Upstream pure benzene market trend:
It can be seen that the trend of RMB and US dollar in the pure benzene market is basically consistent. Looking at the price trend for the whole year of 2022, the market shows the characteristics of high first and then low, and the price of pure benzene will reach its peak in early June 2022. In the second half of the year, as the crude oil market was continuously impacted by US dollar interest rate hikes and OPEC production cuts, the volatility in the international crude oil market made it difficult for the price of pure benzene to increase significantly. As of the end of 22, due to the increase in demand for downstream styrene, the pure benzene market has been boosted to a certain extent, and it has begun to show signs of rebound.
The correlation between the trend of adipic acid and the pure benzene market:
As can be seen from the above figure, the correlation between pure benzene and AA prices will be greater in the second half of 2022. Because after entering the middle and late June of 2022, large domestic adipic acid manufacturers have obvious intentions to destock, which has greatly reduced the price gap between AA and pure benzene. There was even a price gap of RMB 500/ton between RMB 8,500/ton for AA and RMB 8,000/ton for pure benzene near August. However, after two months of destocking since September, the supply on the market has decreased significantly compared to before. AA manufacturers have obvious intentions to support the market, and then AA prices have rebounded.
As of the end of 2022, there are about 10 domestic adipic acid manufacturers with a certain scale. In 2022, the total production capacity of major adipic acid manufacturers in China will be about 1.693 million tons. In recent years, China’s adipic acid production capacity has continued to expand. In 2022, the production capacity will be about 2.94 million tons, a year-on-year increase of 7.3%, accounting for 51.2% of the global total production capacity. It is currently the country with the largest adipic acid production capacity in the world. However, in recent years, the expansion of production capacity has been faster than the growth rate of downstream demand, forming a multi-power oligopolistic pattern represented by large manufacturers such as Chongqing Huafeng, Hualu Hengsheng, Haili Chemical, and Shenma Group. However, since the second half of 2022, the price of adipic acid has been constrained by the macro environment, such as poor transportation due to the epidemic situation, continued weak downstream demand, and fluctuations in the upstream raw material pure benzene market. The domestic adipic acid industry has shown low operating capacity , The market is weak. With the release of epidemic prevention and control, the continued willingness of large manufacturers to support the market, and the slow recovery of terminal demand, it is expected that the market trend of adipic acid will be stable and positive in 2023.
Tiantian Chemical Network “2022 China Adipic Acid-Polyester Polyol Annual Market Report” catalog (part):
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2 Overview of adipic acid products
2.1 Product performance of adipic acid
2.2 Introduction of adipic acid application industry
2.3 Adipic acid product process and production technology development
2.3.1 Cyclohexane direct oxidation
2.3.2 Direct oxidation of cyclohexene
2.3.3 Cyclohexanol to adipic acid
2.3.4 Cyclohexanone to adipic acid
2.3.5 Two-step carbonylation of butadiene to adipic acid
2.3.6 Biocatalytic route
2.3.7 Development trend of future process technology
2.4 Overview of upstream raw material market
2.4.1 Pure benzene market analysis
2.4.2 Analysis of the cost impact of pure benzene on adipic acid
2.4.3 2018-2022 correlation analysis of the price trend of pure benzene and adipic acid
3 Overview of polyester polyol products
3.1 Product performance of polyester polyol
3.2 Industry Introduction of Polyester Polyol Application
3.3 Development of polyester polyol product technology and production technology
3.3.1 Production technology
3.3.2 Process flow
3.3.3 Development trend of future process technology
3.4 Overview of upstream raw material market
3.4.1 Adipic acid market analysis
3.4.2 1,4-butanediol market analysis
3.4.3 Analysis of Ethylene Glycol Market
3.4.4 Analysis of the cost impact of main raw materials on polyester polyol
3.4.5 2018-2022 Correlation Analysis of Main Raw Materials and Polyester Polyol Price Trend
4 Analysis of adipic acid industry
4.1 2018-2022 China’s adipic acid industry capacity and output analysis
4.2 Capacity and output statistics of major Chinese adipic acid producers in 2022
4.2.1 Chongqing Huafon
4.2.1.1 Analysis of adipic acid industry chain
4.2.1.2 Sales strategy
4.2.1.3 New construction and expansion plan
4.2.2 Hualu Hengsheng
4.2.2.1 Analysis of adipic acid industry chain
4.2.2.2 Sales strategy
4.2.2.3 New construction and expansion plan
4.2.3 Shenma Industry
4.2.3.1 Analysis of adipic acid industry chain
4.2.3.2 Sales strategy
4.2.3.3 New construction and expansion plan
4.2.4 Haili Chemical Industry
4.2.4.1 Analysis of adipic acid industry chain
4.2.4.2 Sales strategy
4.2.4.3 New construction and expansion plan
4.2.5 Tangshan Zhonghao
4.2.5.1 Analysis of adipic acid industry chain
4.2.5.2 Sales strategy
4.2.5.3 New construction and expansion plans
4.3 Analysis of import and export of adipic acid in China from 2018 to 2022
4.4 2018-Analysis of China’s adipic acid market price trend in 2022
4.5 Analysis of cost and profit of adipic acid in China in 2022
4.6 Statistics of adipic acid projects under construction and proposed in China in the future
5 Analysis of China’s aliphatic (adipic acid type) polyester polyol industry
5.1 Production capacity of aliphatic (adipic acid) polyester polyols in China
5.2 Analysis of Export Sales of Aliphatic (Adipic Acid Type) Polyester Polyols in China from 2018 to 2022
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