Unsaturated Polyester Resins_China Report不饱和聚酯中国市场报告

China Report: Chemical Product TrendsMarket coverage ofChina's leading chemicals Unsaturated Polyester ResinsSupply/Demand n Producers n End-Use Markets n Price Trends n TradeUNSATURATED POLYESTER RESINSSUMMARYUnsaturated polyester resins (UPR) are thermoset resins—that is, polymers that solidify or “set”irreversibly when heated. Demand for UPR has been increasing since 1991 because of strong growth in industrial applications. Driven by China’s rapidly growing economy, UPR capacity grew at an impressive average annual rate of 19.1% from 2000 to 2005 from a very small base. By 2005, the annual UPR capacity was about 1,200 thousand metric tons.More than 100 UPR producers operate in China, with annual capacities ranging from a few hundred to about 80 thousand metric tons. The production of fiberglass-reinforced products accounted for about 48% of China’s UPR consumption in 2005. These products find a variety of applications in construction, agriculture, transportation, and communications. The remaining 52% is consumed as nonreinforced resin in such applications as buttons, crafts, surface coatings, synthetic marble, and auto repair putty.UPR consumption in China is expected to increase at an average annual rate of 7.4% over the 2005-2010 period and about 4.1% during 2010-2015.Supply/Demand for Unsaturated Polyester Resins in China—2005-2007(thousands of metric tons)2005a2006b2007b Number of Major Producers252525Annual Year-end Capacity1,2001,2101,250Production9601,0601,125Operating Rate80%87%90%Imports114.097.386.9cExports21.624.70.0Apparent Consumption1,052.41,132.71,211.9a.Actual.b.Estimated. imports.Copyright © 2007 by SRI Consulting Polymers-3Unsaturated Polyester Resins China Report: Chemical Product Trends Copyright © 2007 by SRI Consulting Polymers-4PRODUCING COMPANIESMore than 100 producers of UPR with annual capacities ranging from a few hundred to 80 thousand metric tons operate in China. Most producers have annual capacities below 100 metric tons. Zhejiang Tianhe Resin Co., Ltd.; Guangzhou Panyu Futian Co. Ltd.; and Jiangsu Yabang Coatings Co., Ltd.,are the largest UPR producers, each with an annual capacity of 80 thousand metric tons in 2005.In 2005, China’s total UPR capacity amounted to about 1,200 thousand metric tons per year. The following 25 major producers represented 75% of total capacity in 2005.Major Producers of Unsaturated Polyester Resins (thousands of metric tons)Annual Capacity as of Year-endCompany and Plant Location20052006RemarksAshland Composite Polymer (Changzhou) Co., Ltd.Kunshan, Jiangsu2020Started in 2005.Changzhou Huari New Material Co., Ltd.Changzhou, Jiangsu3030Expansion in 1999.Changzhou Huarun Composite Materials Co., Ltd.Changzhou, Jiangsu3030Expanded from a small plant.Changzhou Jinlong Chemical PlantChangzhou, Jiangsu3030Recently expanded from a small plant.Eternal Chemical (China) Co., Ltd.Kunshan, Jiangsu1515 A subsidiary of Taiwan Eternal Chemical Co., Ltd. Set up in 2001.Eternal Chemical (Guangdong) Co., Ltd.Zhuhai, Guangdong2727 A subsidiary of Taiwan Eternal Chemical Co., Ltd. Set up in 2002.Guangdong Panyu Futian Co., Ltd.Panyu, Guangdong8080Recently expanded.Guangdong Panyu Huaxun Industry Co.Panyu, Guangdong4040Expanded from a small plant.Henan Xinzheng Resin PlantXinzheng, Henan2525Started up in 1983 and expanded from a very small plant.Jiangsu Fullmark Chemical Co.Jiangyin, Jiangsu5555Jiangsu Yabang Coatings Co., Ltd.Tianjin Yabang Chemical Co., Ltd.Tianjin 5050China Report: Chemical Product Trends Unsaturated Polyester ResinsCopyright © 2007 by SRI Consulting Polymers-5Major Producers of Unsaturated Polyester Resins (continued)(thousands of metric tons)Annual Capacityas of Year-endCompany and Plant Location20052006Remarks Jiangsu Yabang Coatings Co., Ltd.Jiangsu Yabang Coatings Co., Ltd.Changzhou, JiangsuZhangzhou Yabang Chemical Co., Ltd.Zhangzhou, Fujian80408040Recently expanded.Jinling-DSM Resins