The Asian countries contributed for 94% of total global polyester capacity. This growth was basically witnessed by Asia, while West Europe, Middle East countries and CIS (Commonwealth of Independent States) showed a decline. Polyester production in America bounced back to some extent.
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It is also estimated that demand for polyester filament yarn will reach 37.5 million tons in , whereas its supply will increase by 4.5% annually that comes to 38 million. This will result into a surplus of half a million ton of polyester filament yarn. The forecast is that the global polyester market will reach 39.3 million tons by with China being the leading contributor.
In , China produced 26 million tons of polyester annually, whereas its annual domestic input (Production+imports- exports) was 24.6 million tons. It is worth noting that in spite of the fact that China accounts to 50% of world's polyester production and consumption, only 4-6% of world polyester exports is done by China.
In China, polyester fiber processing is mainly done on the coastal area of Zhejiang and Jiangsu. Half of the polyester output of China is produced in Zhejiang region and a third of polyester is produced in Jiangsu. China will continue to be the largest polyester producing country in the world in also. It currently produces 30 million kilograms of polyester which includes 9 million of staple fibre and 21.5 million kilograms of polyester filament. Moreover, the polyester demand is estimated to grow at a compound annual growth rate of 4.7 to5.8 from - in China and globally.
New polyester plants are being set up nowadays which have advanced four-reactor construction replacing the five reactor construction. This makes the plant more efficient and profitable. According to a report the polyester production growth in China outpaces the GDP growth of the country.
China being the key global player in polyester production, will force the other polyester producing nations to limit their polyester production. Also, there is anticipation that there will be a competition between India and China for the production of polyester fibre.
References:
1. Businesswire.com
2. Companiesandmarkets.com
3. Dtcompany.com
4. Ceri.ttu.edu
5. Textileworld.com
One of the most widely used yarns in the world is polyester. It is affordable and is largely used in the textile industries. In the olden days, any rural person migrating to a city would first buy polyester clothing. With increasing popularity of polyester fibre, its market has slowly but steadily grown over the last few decades.The operations of textile and apparel manufacturing have globally moved to Asian countries in the past few decades as the labor-intensive textile industry had the benefit of availing cheap labor. This shift was possible because of the Multi Fibre Agreement (MFA) which has helped to build mutual relationship between developed countries like the U.S. and the European Union and developing nations like China.There was an increase in the demand of natural and artificial fibres as a result of growth in textile and apparel sectors in China. Especially, China's consumption of polyester fiber increased. The demand of polyester filament yarn (PFY) and polyester staple fiber (PSF) simultaneously increased. China had large amount of polyester fiber to cater to the growing need of polyester. The Chinese government later stabilized the domestic industry in China in . Since then, China's polyester industry is on the rise.China was further benefitted when MFA was replaced by the Agreement on Textiles and Clothing (ATC) in , which created an atmosphere of free trade among the importing and exporting countries in textile and clothing sectors. This continued for a period of ten years. Today, China has amassed surplus polyester compared to the global demand. China exports one fourth of its textiles to the world.Paraxylene (PX), Polyethylene terephthalate (PET), purified terephthalic acid (PTA) and MEG (mono ethylene glycol) are the main raw materials used for producing and processing of polyester fibers, films and plastic items. More than 90% PTA and MEG are used for PET production in China.Two decades before, the U.S. and Europe were dominating the global polyester market. Today, the scenario has completely changed. Asia-Pacific region has become an important location for polyester manufacturing as there are many textile industries which are based here. Countries like China, India, Indonesia, Taiwan and South Korea have grown tremendously in this industry in the past few years.There was a considerable drop in the demand in various sectors including textile and apparel due to the global economic slowdown in the year . This turmoil affected the polyester industry badly all over the world. Additionally, reduction in the disposable income of the consumers as well as reduction in production and consumption of polymers globally further dampened the polyester market.However, China regained the position of being the largest supplier of polyester fibre in and has maintained its position. The global production of staple polyester fiber has steadily increased from 14.6 million tons in and is expected to reach 17.9 million tons by . As of January , the polyester staple fibre production capacity reached 20.5 million ton, in which 90% of the surplus was in Asia alone with China being the main contributor.
Chemical fiber or man-made fibers refer to those produced by humans by a series of chemical processes, as opposed to natural fibers like cotton or wool, which are derived from plants or animals. Chemical fibers account for roughly 77 percent of the total fiber production worldwide and include synthetic fibers such as polyesters or polyamides and man-made cellulosic fibers like viscose or rayon.
During the last two decades, the global production of chemical fibers has increased considerably. In , it surpassed 87.7 million metric tons, an almost three-fold increase in comparison to the production registered 20 years earlier. Regionally, production is mainly concentrated in Asia.
China was the largest producer of chemical fibers across the globe, accounting for some 72 percent of the production worldwide. India ranked second, but by a wide margin, with a eight percent share of the global chemical fibers production. Meanwhile, the United States produced three percent of the world&#;s chemical fibers that year.
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Synthetic fibers are derived from synthetic polymers and are usually based on petrochemicals, although the use of bio-based polymers is on the rise. They account for over 60 percent of the global fiber production and have dominated the market since the mid-s, when they surpassed cotton production. Polyester is by far the most used synthetic fiber worldwide. In , polyester production stood at roughly 60.53 million metric tons. Other commonly used synthetic fibers include polyamide, polypropylene fiber, acrylic fiber, and elastane. The synthetic fibers market value was estimated at some 63.93 billion U.S. dollars in , However, experts predict that this market is expected to witness significant growth and reach approximately 93.03 billion U.S. dollars by .
