In 2018, the overall growth rate of the polyurethane industry slowed down.
In terms of polyurethane products, according to the statistics of Tiantian Chemical Network, the annual output of polyurethane products reached 11.3 million tons, of which the total volume of soft foam and hard foam products reached 4.4 million tons, an increase of 2.4% year-on-year. The output of CASE, resin and other products was 6.9 million tons, a year-on-year increase of 3.1%. In CASE, resin and other industries, the output of coatings, adhesives, elastomers, spandex and other products has a relatively high year-on-year growth rate, reaching 3.85%, 10.03%, 8.08% and 10.26%; and slurry, sole stock solution showed negative growth, with growth rates of -2.63% and -2.21%.
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2017-2018 polyurethane industry product output map
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In terms of polyurethane upstream raw materials, TDI, MDI, PO, polyether, AA and other markets have experienced a relatively obvious slowdown in growth, while BDO has a relatively large increase.
According to the statistics of Tiantian Chemical Network, isocyanate chains (TDI, MDI and HDI) total output reached 3.57 million tons in 2018. Among them, the output of TDI accounted for more than 20% of the total output; the actual consumption increased by 2.63% compared with the same period last year, and the growth rate dropped by nearly 9 percentage points. MDI production accounts for more than 70% of the total, including commercialized polymeric MDI, commercialized Pure MDI, MDI-50 and modified MDI; the apparent consumption increased by 3.91% year-on-year in 2017, and the growth rate dropped by 2.85% year-on-year. HDI production accounted for a small proportion, and the apparent consumption showed a negative growth of 1.5% year-on-year.
In the whole year of 2018, the total output of propylene oxide in China reached 2.706 million tons; the consumption growth rate was 4%, and the growth rate dropped by 3 percentage points. The total annual output of polyether was 2.715 million tons; the apparent consumption increased by 2.59% year-on-year, and the growth rate dropped by nearly 7 percentage points.
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2018 TDI, MDI, PO, polyether Production and consumption
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In 2018, according to the statistics of Tiantian Chemical Network, the total domestic output of AA was 1.381 million tons; the apparent consumption increased by 5.76% year-on-year, and the growth rate dropped by nearly 5 percent. Domestic production of BDO reached 1.2 million tons this year; consumption increased by 8% year-on-year, and the growth rate increased by 3.5 percentage points. In 2018, the total national output of PTMEG reached 460,000 tons, and the consumption increased by 8.4% year-on-year, and the growth rate slowed down by nearly 1 percentage point.
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2018 AA, BDO, PTMEG production and consumption
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According to the analysis of Tiantian Chemical Network, on the macro level, the growth rate of China’s economic environment slowed down in 2018, the downward pressure increased, and domestic demand and exports were affected to a certain extent. China’s auto industry experienced negative growth for the first time; real estate has also experienced regulatory policies, and the growth rate has slowed down, affecting the growth rate of furniture and other industries. China and the United States experienced a trade war this year, which impacted foreign trade. The continuous tightening of environmental protection supervision has also brought some negative effects to some small and medium-sized factories. From the perspective of the micro-industry situation, upstream factories have put some new production capacity into production, the previous supply and demand pattern has been broken, coupled with weak demand, resulting in the price of raw materials—especially the price of black materials has fallen sharply compared to last year. Profits shrink. Therefore, in 2018, the consumption growth rate of soft foam and hard foam both showed low growth.
In terms of other industries such as CASE and resin, the CASE industry led by elastomers continues to show a growth trend. Among them, China’s TPU market continues to grow rapidly, the overall supply and demand go hand in hand, and film shoe materials and other broad market applications give TPU is a great growth driver. However, the growth rate of the resin industry with large production capacity has slowed down. slurrysole stock solution market output fell by 2 percentage points, and the overall consumption shrank slightly year-on-year. In the synthetic leather in the downstream market, according to the requirements of the relevant national environmental protection policies, the use of some solvent additivesThe limited quantity has reduced the demand for sizing in the terminal synthetic leather market. In the downstream shoe material market, due to the large market volume, the overall consumption has stabilized.
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For more detailed and comprehensive polyurethane industry chain data and analysis, please pay attention to the 2018 China and Southeast Asia polyurethane market series of special reports launched by Tiantian Chemical Network!
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