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Since the beginning of this year, the overall domestic propylene glycol market has shown a volatile upward trend
.
According to chemical online statistics, taking the East China market as an example, the price of propylene glycol was 12,300 yuan (ton price, the same below) at the beginning of the year.
In the later stage, the overall supply of the propylene glycol industry is oversupply, and the market prospects are worrying
.
From the perspective of supply, at this stage, the production of propylene glycol in China is mainly based on the propylene glycol/dimethyl carbonate co-production process and the propylene oxide hydration process.
Among them, the dimethyl carbonate/propylene glycol co-production process has a certain production capacity than the propylene oxide hydration process.
Cost advantage, the main production companies are concentrated in Shandong, Hebei, Liaoning and other provinces
.
According to statistics, as of the end of 2020, the domestic production capacity of propylene glycol was approximately 520,000 tons, with overcapacity prominent, and there have been fewer new projects in recent years
In terms of demand, propylene glycol is mainly used to produce unsaturated polyester, accounting for about 60% of total consumption
.
Affected by stringent environmental inspections, the operating rate of the unsaturated resin industry has only remained at about 50%, and many small resin factories have been shut down and banned.
Flexible foam polyether is the second largest downstream of propylene glycol.
The demand for its terminal downstream sponge plants is inherently limited.
Under huge environmental pressure, the profits of sponge plants are gradually shrinking, and the demand for polyether continues to be low, and it is difficult to drive the raw material propylene glycol market
.
In the case of domestic propylene glycol production capacity surplus, the export volume of propylene glycol has exceeded the import volume for many years, and this trend has continued
.
According to data released by the customs, from January to May 2021, China's total exports of propylene glycol were about 55,000 tons, a year-on-year decrease of 3.
On the whole, the low-end surplus and the high-end shortage are the true portrayal of the domestic propylene glycol industry.
The downstream demand is difficult to boost, and the situation of oversupply in the market is becoming more and more obvious
.
For the long-term development of the propylene glycol industry, the resolution of overcapacity, the improvement of product quality, and the development of new growth points for downstream demand are fundamental
