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China MEG Market Research
CBI (SHANGHAI) CO. LTD, July 2006, Pages: 50
The annual growth rate of global MEG capacity reached 3.4% during 2001-2005. Asia market witnesses high growth rate. MEG capacity in Asia accounted for 33% of global capacity in 2001 and 38% in 2005. China’s MEG capacity accounted for 7.5% of total, ranking third.
Recently, China’s MEG supply and demand have increased rapidly. In 2005, China’s MEG capacity reached 1.4mmt with annual average growth rate of 10%; apparent consumption was 5.08mmt with annual average growth rate of 22.7%. China’s MEG unit was running at above 80%.
There are 11 MEG units in China, whose products still cannot satisfy domestic demand. Therefore, China has become the largest net importer of MEG. It is anticipated that the growth rate of import quantity will retreat in the following several years due to the launch of China’s new MEG projects, while China will still import a large number of goods from other countries.
Characteristics of China’s MEG market:
1. Domestic MEG goods are mainly for captive use, and the majority of goods in the market are imports.
2. Domestic MEG self-sufficiency rate is 20-30%, with tight supply and high dependence on imports.
3. Domestic polyester producers are large scaled, purchasing over 1kt goods each time.
4. Spot transactions dominate the market, and traders adopt quick sales.
5. Chemical feedstock prices have been on an upward track since 2000. Speculations in MEG market attract many new domestic and overseas traders.
This research report was written following long-term study and data accumulation by Chemease, with data from State Statistics Bureau, China Customs, China Petroleum and Chemical Industry Association (CPCIA), Development Research Center of the State Council and relevant companies as reference, indicating China’s PTA supply & demand, industrial development and industrial chain.
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