Under the driving of wind and heat -polyetheric: Listing enterprises are busy expanding production

On August 9, Shandong Longhua New Materials Co., Ltd. issued an announcement that the construction content and scale of the amino polyether (polyetherine) project were adjusted to change the construction capacity of 40,000 tons/year to 80,000 tons/year. Coincidentally, many listed enterprises, including Wanhua Chemical and Morning, have recently expanded polyetherine projects. With the advantages of "high concentration, high production threshold, wide market prospects, and new energy supporting products", the polyetheilline industry, which has ushered in the golden development period.

5 Enterprises occupy 90 % markets

Polyethanes are a polymer containing polyether and amino -based. It not only has comprehensive performance such as low viscosity, long applicable period, high toughness, anti -aging, excellent waterproofing, etc., but also improves the application performance of new materials. It is widely used in the fields of wind power blades, high -performance composite materials for the lightweight of the car shell, and the use of shale oil and gas and marine oil and gas mining, high -speed railway, and marine engineering.

According to the reporter, the main manufacturers of polyetheric amine in the world are Hunsmai and BASF, with production capacity of about 130,000 tons/year and 60,000 tons/year, accounting for about 70%of the total global capacity. With the continuous increase in the application field, the demand for polyethamine has maintained a stable growth, and Hunsmai and BASF are also continuing to plan new polyetharinine projects.

In recent years, the domestic corporate polyetherine technology has made breakthroughs, and multiple projects have been put into operation. The production capacity of the existing polyetheride in China is about 100,000 tons/year, and the industry concentration is high.

From the perspective of domestic production enterprises, Shandong Zhengda New Materials Polyethamine production capacity is 35,000 tons/year, Morning Chemical Co., Ltd. is 31,000 tons/year, Akuli is 20,000 tons/year, and Wanhua Chemistry, Real Madrid Technology and other companies have a total of 15,000 Ton/year. According to Fronteshalin statistics, in 2020, the five suppliers accounted for about 92.8%according to the sales volume, and the output accounted for about 92.6%.

Wind power peak season push high boom

The application of polyetheric amine in the industry is gradually expanding, and the industry is in a period of rapid expansion.

Wind power is the largest downstream application field of polyetherine. Wind power blades are basically combined with polyetherine or polyethanes as a curing agent for epoxy resin. With the decline in the cost of wind power and the target of my country's "double carbon", domestic wind power enters the high boom cycle. It is expected that during the "Fourteenth Five -Year Plan" period, the number of newly increased installed capacity in China will reach about 55GW, which is significantly improved from 29GW during the "Thirteenth Five -Year Plan" period; in 2025, the annual increase of new installations will reach more than 70GW.

The broad prospects of wind power have hot polyethelamine markets. According to the statistics of the Research Department of China Gold Company, from 2016 to 2020, the annual sales volume of polyethamine in my country increased from 42,000 tons to 101,000 tons, with an average annual growth rate of 24.5%; sales revenue increased from 915 million yuan to 2581 million yuan. The average annual growth rate was 29.6%. The growth rate of the Chinese market is significantly higher than the global growth rate.

Among them, wind power polyethamine is an important driving force for industry growth. In 2020, 62.1%of the domestic polyetherine is used in the field of wind power. According to estimates, the sales volume of polyetheride products in China's wind power industry will increase from 38,000 tons in 2021 to 61,000 tons in 2025, with a compound annual growth rate of 12.2%.

From the global perspective, according to market research reports, the global polyetheric market size reached $ 7.2 million in 2019, and it is expected to reach US $ 1.12 billion in 2026, with a compound annual growth rate of 9.47%. From 2021 to 2025, the annual demand for global wind power polyethamine can reach 101,000 tons, 109,000 tons, 118,000 tons, 128,000 tons, and 138,000 tons.

The Minsheng Securities Research Report believes that the supply and demand structure of polyetheride is unbalanced, and the wind power season in the second half of the year is expected to further push the prosperity. The polyetheride industry concentrates high, and as of June 2022, global production capacity is about 280,000 tons/year. In the second half of the year, it is expected that only 40,000 tons of 40,000 tons/annual capacity of Shandong Zhengda New Materials will be put on, and the supply of supply is weak. In terms of demand, the domestic wind power bidding will gradually enter the peak season from May to June this year. It is expected that the amount of wind power machines will increase significantly in the second half of the year. Polyethelamine will usher in a new round of seasonal supply and demand tensions, and the prosperity is expected to rise again.

Production enterprises accelerate production and expansion

In order to better meet the market demand, domestic polyetheric manufacturers have accelerated their expansion. In the next 3 to 5 years, the production capacity of domestic polyetheric amine new projects is nearly 100,000 tons per year. After the completion of these projects, global polyetheric amine production capacity will reach 400,000 tons/year.

Specifically, the polyethelamine project of Shandong Zhengda New Materials is expected to be put into production in the second half of this year. At that time, the company's total polyethamine production capacity will reach 75,000 tons/year, ranking first in Asia.

On July 7, Chenhua issued an announcement saying that the investment of 578 million yuan to build a 40,000 -ton/year polyetharinamine project.

On June 24, the Yantai Ecological and Environment Bureau made an approval decision on the EIA EIA project of the Wanhua Chemical Polyethelamine Project. The project plans to invest 297 million yuan to build a new 40,000 -ton/year polyetheryamine device in Yantai to create a global polyetamicide business with absolute cost competitiveness.

On June 2nd, Akuli announced that his wholly -owned subsidiary Akuli Technology (Taixing) Co., Ltd. 20,000 tons/annual polyethamine, 30,000 tons/year optical material projects obtained the "Jiangsu Provincial Investment Project File Certificate" Essence

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