The relevant person in charge of Chenhua Co., Ltd. told the Financial Associated Press that at present, the company’s polyetheramine downstream orders are normal. Considering the resumption of work of large enterprises of epoxy resin curing agent for wind power blades after the epidemic in Shanghai, the demand for polyetheramine in the future should be increased. Increase.

Large-scale wind power drives high demand

Polyetheramine is a polymer containing polyether and amine groups, and wind power is its largest downstream application. Polyetheramine has excellent comprehensive properties such as low viscosity, long pot life, high toughness, anti-aging, excellent waterproof performance, etc. Therefore, polyetheramine or polyetheramine compound is basically used for the curing of epoxy resin in wind turbine blades. agent.

According to the prospectus of CP New Materials (draft), in 2020, 62.1% of domestic polyetheramines will be used in the wind power generation field, and 24.9% will be used in the construction industry, accounting for 87.0% of the total.

With the economic improvement of parity projects brought about by the accelerated decline in wind power costs and my country’s proposed goal of “carbon peaking by 2030 and carbon neutrality by 2060”, domestic wind power has entered a period of high prosperity. The new group of the research department of CITIC Securities predicts that the total installed wind power demand in China will enter a stage of accelerated development during the “14th Five-Year Plan” period. 29GW has increased significantly, and the newly installed capacity will reach more than 70GW by 2025.

The acceleration of domestic substitution has brought new market space for domestic polyetheramine enterprises. A wind power researcher from a securities firm in Beijing told the Financial Associated Press that at present, the main manufacturers of the global polyetheramine market are Huntsman in the United States and BASF in Germany. About 130,000 tons and 60,000 tons, together accounting for nearly 70% of the global production capacity. Affected by the new crown epidemic, the overseas production capacity of international mainstream manufacturers such as Huntsman and BASF is limited, and the logistics and shipping costs are high, which provides domestic polyetheramine enterprises with the opportunity to “superior”.

According to Erost & Sullivan’s forecast, in the next five years, the sales volume of polyetheramine products in China’s wind power industry will increase from 2021
The annual growth rate of 38,000 tons will increase to 61,000 tons in 2025, with a compound annual growth rate of 12.2%. According to estimates, the global demand for polyetheramines for wind power in 2021-2025 can reach 10.1, 10.9, 11.8, 12.8, and 13.8, respectively.
tons.

The above-mentioned relevant person in charge of Chenhua Co., Ltd. said that the current demand for polyetheramine is relatively normal, and the product price is relatively stable, but the purchase price of raw materials has decreased. The company will actively seize the opportunity of domestic substitution to seize market share.

The above-mentioned wind power industry researchers believe that domestic polyetheramine enterprises still have a certain gap with foreign competitors in terms of product model, production efficiency, product quality, etc., and there is still a lot of room for import substitution.

In this regard, Chenhua Co., Ltd. said in a recent survey that the company has been continuously optimizing new processes, new technologies, and new equipment for the continuous production of polyetheramine to improve capacity utilization, expand the company’s product types, and improve The core competitiveness of the company’s products.

Accelerated Expansion

The total domestic production capacity of polyetheramine is about 100,000 tons, and the industry concentration is relatively high. Including 31,000 tons of Chenhua shares, 35,000 tons of Shandong Zhengda New Materials, 20,000 tons of Acre, and about 15,000 tons of other companies such as Wanhua and Real Madrid Technology.

In order to better meet the market demand, domestic polyetheramine production enterprises are accelerating the expansion of production. Some institutions predict that the production capacity of domestic polyetheramine enterprises will expand to about 170,000 tons per year by 2025.

Chenhua, Akeli, Chia Tai New Materials, Real Madrid Technology and Wanhua Chemical have plans to expand production. The aforementioned person in charge of Chenhua Co., Ltd. said that the company currently plans to build a new production capacity of 3,000 tons, which is currently under construction. “The construction of new production capacity requires the suspension of existing production lines, and the company needs to comprehensively evaluate the timing of construction.”

