Epoxy curing agent Market Demand at home and abroad remains resilient, and HDI prices have bottomed out

Demand at home and abroad remains resilient, and HDI prices have bottomed out

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Recently, Wanhua Chemical released HDI and EIA publicity of adduct capacity expansion project, its HDIThe production capacity continues to expand.

Wanhua is the only domestic company with An enterprise with HDI production capacity, started research on HDI production technology in the 1990s. After more than 10 years of research and development, Wanhua Chemical In May, 15,000 tons of HDI monomers were built and 7000 tons of curing agent production equipment. In recent years, Wanhua has been inHDIThe field shines brilliantly, its HDIAfter several times of capacity expansion, the monomer production capacity has reached16tons/ year. Wanhua is currently the only company in China withHDI production capacity. The capacity expansion project will help expand domestic independent supply and reduce imports of foreign products It is of great significance to meet the rapid development needs of the domestic high-end coatings industry.

In recent years, HDIThe degree of localization continues to advance. In addition to Wanhua, the integration project of Meirui New Materials Polyurethane Industrial Park, Shandong NHU New Energy Materials and Environmental Protection New Materials projects are all progressing smoothly, among which the first phase of Meirui New Materials Planning HDIcapacity1010,000 tons, Phase IIHDItotal production capacity reached20million Ton. Xinhecheng Planning Phase IHDIcapacity3000Ton, Phase IIHDIcapacity10.3 Tons of tons. At present, the first phase of the Meirui New Material Project is expected2023Completed and put into operation at the end of the year,2024The product is officially launched on the market at the beginning of the year. Suppose To2026years availableHDIAll planned projects have been completed and put into operation, ChinaHDIThe total production capacity will reach 60.3tons, compared2022More than three times the annual growth.

Table 1: ChinaHDI Capacity forecast (10,000 tons/year)

2023

2024

2025

2026year

Wanhua Chemical

16

16

20

20

Shanghai Covestro

10

10

10

10

Meirui New Materials

0

10

Adiponitrile, the main raw material, has been in a foreign oligopoly situation for a long time in the past, and the supply force majeure occurred frequently,HDISupply is also in a state of high volatility for a long time.2021years, under the extreme supply and demand mismatch, the secondary marketHDIThe price once rose to10million/ tons and above. With a major breakthrough in the localization of adiponitrile, HDIHDISupply is tight The situation gradually eased,HDI also opened a long downstream channel.

But since5Since the month,HDI in35000/Ton has been consolidating for two months There is more than enough, and as the peak season of the downstream industry is approaching, there is a faint upward trend supported by the demand for stocking. CurrentlyHDIThe price is at an absolute historical low, and the raw materials The price of amine is close to the cost line, for HDIThe price forms a certain support.

2023 HDI trimer market average price (yuan /t)

Because of the pastHDIThe long-term supply is unstable and the price is highly volatile, so the downstream demand is dominated by automobiles for a long timeOEMPainting, refinishing and other rigid-demand industries. HDIPotential demand is gradually increasing , especially in the field of new energy,HDICoatings for offshore wind blades , Photovoltaic backsheet adhesive and other industries accounted for a continuous increase, and consumption increased significantly. Inferred according to the forecast of future photovoltaic and wind power installed capacity,HDIHDIIn new Emerging demand in the energy sector may maintain double-digit growth for a long time.

Looking forward, although HDI capacity will Continued substantial growth, but downstream demand at home and abroad is also full of potential: China’s HDI exports will exceed 70,000 tons in 2022, a substantial year-on-year increase and a record high. According to the prediction of Tiantian Chemical Network, HDI exports will continue to grow in 2023, and with the reduction and clearance of overseas HDI old equipment, and the steady growth of global HDI demand fundamentals, HDI exports will maintain a long-term upward trend in the future, Also forHDILong-term prices provide support.

-serif”>Paints, refinishes and other rigid-demand industries are the main industries. With the gradual stabilization of supply and prices,HDIPotential demand is gradually increasing, especially in the field of new energy,HDIThe proportion of offshore wind power blade coatings, photovoltaic backsheet adhesives and other industries continues to increase, and consumption has increased significantly. According to the forecast of future photovoltaic and wind power installed capacity,HDI The emerging demand in the field of new energy may maintain double-digit growth for a long time.

Looking forward, although HDI capacity will Continued substantial growth, but downstream demand at home and abroad is also full of potential: China’s HDI exports will exceed 70,000 tons in 2022, a substantial year-on-year increase and a record high. According to the prediction of Tiantian Chemical Network, HDI exports will continue to grow in 2023, and with the reduction and clearance of overseas HDI old equipment, and the steady growth of global HDI demand fundamentals, HDI exports will maintain a long-term upward trend in the future, Also forHDILong-term prices provide support.

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