Co., Ltd.Nanjing, Jiangsu3535Nanjing Feilong Compositive Limited CompanyNanjing, Jiangsu1515Started up in 1995.Nantong Tianhe Co., Ltd.Nantong, Jiangsu5050Panyu Bangteng Chemical Co., Ltd.Panyu, Guangdong1212Quanzhou Nuoya Industry & Trade Co., Ltd.Modern Resin PlantQuanzhou, Fujian3030Started up in 1998.Shandong Hongxin Chemical Co., Ltd.Zibo, Shandong1010Shanghai New Tianhe Resin Co., Ltd.Shanghai4050Shenyang Huate Chemistry Co., Ltd.Shenyang, Liaoning1010Tianjin Hecai Resin Co., Ltd.aTianjin2020Wenzhou Zhongqiao Resin Chemical Co., Ltd.Wenzhou, Zhejiang5050Expanded from a very small plant.Zhejiang Tainhe Resin Co., Ltd.Linhai, Zhejiang8080Came on stream in 1997; expanded in 1998.Zhongshan New Union Chemical Co., Ltd.Zhongshan, Guangdong2020Started up in 2002. Wholly owned by Taiwan Union Chemical Co., Ltd.Total894904a.Formerly known as Tianjin Synthetic Material Factory.Unsaturated Polyester Resins China Report: Chemical Product Trends Copyright © 2007 by SRI Consulting Polymers-6Some UPR producers will expand their capacity based on market demand.SALIENT STATISTICSThe following graph and table illustrate supply and demand for UPR in China.5001,0001,5002,000198819901992199419961998200020022004200620082010201220142016Supply/Demand for Unsaturated Polyester Resins(thousands of metric tons)China Report: Chemical Product Trends Unsaturated Polyester ResinsCopyright © 2007 by SRI Consulting Polymers-7Supply/Demand for Unsaturated Polyester Resins (thousands of metric tons)AnnualCapacityProduction Imports Exports Apparent Consumption 19898028002819908245004519911006300631992130708.20.577.7199315010011.20.7110.5199417013024.7 2.3152.4199517013832.1 3.2166.9199621015046.5 3.5193199726020065.2 3.7261.5199830022079.5 2.2297.31999400320116.3 3.5432.82000500430134.7 5.0559.72001560490130.1 3.9616.22002830560149.0 4.6704.42003900720137.67.7849.920041,000850132.711.2971.520051,200960114.021.61,052.420061,2101,06097.324.71,132.720071,2501,12586.9a --1,211.920101,8001,44066.0a --1,506.020152,0001,76082.5a --1,842.5Average Annual Growth Rate (percent)2005-20108.4%8.4%----7.4%2010-20152.1% 4.1%---- 4.1% imports.Unsaturated Polyester Resins China Report: Chemical Product TrendsCONSUMPTIONBecause UPR is brittle and has limited structural integrity, it is often combined with fiberglass or mineral fillers to enhance its mechanical strength. In China, about 48% of the UPR consumed has been of the reinforced type in recent years. Cooling towers, corrosion-resistant tanks, pipes, ducts, and sanitary equipment are the largest markets for reinforced UPR in China. Other smaller but growing uses for reinforced UPR include automobiles, boats, and construction products.The use of reinforced UPR is common in China because of its properties and ease of processing. The construction of civil buildings has been growing rapidly in recent years, as has the construction of residences and especially construction of gymnasiums for the 2008 Olympics. The rapidly growing construction industry will drive the market for reinforced UPR during the next five years. Normally, the performance of the construction industry tracks the economic development of the country. Therefore, it is estimated that consumption of UPR in reinforced UPR products will increase steadily in the future and account for an increasing proportion of the total consumption of UPR. Nonreinforced UPR has accounted for 52% of China’s total UPR consumption in recent years, which is much different from the situation in other countries, especially in industrial countries. In those countries, composite materials account for a larger proportion of total UPR consumption.The nonreinforced UPR processing industry dominates in the southeast part of China, especially in the Fujian, Zhejiang, and Guangdong provinces. Many companies from Taiwan and Hong Kong have set up joint ventures and wholly owned companies to produce consumer articles sold to both domestic and world markets. This trend