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In recent years, the increase rate of China's adipic acid production capacity far exceeds the growth rate of downstream demand, and the overall supply of adipic acid is oversupplied, in this context, China's adipic acid has gradually developed into a major export country. The following is a summary and brief analysis of the capacity output and import and export data of China's adipic acid market since 2021.
As can be seen from the above figure, China's adipic acid supply has entered a low-speed growth state in recent years, and in 2021, China's adipic acid production capacity will reach 2.74 million tons, an increase of 7.8% over 2020, mainly adding Shandong Hualu Hengsheng Phase II 200,000 tons / year device. At present, there are only six enterprises with a domestic production capacity of more than 200,000 tons, of which the top three are Huafeng, Shenma and Hualu, and the expanded production capacity in the past three years is concentrated in the first three enterprises.
It is understood that with the tightening of the ban on plastics in countries around the world, especially the promulgation of the most strictly prohibited plastic order in China, biodegradable plastics will usher in a period of rapid development, and Recently China has also launched a number of degradable plastics (PBAT). The new biodegradable plastic PBAT project will drive an increase in demand for adipic acid in China, but at the same time, adipic acid is also expected to expand the production of supporting projects.
From the perspective of output, according to the statistics of Zhongyu Information, China's total production of adipic acid from January to April 2021 was 660,000 tons, an increase of more than 35% over the same period in 2019 and 2020. Mainly because of the smooth start-up of the 200,000 tons/year adipic acid plant of Hualu Hengsheng Phase II in February this year, and the restart of a 70,000 tons/year device of Shandong Hongding (formerly Hongye) in March, the supply to the market has increased significantly.
From the perspective of export volume, the export volume of adipic acid in January-March 2021 totaled 101,500 tons, down 3.49% from the same period last year and 12.5% from the same period in 2019. Among them, the export volume in March was 41611 tons, which was the largest export volume in the first quarter. According to the calculation of Zhongyu Information, the dependence of China's adipic acid exports in the first quarter was about 22%.
From the perspective of import volume, the import volume of adipic acid in January to March 2021 totaled 1590 tons, an increase over the same period in 2019 and 2020. According to the calculation of Zhongyu Information, the dependence on China's adipic acid imports in the first quarter was about 0.34%.
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