In addition, Akeli plans to produce 20,000 tons of continuous polyetheramine, which is expected to be put into production by the end of 2023; CP New Materials plans to have a production capacity of 10,000 tons, which is expected to be put into production by the end of 2023; Chenhua, Real Madrid Technology and Wanhua Chemical have 40,000 tons, Long-term planning of 12,000 tons and 40,000 tons.

The relevant person in charge of Chenhua Co., Ltd. said: At present, the company’s polyetheramine downstream orders are normal. Considering the resumption of work of large enterprises of epoxy resin curing agent for wind power blades after the epidemic in Shanghai, the demand for polyetheramine should increase in the future.

Large-scale wind power drives high demand

Polyetheramine is a polymer containing polyether and amine groups, and wind power is its largest downstream application. Polyetheramine has excellent comprehensive properties such as low viscosity, long pot life, high toughness, anti-aging, excellent waterproof performance, etc. Therefore, polyetheramine or polyetheramine compound is basically used for the curing of epoxy resin in wind turbine blades. Nearly 60% of domestic polyetheramines are used in the field of wind power generation.

With the economic improvement of parity projects brought about by the accelerated decline in wind power costs and my country’s proposed goal of “carbon peaking by 2030 and carbon neutrality by 2060”, domestic wind power has entered a period of high prosperity. It is expected that the total installed wind power demand in China will enter a stage of accelerated development during the “14th Five-Year Plan” period. It is expected that the annual average newly installed capacity will reach about 55GW during the “14th Five-Year Plan” period, which is a significant increase from 29GW during the “13th Five-Year Plan” period. By 2025 The annual newly installed capacity will reach more than 70GW.

The acceleration of domestic substitution has brought new market space for domestic polyetheramine enterprises. At present, the main manufacturers of the global polyetheramine market are Huntsman in the United States and BASF in Germany. These two companies occupy most of the global market share, with production capacities of about 130,000 tons and 70,000 tons respectively, which together account for Nearly 70% of global production capacity. Affected by the new crown epidemic, the overseas production capacity of international mainstream manufacturers such as Huntsman and BASF is limited, and the logistics and shipping costs are high, which provides domestic polyetheramine enterprises with the opportunity to “superior”.

The relevant person in charge of Chenhua Co., Ltd. said that the current demand for polyetheramine is relatively normal, and the product price is relatively stable, but the purchase price of raw materials has declined. The company will actively seize the opportunity of domestic substitution to seize market share. Domestic polyetheramine enterprises in product model, production efficiency, product quality
There is still a certain gap with foreign competitors in other aspects, and there is still a lot of room for import substitution.

Enterprises accelerate production expansion and advance layout

The total domestic production capacity of polyetheramine is about 100,000 tons, and the industry concentration is relatively high. These include 35,000 tons of Chia Tai New Materials, 31,000 tons of Chenhua, 20,000 tons of Acre, 10,000 tons of Yueyang Changde, and 8,000 tons of Real Madrid Technology.

In order to better meet the market demand, domestic polyetheramine production enterprises have accelerated the expansion of production, Wanhua Chemical (40,000 tons), Chia Tai New Materials (90,000 tons), Chenhua (40,000 tons), Yueyang Changde (3.5 million tons) Existing enterprises such as 10,000 tons) and Akeli (20,000 tons) have expanded their production. It is expected that the production capacity of domestic polyetheramine enterprises will expand to about 300,000 tons per year by 2025.

The person in charge of Chenhua Co., Ltd. said: The new production capacity planned by the company is currently under construction. “The construction of new production capacity requires the suspension of the existing production line, and the company needs to comprehensively evaluate the timing of construction. Acrei plans to 20,000 tons of continuous polyether. Amine is expected to be put into production by the end of 2023.

The new production capacity of foreign polyetheramines is very limited, and most of the new production capacity is concentrated in China. In addition, polyetheramine exhibits a highly oligopolistic industry state, and the technical barriers and certification barriers to enter the industry are high, making it difficult for new companies to enter, and the supply-demand relationship is expected to remain tense in the future.