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Chinese polyester sector margin dips on capacity expansion

The polyester industry in China is witnessing decline in profit margins due to high-speed capacity expansion, according to Gao Younian, Director of synthetic raw materials, Sinopec.
Presenting a report on ‘PX-PTA supply/demand outlook’ at the 13th China Hangzhou Chemical Fibre Forum 2014, Mr. Gao said the investment growth in Chinese polyester industry is expected to slow in the coming years.
He further said that the paraxylene (PX) industry is expected to reverse its direction in 2014 as supply growth is faster than demand.
Analysing the purified terephthalic acid (PTA) outlook, he said demand is lower than expected. However, monoethylene glycol (MEG) supply-demand is tightly balanced at present, and coal-to MEG is expected to dominate the market in the future, he added.
Presenting his report on ‘Supply/Demand relationship of polyester industry’, Lai Tianming, general manager of Zhejiang Huarui Information Consulting (CCFGroup), said polyester output was in a negative growth in the first quarter of 2014. However, the industry’s yearly growth rate is expected to be at least around 4.5 percent this year, he said.
In his report on ‘Synthetic gas-to-ethylene Glycol Technology’, Gao Chao, president of HighChem Company Limited, the production of MEG based on synthetic gas and methanol is gradually increasing due to the development of the coal chemical industry. He estimated the global polyester demand to grow at an annual rate of seven percent.
Peng Yang from Ningbo Mitsubishi Chemical Company suggested that the Chinese PTA players cut production and improve financing ability to better meet the challenges.
Xu Xinghua, general manager of Ningbo Fude Enengy Co. Ltd. gave his speech on ‘Industrialized application of methanol-to-olefin (MTO) technology’. According to him, MTO technology can ease the shortage of naphtha and promote diversification of raw material resources.
He was of the opinion that the successful industrialization of DMTO technology may create a new business era that would replace the petrochemical industry with coal-based chemical industry, and diversify the production methods of MEG.
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