Main contents and highlights of the report

Main contents: Main raw materials for polyester polyols; AA-based polyester polyols manufacturers’ sales volumes 2019-2021; an analysis of major downstream sectors 2019-2021; forecast of polyester polyols demand in China.

Highlights: The influence of main raw materials prices on the costs of polyester polyols; major AA-based polyester polyols manufacturers’ sales volumes; gauging the room for future growth by analyzing downstream sectors, including major TPU, PU resin for shoes sole and PU resins for synthetic leather manufacturers’ production capacities, output and competition landscape.

A snapshot of the report

Polyester polyols capacity and output in China

      Generally, domestic AA-based polyester polyols manufacturers boast large production capacities. However, in contrast with their foreign counterparts, few of them have proprietary technologies. They mostly produce low-end products that are less technologically sophisticated. By the end of 2021, there were over 100 AA-based polyester polyols manufacturers in mainland China, concentrated in Zhejiang, Shandong and Guangdong provinces. Among them, Huafon Group and Xuchuan Chemical were the biggest polyester polyols manufacturers in China. In 2021, China’s AA-based polyester polyols capacity amounted to 2.5-3 million tons/year, far exceeding the demand. Most of the manufacturers produced products only for internal use, and the rest had extra products for sale.

The volume of China’s AA-based polyester polyols sales totaled ** million tons in 2021, up 15.8%. This is mainly due to increased demand driven by the surge in production in downstream sectors.

Table 1 Major AA-based polyester polyols manufacturers’ sales volumes 2019-2021 (in 10kt)

An analysis of downstream markets

In China, aliphatic (AA-based) polyester polyols are mainly used in TPU, PU resins for synthetic leather and PU resins for shoes sole, which combined accounted for 82.5% of the total polyester polyols consumption in 2021. China’s polyester polyols consumption totaled 1.106 million tons in 2021, up 14.0%. This is mainly due to the significant rise in demand from the three sectors, which saw an increase in output of **%, **%, **%, respectively. 

Table 2 Polyester polyols consumption by different downstream sectors 2019-2021

 An analysis of the sole resin sector

China is now the world's biggest producer of sole resins and has the world's largest sole resin manufacturer, Huafon Group. With a capacity far exceeding the demand, China’s sole resin industry has been consolidating in recent years. As small manufacturers are merged production capacities are increasingly held by a handful of leading manufacturers. Amid COVID-19 pandemic, this trend has been accelerated. In 2021, the domestic sole resin capacity reached 1.06 million tons per year, flat with that in 2020. In contrast, the output totaled ** tons, up **%. The reasons are the same as those for growth in output of synthetic leather resins. The first is the low base in 2020, when manufacturers suspended production due to the COVID-19 outbreak. The second is the surge in demand from overseas markets as foreign footwear manufacturers shifted their orders to domestic suppliers.

The significant rise in sole resin output inevitably entailed fast growth in polyester polyols consumption. With a **% content of polyester polyols, polyester-based sole resins consumed approximately ** tons of polyester polyols in 2021, up **%. Most of the sole resin manufacturers produced polyester polyols only for internal use, and the rest had extra products for sale.

 Table 3 Polyester polyols consumption by sole resin sector 2019-2021 (in 10kt)

Table 4 Sole resin manufacturers’ capacities and output in 2021 (in 10kt)

Volumes of major sole resin manufacturers’ aliphatic (adipic acid-based) polyester polyols for internal use and for sale

(1) Huafon

Table 5 Volumes of Huafon’s polyester polyols for internal use and for sale (in 10kt)

 In 2021, the volumes of Huafon's polyester polyols for internal use and for sale both increased significantly, mainly because of the substantial rise in both synthetic leather resin and sole resin output across the industries. The manufacturer’s polyester polyols for internal use are mainly used in synthetic leather resins, sole resins, TPU and ultrafine fiber synthetic leather. In contrast, its polyester polyols for sale were mainly sold to manufacturers of adhesives for footwear, which are concentrated in Guangdong, followed by Fujian and Zhejiang. Also, it sold a small volume of polyester polyols to TPU, CPU, adhesives and coatings manufacturers.

Forecast of AA-based polyester polyols demand 

According to Suntower, growing at a CAGR of 6.4% for the 2021-2026 period, the domestic demand for aliphatic (AA-based) polyester polyols will reach 1.58 million tons in 2026. The major growth driver is the ** * sector, which is estimated to account for about **% of the total aliphatic (AA-based) polyester polyols consumption by 2026.

 Table 6 Forecast of polyester polyols demand in China 2022-2026 (in 10kt)

 Catalog of 2021 China Polyester Polyols Market Report

1. Profile of the polyester polyols industry    

1.1 Definition of polyester polyols

1.2 Types of polyester polyols    

1.3 Applications   

1.4 Production technology and process     

1.4.1Production technology

1.4.2Production process     

2. An analysis of the raw material markets   

An overview of adipic acid/1,4- butanediol/ethylene glycol markets

2.1.1 Adipic acid market     

2.1.2 1,4- butanediol (BDO) market  

2.1.3 Ethylene glycol market     

2.2 Influence of main raw materials prices on polyester polyols costs   

2.3 Comparison of main raw materials and polyester polyols price movements 2020-2021     

3. Aliphatic (adipic acid-based) polyester polyols market in China  

3.1 Major aliphatic (adipic acid-based) polyester polyols manufacturers in China     

3.1.1Huafon Group     

3.1.2Xuchuan Chemical     

3.1.3Huada Chemical  

3.1.4Shanghai Huide Science & Technology    

3.1.5Other manufacturers   

3.2 Aliphatic (AA-based) polyester polyols capacity in China

3.3 Major aliphatic (AA-based) polyester polyols manufacturers’ sales volumes 2019-2021  

4. An analysis of downstream markets 2019-2021

4.1Downstream markets     

4.2 Demand from TPU sector 2019-2021  

4.2.1Volumes of major TPU manufacturers’ aliphatic (AA-based) polyester polyols for internal use and for sale

4.3 Demand from sole resin sector 2019-2021  

4.3.1Volumes of major sole resin manufacturers’ aliphatic (AA-based) polyester polyols for internal use and for sale

4.4 Demand from synthetic leather resin sector 2019-2021    

4.4.1Volumes of major synthetic leather resin manufacturers’ aliphatic (AA-based) polyester polyols for internal use and for sale   

4.5 Demand from CPU sector 2019-2021 

4.5.1Volumes of major CPU manufacturers’ aliphatic (AA-based) polyester polyols for internal use and for sale

4.6 Demand from adhesives sector 2019-2021 

4.7 Demand from other sectors (including inks and coatings) 2019-2021    

5. Aliphatic (AA-based) polyester polyols market outlook for 2022-2026   

5.1 Forecast of demand from TPU sector 2022-2026

5.2 Forecast of demand from sole resin sector 2022-2026

5.3 Forecast of demand from synthetic leather resin sector 2022-2026  

5.4 Forecast of demand from CPU sector 2022-2026      

5.5 Forecast of demand from adhesives sector 2022-2026      

5.6 Forecast of demand from inks and coatings sector 2022-2026  

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