has been extremely strong recently. The reasons for this include the availability of low-priced labor and land, improved plastic production processes and machinery, and low-cost end products that can be sold locally without paying any export taxes or are exported to international markets at competitive prices. The nonreinforced UPR products (e.g., buttons, crafts, etc.) that have very large markets in industrial countries and that used to be exported to international markets from Taiwan, are now being exported to these markets in large quantities from China. The consumption of UPR in nonreinforced products is impacted by demand in the world market because large amounts of these products are exported.The following charts and table show recent consumption patterns for UPR and projected consumption for 2010 and 2015.Copyright © 2007 by SRI Consulting Polymers-8China Report: Chemical Product Trends Unsaturated Polyester ResinsCopyright © 2007 by SRI ConsultingPolymers-9Unsaturated Polyester Resins China Report: Chemical Product TrendsCopyright © 2007 by SRI Consulting Polymers-10Consumption of Unsaturated Polyester Resins (thousands of metric tons)Average AnnualGrowth Rate (percent)19971999200120032005201020152005-20102010-2015ReinforcedContact MoldingFilament Winding(pipe, vessels, tanks)SMC/BMCPultrusion Other a93.5112.21.12.2128.626.310.54.45.3167.545.020.010.07.5217.668.030.613.610.2300.6111.150.527.815.2462.5179.081.444.723.3562.7239.5108.959.928.39.010.010.010.09.0 4.06.06.06.04.0Total, Reinforced110175.0250.0340.0505.2790.9999.39.4% 4.8%NonreinforcedCraftsSynthetic MarbleButtonsSurface CoatingsAuto Repair Putty Other b47.012.751.527.37.55.579.945.760.051.612.97.7110.085.070.064.225.012.0173.4127.591.871.425.520.3186.1136.898.576.627.421.8237.5183.1125.7102.538.427.9282.0217.5145.7118.946.732.4 5.06.05.06.07.05.1 3.53.53.03.04.03.0Total, Nonreinforced151.5257.8366.2509.9547.2715.1843.2 5.5 3.4Total261.5432.8616.2849.91,052.41,506.01,842.57.4% 4.1%a.Includes resin transfer molding (RTM) and continuous lamination.b. Includes encapsulation of electronic components and other.R EINFORCED UPRIn 2005, the consumption of UPR in reinforced UPR products or GR (glass-reinforced plastics) was about 505.2 thousand metric tons, accounting for about 48% of total consumption of UPR in China.Thousands of end products are produced by different application methods, such as contact molding,filament winding, SMC/BMC, pultrusion, and other. It is estimated that consumption in this sector will increase at an average annual rate of about 9.4% during 2005-2010, reaching 790.9 thousand metric tons and accounting for about 53% of total UPR consumption by 2010. During 2010-2015, the average growth rate will be about 4.8% per year and consumption will total about 999.3 thousand metric tons, accounting for 54% of total consumption in 2015.Contact MoldingIt is estimated that about 300.6 thousand metric tons of UPR were processed by contact molding in 2005. The main products from contact molding are products used in the construction industry (such as cooling towers, sanitary equipment, water tanks, panels, etc.), the transportation industry (components of automobiles, fishing boats), products for the entertainment industry (playground equipment, seats,etc.), and other consumer goods. Water tanks used in tall residential buildings, fishing boats, and automotive components will be the fastest-growing markets for UPR in the next ten years.China Report: Chemical Product Trends Unsaturated Polyester ResinsFilament WindingIt is estimated that the consumption of UPR in filament winding processes was about 111.1 thousand metric tons in 2005. The main products produced from filament winding are pipes, vessels, and tanks, which are used in various industries.SMC/BMCIn 2005, it was estimated that about 50.5 thousand metric tons of UPR were used to produce SMC/BMC (sheet molding compound/bulk molding compound) products, which are used to