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[Industry Focus]：Adipic acid polyester polyol market analysis, the future demand will increase to 1.5 million tons

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Domestic polyester polyol capacity production analysis

domestic (adipic acid type) polyester polyols generally have large production capacity, but compared with foreign counterparts, there are few enterprises with their own technical characteristics, and most of their products are ordinary products with low technical level. By the end of 2021, there were more than 100 polyester polyol manufacturers (adipic acid type) in mainland China, most of which were concentrated in Zhejiang, Shandong, Guangdong and other regions. Among them, Huafeng Group and Xichuan group are currently the largest polyester polyol producers in China. In 2021, the annual output of polyester polyols in mainland China (adipic acid type) can reach 250-3 million tons, while the actual demand is far different from the production capacity. Most (adipic acid type) polyester polyols are produced and used by themselves, some manufacturers have certain external sales.

In 2021, the sales volume of adipic acid polyester polyols outside China increased by 15.8% year-on-year. This is mainly because the output of its downstream major consumer industries increased greatly in 2021, thus driving the demand for polyester polyols to increase.

Analysis of downstream consumption market of domestic polyester polyol

in 2021, the main application fields of aliphatic (adipic acid type) polyester polyols were TPU, sole stock solution and slurry. The consumption of polyester polyols in these three industries accounted for 82.5% of the total consumption of domestic polyester polyols. In 2021, the total consumption of polyester polyol was 1.106 million tons, an increase of 14.0% year-on-year, mainly because the downstream TPU, sole stock solution and slurry all have increased to varying degrees.

Domestic polyester polyol downstream sole stock solution Industry Analysis

china is currently the world's largest producer of PU sole stock solution, and China has the world's largest manufacturer of PU sole stock solution-Huafeng Group. The total production capacity of PU sole liquid in China has greatly exceeded the consumption. In recent years, it is experiencing industry integration. The production capacity is concentrated in leading enterprises, and the number of producers is reduced. The epidemic has promoted this development trend. In 2021, the total capacity of sole liquid in China was 1.06 million tons, which was the same as that in 2020. The main reason for the rapid growth was similar to that of the slurry industry. First, the factory shutdown affected by the epidemic in the first quarter of 2020 led to a low base, second, a large number of orders from overseas downstream footwear factories have been transferred to China, which has greatly increased the demand for sole stock solution.

Main sole liquid manufacturers for personal use and outsourcing

in 2021, the self-usage of polyester polyols in Huafeng increased significantly, and the external sales volume also increased. This was mainly because the output of downstream slurry and sole stock solution industry increased more in 2021. Huafeng's polyester polyols are mainly used in the fields of slurry, sole stock solution, TPU and microfiber. The polyester polyols sold abroad are mainly in the field of shoe glue, with the most shoe glue in Guangdong, followed by shoe glue factories in Fujian and Zhejiang, of course, its TPU, CPU, adhesive and paint are also involved in a small amount.

Demand Forecast of adipic acid polyester polyol in China in the future

in 2026, the domestic demand for aliphatic (adipic acid type) polyester polyols will increase to 1.508 million tons, and the annual compound growth rate of 2021-2026 is 6.4%.

Source: Tiantian Chemical network

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