending modification, and achieve new functional fiber production such as antistatic, antibacterial, flame retardant, and dye-free environmental protection .
It will break through the continuous polycondensation melt direct spinning can only produce equipment technical bottlenecks of conventional products, so as to meet the individualized needs of customers for different functional fibers and realize personalized customized production.Polyester Daxie aromatics industry
As the new project is located in Rudong, Jiangsu, the location is a certain distance from Tongxiang Group’s headquarters in Tongxiang, Zhejiang. In order to better promote the project, Tongkun shares announced on February 14 that it plans to establish a subsidiary, Jiangsu Jiatong. Energy Co., Ltd.
The subsidiary invested 950 million yuan from Tongkun, accounting for 95% of the shares; Pengyu Trading Co., Ltd. invested 50 million yuan, accounting for 5% of the shares.
Then, based on the existing annual production capacity of 4 million tons of PTA, Tongkun will have to build another 2 × 2.5 million tons of PTA project.
In this regard, Tongkun shares said in the announcement that in recent years, in the context of the industry’s phasing out of backward production capacity , China’s chemical fiber market share has further gathered to leading enterprises.
In the PTA segment, the production capacity of private polyester leading enterprises accounts for more than half of the total PTA production capacity of the whole industry, and everyone’s PTA self-sufficiency rate continues to increase.
In recent years, the rapid development of the polyester polyester fiber business of Tongkun has increased the demand for PTA, but the self-sufficiency rate is seriously insufficient. Polyester Daxie aromatics industry
After the new project is put into production, the self-sufficiency rate of PTA in the downstream enterprises of the company can be improved, and all can be digested by itself.
At the same time, the new PTA project will also help Tongkun realize the integration of the industrial chain and further enhance the scale cost advantage.
On February 14, Tongkun also announced that it plans to build an annual production capacity of 300,000 tons of green fiber (Chengteng Phase IV) and an annual production of 500,000 tons of intelligent super-simulation fiber project.
Among them, the Hengteng Phase IV project is planned to be 11.32 mu of newly acquired land on the northeast side of the existing plant of Hengteng Company in Changxing District, Huzhou South Taihu Lake Industrial Cluster, Zhejiang Province, and utilizes 94.3 mu of existing land to organize the implementation of the new plant.
The total investment of the project is 991 million yuan. It plans to build 1 set of polyester production equipment, introduce 672 high-speed FDY winder, 4 automatic packaging lines and 14 automatic drop wires.
It will use large-capacity flexible polymerization and polyester melt. Direct spinning and intelligent, green production technology, forming an annual production capacity of 300,000 tons of functional and differentiated green fiber.
The construction period of the project is expected to be 2 years. After the project is put into operation, the annual operating income is expected to be about 2.974 billion yuan, and the total annual profit is about 249.36 million yuan.
The investment of “500,000 tons of intelligent super-simulation fiber project” is 1920.35 million yuan. It is planned to build a new plant in Linhang Economic Zone, Tongxiang City, Zhejiang Province. Polyester Daxie aromatics industry
It plans to build 217 mu of newly acquired land and build a set of polyester production equipment. Introduced 880 high-speed POY winder, 480 FDY winder, 5 automatic packaging lines and 20 automatic wire-cutting lines.
It will adopt domestic large-capacity flexible polymerization technology, polyester melt direct spinning technology and intelligent manufacturing technology. And green manufacturing technology, the annual production capacity of 500,000 tons of intelligent super-simulation fiber and 1,320 tons of acetaldehyde.
The construction period of the project is expected to be 2 years. After the project is put into operation, the annual revenue is expected to be 4.96 billion yuan, and the total annual profit is about 410 million yuan.
For the significance of implementing these two new polyester fiber projects, Tongkun shares pointed out in the announcement that in recent years, China’s chemical fiber industry has intensified innovation, focusing on the overall technological progress of the industry, eliminating backward production capacity by market means, and the difference in chemical fiber.
The rate of conversion has further increased, but there is still a certain gap between the rate of differentiation of polyester fibers in developed countries.
Therefore, improving the differentiation rate of chemical fiber products has become the top priority of the current chemical fiber industry.
The new project will mainly produce differentiated and functional polyester filaments, which will help to further improve the differential rate of Tongkun’s polyester filament products and optimize the product structure.
“The newly-built project of Tongkun Co., Ltd. reflects the company’s long-term development strategy – making it bigger and stronger on the road of petrochemical integration, and using its capital and scale advantages to accelerate industry integration, and gradually grasp the pricing power of the polyester industry chain.
It is expected that by the end of 2020, Tongkun’s polyester filament production capacity is expected to reach 7.6 million tons, and its leading position is stable. Maintain the company’s ‘recommended’ rating,” said an analyst from a brokerage firm.
Polyester “Dayu” staged refining and chemical project competition
The announcement of Tongkun’s new project investment plan has also brought the attention of the chemical fiber industry and the capital market to the new situation of the current polyester market – the integrated operation mode of the industrial chain, especially the “private refining project”. This hot topic.
