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China Chemical Fiber Industry Report 2009
China Market Report, July 2009, Pages: 52
China's chemical fiber production reached 24.046 million tons in 2008, accounting for nearly 60% the world's total output. But, affected by the fluctuation of chemical fiber industrial cycle and the global financial crisis, the growth rate of China's chemical fiber production has fallen sharply, from 18% in 2007 to 2.3% in 2008. Since 2009, chemical fiber industry shows a rebound trend, the production growth had bottom out during Jan- Jun 2009, China's chemical fiber production reached a total of 12,884,900 tons, a year-on-year increase of 10.6%.
Also during Jan-May 2009, the manufactured inventory of chemical fiber industry had dropped significantly, a year-on-year decrease of 22.8%. Many reasons caused this result, first, since the early 2008, the performance of China’s chemical fiber industry began to get worse and the product inventory started increasing; second, the global financial crisis had led to a substantial decline in exports of textile and garments, therefore, chemical fiber enterprises had a pessimistic expectation for demand, thus reducing production and digesting inventory.
From Jan 2009, the industrial added value of China’s chemical fiber industry began to increase, industrial PMI index maintained over 50, the industry gross profit rate firmed up, as well as profit fall narrowed. These are signals that the prosperity situation of chemical fiber industry is gradually pick-up after experiencing the deep adjustment in 2008,
With the technological advances and the process of globalization, the global chemical fiber industrial chain has been transformed. The chemical fiber production capacity gradually moved to China, India and other Asian countries, while Europe and the United States and other developed countries are gradually withdrawing from the bulk of conventional chemical fiber production, shifting to technology-oriented high-performance fiber development. Meanwhile, China also strengthens the level of research and production in high-performance fiber and improves fiber product differentiations, which encourage manufacturers to adjust product structure.
At present, various factors affect the chemical fiber industry, the positive factors are more than negative factors, and consider with the development cycle of chemical fiber industry, the supply and demand pattern of chemical fiber industry during 2009-2010 will be improved, the whole industry will be in the process of booming.
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