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PET expects global demand will reach 15.7 million tons

Number of visits: Date:2015-10-23
2005 American Chemical Market Association (CMAI) report noted that the North American PET industry is expected to reach a peak when the profitability, but Asian and European earnings pressure remains high.
North American PET prices
2004 American PET market supply, due to the strong demand recovery, imports reduce plus the lack of new production capacity, in addition to the 2004 US Department of Commerce started to imports of PET to levy anti-dumping duties from India, Indonesia and Thailand, so in 2004 the import volume over 2003 a decrease of 44% to 150,000 tons. Whereby the North American PET production plant operating rate in 2003 increased nearly 80% to over 90%.
Due to the high operating rates and ethylene glycol and paraxylene prices of raw materials rose sharply, pushing the North American PET prices in 2004 rose as high as US $ 594 PET / ton, to December 2004 the price had risen to $ 1,760 / ton. With the advent of off-season demand in 2005, as well as raw material prices soften, 2005 PET prices fell $ 209 / ton, but profitability is still high because of lower raw material costs. Because ethylene glycol and paraxylene feedstock prices rise again, manufacturers have increased PET price $ 88 / ton.
Since the PET industry improved profitability coupled with projected demand will continue to remain strong, some manufacturers have announced plans to invest in new production capacity, such as DAKAmericas company, Eastman Chemical and Wellman are planning new capacity.
United States International Trade Commission (ITC) decided to abolish import duties on PET, in 2005 US imports were flat. But by 2007 the United States will be subject to the impact of low-priced imports of PET, which is expected when ethylene glycol and paraxylene prices of raw materials will drop substantially, Asia will become the world major source of imports.
China's fastest growing PET demand
CMAI report points out that this year, the global PET demand is expected to grow 8.1% / year growth continued to grow to reach 15.7 million tons, the fastest-growing areas of Asia, especially China.
Analysts pointed out that due to the rapid increase in production capacity in Asia has made Asian and European PET industry profitability improved want to be hit. According to statistics, in 2005 China will be new capacity 1.25 million tons / year, 2006 is expected to increase production capacity 500,000 tons / year. Even Chinese demand growth than Europe and North America demand growth, China's overcapacity could lead to the world's PET industry operating rate remained at 75% -80% level.
CMAI statistics that Asia 2004 PET excess capacity of 240 tons / year in 2006 will reach 4.4 million tons / year, the region will be as low as 60% capacity utilization level. New capacity into production on schedule will lead to pressure on European PET industry profits continue to exist, it is expected to 2007 - 2008 when raw material prices fall may be improved.
Currently manufacturers have resisted imports of Western Europe by the anti-dumping measures, but due to large exports of Asian manufacturers in Western Europe have resulted in the loss of the traditional markets of the former Soviet Union and Central Europe, also contributed to Western European producers mainly in low operating rates and low profitability.

TypeInfo: Industry News

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