manufacture components for automobiles, water tanks for high-rise buildings, water tanks for agricultural irrigation, and appliance housings.PultrusionUPR used in pultrusion processes has increased rapidly from a very small base over the past few years. Pultrusion products are used mainly to make window profiles, ladder rails, railings, grid, and fishing rods. About 27.8 thousand metric tons of UPR were consumed in these applications in 2005. N ONREINFORCED UPRIn 2005 UPR consumption in nonreinforced UPR products or NR was about 547.2 thousand metric tons, accounting for 52% of the total consumption of UPR in China. The demand for NR products has increased rapidly in recent years. It is estimated that consumption in this sector will increase at an average annual growth rate of about 5.5% during 2005-2010, reaching about 715.1 thousand metric tons and accounting for about 47% of total UPR consumption by 2010. During 2010-2015, the growth rate will be about 3.4% per year, and consumption will total 843.2 thousand metric tons, accounting for 46% of total consumption, in 2015.The main NR products in China are buttons, crafts, surface coatings, synthetic marble, and auto repair putty.The market for nonreinforced UPR will benefit from the growing demand for new construction as well as the upgrade and refurbishment of existing buildings. These developments should encourage increased consumption of surface coatings, decorative materials, and synthetic marble. Furniture finished with UPR coatings has sold well in recent years. Large amounts of crafts are exported to the international markets every year, and the use of auto repair putty has increased along with the growth of the automotive industry.F ORECASTIt is estimated that overall growth for UPR in China will average 7.4% per year from 2005 to 2010, resulting in a total demand for UPR of 1,506.0 thousand metric tons in 2010. During 2010-2015, consumption will continue to grow at 4.1% per year, reaching about 1,842.5 thousand metric tons by 2015.Copyright © 2007 by SRI Consulting Polymers-11Unsaturated Polyester Resins China Report: Chemical Product TrendsCopyright © 2007 by SRI Consulting Polymers-12PRICEUPR prices have fluctuated from 6,000 to 13,000 renminbi per metric ton in the past several years.They peaked in 1995 in response to the rising prices of raw materials and increased demand from the construction and furniture industries. Prices increased in 2005, as the prices of UPR feedstock increased. The following table gives a history of UPR market prices and unit import values:Prices for Unsaturated Polyester ResinsDomestic PricesUnit Import Values Renminbi per Metric TonU.S. Dollars per Metric TonRenminbi per Metric TonU.S. Dollars per Metric Ton19905,4001,130na na 19915,6001,050na na 19928,2001,485na na 19938,8001,525na na 19948,600-9,0001,000-1,045na na 199513,000-15,0001,555-1,79510,0651,205199611,000-12,0001,325-1,4459,4301,1341997 9,000-12,0001,085-1,4508,5551,0321998 8,600-12,0001,040-1,4507,95096019996,500-7,500785-9057,29588120006,000-7,500725-9057,59091720016,200-7,200750-8707,51590820026,200-7,100750-8607,65592520036,500-8,000785-9657,9609622004 8,000-13,000965-1,5708,5651,035200512,5001,5259,8951,2082006a12,0701,51010,4901,310a.Data are for January through July.China Report: Chemical Product Trends Unsaturated Polyester ResinsCopyright © 2007 by SRI Consulting Polymers-13TRADEChina neither imported nor exported UPR until 1992 but since then has become a net importer of the resins. In 2005, imports supplied about 11% of total consumption. The following table shows the breakdown of imports by country of origin in 2005:Imports of Unsaturated Polyester Resins—2005Country of Origin Volume (thousands of metric tons)Unit Import Values (U.S. dollars per metric ton)Taiwan83.9981Korea, Republic of 5.31,464Japan 5.23,238Other 19.6--Total114.01,208In 2005, China’s UPR exports were 21.6 thousand metric tons and most went to Hong Kong (about 68% of the total).。