Man-made cellulosic fibers account for roughly six percent of global fiber production. They are manufactured from cellulose, which is usually derived from farmed trees, although in some cases other sources of cellulose are used. Frequently used cellulose-based fibers include viscose, acetate lyocell, modal, and cupro. Of these, viscose is by far the most used, with a market share of roughly 80 percent. In , around 7.2 million metric tons of man-made cellulosic fibers were manufactured worldwide. It is forecast that the production value of man-made cellulosic fibers will reach roughly 16 billion euros by .
Production of textile and chemical fibers globally from to
The global production of textile fibers increased almost five times from 24 million metric tons in to 113.8 million metric tons in . Out of this, 25.2 million metric tons were natural fibers like cotton or wool, and the rest were chemical fibers. Chemical fibers consist of synthetic fibers such as polyesters or polyamides, and manmade cellulosic fibers such as viscose or rayon.
Polyester leads the textile fibers market
Chemical fibers overtook cotton production in the middle of the s and grew more than two times in the past 20 years. In , synthetic fibers made up about 64 percent of the total fiber production in the world. Polyester had a 54 percent share of the market, while polyamide and other synthetics had five percent each. Other synthetic fibers include acrylic, elastane, and polypropylene.
Fiber production expected to grow
Despite the growing awareness of the need for more sustainable use of resources, the latest projections indicate a significant rise in fiber production in the coming years. By , the global fiber production is estimated to reach 149 million metric tons, a substantial increase from . This means that the production per person will be about 17.5 kilograms in , compared to 14 kilograms in .
The China chemical fiber industry output ranking list was released by China Chemical Fibers Association in . The list showed that Tongkun was the top producer of chemical fiber (except DTY), polyester textile filament (except DTY), polyester POY and chip-spun polyester textile filament (except DTY) in China in .
On July 20, , Fortune Plus APP released the &#;Fortune&#; China Top 500 rankings, covering the performance and achievements of the world&#;s largest Chinese listed companies in the past year. The total operating income of the 500 listed Chinese companies on the list reached 53 trillion yuan in , an increase of 5% over last year; net profit reached 4.3 trillion yuan, an increase of about 2% over last year. Compared with the previous year&#;s list, the revenue and net profit growth of the companies on the list have both dropped significantly this year.
Eight chemical fiber companies, namely Hengli Petrochemical, Rongsheng Petrochemical, Hengyi Petrochemical, Zhongtai Chemical, Tongkun Group, Xinfengming Group, Eastern Shenghong, and Sanyou Chemical, are shortlisted in the Fortune China 500 list.The total operating income of these 8 chemical fiber enterprises reached 553.639 billion yuan in , a year-on-year increase of 16%; the net profit reached 28.471 billion yuan, a year-on-year increase of 28%. Among them, Hengli Petrochemical&#;s operating income exceeded 150 billion yuan, and its net profit exceeded 13 billion yuan, ranking 76th on the list, an increase of 23 places from last year; Rongsheng Petrochemical&#;s operating income exceeded 100 billion yuan, ranking 101st on the list, up by by 24 places compared with last year; Hengyi Petrochemical, Zhongtai Chemical, and Xinfengming Group all achieved growth in operating income compared with the same period of last year, but the ranking declined slightly; the operating income of Tongkun Group, Eastern Shenghong, and Sanyou Chemicals all declined compared with the same period last year, so did the ranking.
RankLast year&#;s rankingCompanyOperating income (million yuan)Profit (million yuan)Hengli Petrochemical Co., Ltd.152,373.,461.Rongsheng Petrochemical Co., Ltd.107,264.997,308.Hengyi Petrochemical Co., Ltd.86,429.633,072.Xinjiang Zhongtai Chemical Co., Ltd.84,197..Tongkun Group Co., Ltd.45,832.692,846.Xinfengming Group Co., Ltd.36,984..Jiangsu Eastern Shenghong Co., Ltd.22,777..Tangshan Sanyou Chemical Co., Ltd.17,780..06Figure 1. China&#;s chemical fiber companies in the Fortune China 500 list in
On August 2, , the US &#;Fortune&#; magazine released the Fortune 500 list. The operating income of the Fortune 500 companies was about US$31.7 trillion in , down 5% from last year, and the total net profit was at US$1.6 trillion, a sharp drop of 20% year-on-year, the biggest drop since .
China has four chemical fiber companies on the list, namely Hengli Group, Zhejiang Rongsheng Holding Group, Zhejiang Hengyi Group and Shenghong Holding Group. Among them, Hengli Group made a big stride into the world&#;s top 100 companies with operating income of US$100.773 billion, ranking 67th, up 40 places from last year; Shenghong Holding Group ranked 311th with operating income of US$38.44 billion, up by 144 places compared with last year&#;s ranking; Zhejiang Rongsheng Holding Group and Zhejiang Hengyi Group both made the list for the first time. Zhejiang Rongsheng Holding Group ranked 255th with operating income of US$44.726 billion, and Zhejiang Hengyi Group ranked 309th, with operating revenue of 38.562 billion US dollars.
RankLast year&#;s rankingCompanyOperating income (millions of dollars)Profit (millions of dollars)Hengli Group Co., Ltd.100,,Zhejiang Rongsheng Holding Group Co., Ltd.44,Zhejiang Hengyi Group Co., Ltd.38,Shenghong Holding Group Co., Ltd.38,Figure 2. Chinese chemical fiber companies among the Fortune Global 500 in
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