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USA:CMAI completes 2004/05 World Terephthalates & Polyester Analysis |
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2004-10-13
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Chemical Market Associates, Inc (CMAI) recently completed the 2004/05 World Terephthalates & Polyester Analysis, an annual global study covering the period 1999 to 2009 for the
terephthalates and polyester markets.
According to the release, major polyester products covered include terephthalic acid
(TPA) and dimethyl terephthalate (DMT), polyester polycondensation, staple and filament, bottle
resin, polyester film, polytrimethylene terephthalate, polybutylene terephthalate as well as other terephthalate derivatives.
As per CMAI consultants, demand drivers for TPA continue to be region specific. Absolute demand and demand growth in Asia continue to be dominated by polyester fiber, which dwarfs the market size of PET resin, although the latter has grown significantly. In Europe and the Americas, PET bottle resin has significantly increased market share and now exceeds demand for polyester fiber.
Extraordinarily strong growth in TPA demand from China will continually draw more TPA imports into China over the next two years, mainly from the U.S., Europe and Middle East. These will be needed to serve the Chinese polyester production growth during the peak seasonal demand period.
However, says the release, intensive TPA capacities have been planned to come on stream after 2006. Impact on the Asian TPA export market is inevitable.
But, there are impending challenges ahead, as China’s rate of capacity growth is the largest
threat to the current polyester malaise, cautions the release. China’s polycondensation capacity has nearly tripled with 7.8 million tons added between 1999 and 2003, and another 12.6 million tons to be added in the forecast period.
With approximately 10 million tons of effective capacity added to the Chinese market during
2004 and 2005, operating rates will drop to record lows. Demand growth has been significant but capacity growth has far exceeded even the most robust demand.
The Americas is still the biggest market for PET resin demand. Although the market is moving
toward saturation, PET demand in the Americas will still account for 38 percent of total world demand, conveys the release. |
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