In recent years, representative companies that only produced polyester fiber have invested in the construction of PTA projects, which has changed the competitive landscape of the polyester industry chain. Polyester Daxie aromatics industry
Then, these representative companies have extended the reach of expansion to the upstream of PTA – the production of PX refining projects.
In the past few years, the ideas and models of the large-scale representative private polyester enterprises to strengthen the layout of the entire industrial chain of “PX-PTA-polyester” have become more and more clear, and this has opened up a “competition” for refining and chemical projects.
The layout of PX projects by private chemical fiber enterprises is first of all to benefit from the liberalization of relevant domestic policies.
Previously, China’s refining and chemical projects were basically invested by state-owned enterprises.
Relevant data shows that as of July 2017, there are mainly 17 PX manufacturers in China with a total production capacity of 13.83 million tons/year.
Among them, China Petrochemical Group has 9 PX production plants, with a total PX production capacity of 4.93 million tons / year, accounting for 35.7% of the total domestic PX capacity; China National Petroleum Corporation has three PX production plants, its PX total production capacity 2.35 million tons / year, accounting for 17.0% of the total domestic production capacity; CNOOC Group has a PX production plant, PX capacity of 950,000 tons / year, accounting for 6.9% of the total domestic production capacity, the three major group PX total production capacity The proportion is 59.5%.
However, in recent years, relevant national policies have begun to allow private enterprises to refine their projects.
In May 2015, the National Development and Reform Commission issued the “Pipeline Industry Planning and Layout Plan”.
The “Pipeline Industry Planning and Layout Plan” proposes that China will build seven major petrochemical industrial bases, corresponding to Zhejiang Ningbo, Dalian Changxing Island and Jiangsu Lianyungang Base.
In July 2018, the State Council passed the “Pipeline Industry Planning and Layout Plan”, which required safety and environmental protection priority, and supported private and foreign-funded enterprises to sole proprietorship or holding investment to promote industrial upgrading. Polyester Daxie aromatics industry
The private chemical fiber enterprises laid out the PX project, and the second was because the large-scale polyester enterprise group itself was in the market demand for improving the independent guarantee capability of raw materials and the overall competitive advantage of the industrial chain.
PX is a very important raw material for chemical products.
In the aromatics industry chain, 90% of PX is used to produce PTA, and 90% of PTA is used to produce polyester products.
However, due to environmental protection and the domestic public’s misunderstanding and resistance to PX projects, China’s chemical industry requires insufficient PX self-sufficiency and high dependence on foreign countries.
In the past 10 years, the development speed of China’s PX industry is relatively slow, the supply of domestic PX is insufficient, and the PTA and polyester industry have formed a prominent contradiction between the rapid growth of PX, which makes the PX required by China for many years.
Import dependence is as high as 50% or more, mainly imported from Japan, South Korea and other countries and Taiwan.
This situation has certain constraints on the efficient control of the production costs of China’s polyester enterprises and the ability to control the industrial chain.
In addition, the refining and chemical chain also has a relatively high profit margin.
Therefore, when the policy liberalized the private enterprises, the leading polyester enterprises began to actively apply for the construction of refining and chemical projects, and obtained approval. Polyester Daxie aromatics industry
These major projects are: 20 million tons/year refining and chemical integration project invested by Hengli Group in Changxing Island, Dalian, and 40 million tons of Zhejiang Petrochemical invested by Rongsheng Holding Group and Tongkun Group in Zhoushan, Zhejiang.
The annual refining and chemical integration project, the Hengyi Brunei PMB petrochemical project invested by Hengyi Group in Brunei, and the refining and chemical integration project invested by Shenghong Group in Lianyungang.
Among them, the Hengli refining and chemical project will soon open up the entire production process to achieve full-load production operations of the entire refinery.
The Zhejiang Petrochemical Refining and Chemical Integration Project is currently progressing smoothly and has started oil operation. It is expected to be put into operation this year.
The Hengyi Brunei PMB petrochemical project is also in full swing.
The Shenghong Refining and Chemical Integration Project started construction at the end of 2018 and is expected to be completed and put into operation in 2021
In this regard, industry analysts pointed out that the “aromatics industry” represented by PX and the “olefin industry” represented by ethylene are called “the two major families” of the petrochemical industry.
Due to the long industrial chain of PX and high added value, the processing of aromatics industry is also known as the “golden industrial chain”.
And 80% of the downstream industries in the global PX industry chain are in China. With the successive launch of several large-scale private refining and chemical projects in China in 2019 and the following years, the “synergy effect” of the whole industry chain will be generated for enterprises and industries, which will form a strong support for the performance of several listed companies. It will also drive the redistribution of profits in the entire polyester industry chain. Polyester Daxie aromatics industry
“From a deeper level, with the successive commissioning of refining and chemical integration projects invested by several private enterprises, the self-sufficiency rate of China’s PX will be improved, and the voice of China’s petroleum and petrochemical industry and petrochemical polyester industry in the global market will also be Will be further improved,” said the industry insiders.
Source : texnet