Adipic acid is the most valuable dibasic acid among aliphatic dibasic acids, which can undergo salt-forming reactions, esterification reactions, amidation reactions, etc., and can be combined with Polycondensation of diamines or diols into polymers, etc. As an organic synthesis intermediate, it is mainly used in the synthesis of nylon 66 (salt), polyurethane and plasticizer. It can also be used to produce high-grade lubricating oil, food additives, pharmaceutical intermediates, flavor and fragrance control agents, new single crystal materials, plastic foaming agents, coatings, adhesives, insecticides, dyes, etc.
From 2010 to 2020, domestic demand for adipic acid maintained continuous growth. With the continuous commissioning of new domestic equipment, domestic self-sufficiency continued to increase. By 2012, it had completely got rid of the previous dependence on imports to fill the gap in domestic demand. The situation began to become a country with more exports than imports.
According to the data monitoring of Tiantian Chemical Network, the compound growth rate of China’s adipic acid production capacity will reach about 14.09% from 2010 to 2020. From the change trend of adipic acid production capacity in the past ten years, it can be seen that China’s production capacity has experienced a qualitative leap in 2012, 2014, 2016, 2017 and 2020, mainly due to the fact that Jiangsu Haili, Hualu Hengsheng, Chongqing Huafeng, Tangshan Zhong Hao, Shanxi Taihua, Henan Shenma and other adipic acid plants were put into operation.
In 2012, China’s new domestic adipic acid production capacity concentrated Release, as high as 750,000 tons/year, mainly including Shandong Hualu Hengsheng, Shanxi Yangmei Fengxi, Chongqing Huafeng, Henan Shenma and Jiangsu Haili adipic acid have been put into production successively. In 2012, the domestic adipic acid production capacity reached 1.54 million tons/year, almost doubled compared with 790,000 tons/year in 2011. In 2012, the domestic overcapacity of adipic acid intensified rapidly.
In 2014, China’s domestic adipic acid production capacity increased by 330,000 tons per year, mainly including the adipic acid project of Tangshan Zhonghao Chemical Co., Ltd. and the second phase of Huafeng adipic acid production. The domestic adipic acid production capacity reached 1.87 million tons tons/year, the risk of overcapacity is still accumulating.
In 2016, the new production capacity of Henan Shenma and Shandong Hongda was still released, and the domestic production capacity was still rising, with the total domestic production capacity reaching 2.16 million tons per year.
In 2017, the new production capacity of Shanxi Taiyuan Chemical Industry and Chongqing Huafon was still released. With the new production capacity of Huafon Adipic Acid put into production at the end of the year, the total domestic production capacity reached 2.48 million tons per year, an increase of 320,000 tons compared with 2016 tons per year, China has gradually become an important AA production base in the world.
In 2018, Henan Shenma’s 75,000 tons/year adipic acid plant was put into operation, and China’s total adipic acid production capacity reached 2.555 million tons in 2018. Even so, there are still nearly 800,000 tons of domestic production capacity that have been suspended for a long time.
In 2020, with the new production capacity of Huafon Adipic Acid Phase IV, the total domestic production capacity will reach 2.765 million tons/year, an increase of 200,000 tons/year compared with 2019. China will gradually become an important AA producer in the world base.
Looking forward to the next few years, on the one hand, the new production capacity of adipic acid is expected to continue to be released, so the output will further increase in the next few years. Domestic adipic acid will still face the pressure of overcapacity, and fierce competition among domestic suppliers is bound to It will cause price disputes, and downstream and terminal industries are affected by macroeconomics, industrial transformation and environmental protection policies. The demand for adipic acid in pulp and other fields will maintain a low-speed trend, while the TPU and nylon 66 fields are still expected to grow steadily. The outbreak of emerging downstream PBAT (thermoplastic biodegradable plastics) production capacity will be of great significance to alleviate the oversupply of adipic acid raw materials, and will play a positive role in ordering the competition in the adipic acid raw material market; on the other hand, as With the continuous increase of domestic adipic acid export volume, the export volume of adipic acid has become an important factor in the balance of supply and demand in the domestic market.
In the short term, with the continuous release of new domestic production capacity, it is difficult to change the pattern of oversupply in the domestic market. The export volume of domestic adipic acid manufacturers and the upstream raw material pure benzene will be the key factors determining the market price. The price of adipic acid It will fluctuate closely with the raw material pure benzene market and the fluctuation of export volume.
In the long run, with the explosion of production capacity in some downstream industries and the slow expansion of domestic exports in the future, the situation of domestic overcapacity is expected to be broken, and the profits of the adipic acid industry will slowly improve.
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