Unsaturated polyester resin has the advantages of heat resistance, chemical corrosion resistance, good mechanical properties, electrical insulation and excellent process performance, so it is often used as the matrix material of composite materials and is widely used in transportation, basic engineering, building structures, Various fields of social life such as chemical corrosion protection and shipbuilding.
Production Capacity of Unsaturated Polyester Resin Continues to Rise
Public data shows that the output of China's unsaturated polyester resin has increased from 1.7 million tons in 2012 to 6.2 million tons in 2019, continuing the strong growth momentum.
The upstream of the unsaturated polyester resin industry chain is the supplier of raw materials, the main raw materials are styrene, maleic anhydride, phthalic anhydride, ethylene glycol, propylene glycol, diethylene; the middle reaches of the industry are production enterprises; the downstream customers of the industry are mainly fiberglass composite materials, Manufacturers of products such as artificial stone, handicrafts and coatings.
Unsaturated Polyester Resin Is Widely Used Downstream and Has Sufficient Demand
FRP composite materials, artificial stone, handicrafts, coatings and other fields are the main application fields of unsaturated polyester resins. Among them, FRP composite materials account for the highest proportion, accounting for 55%. The artificial stone field accounts for the second-highest proportion, accounting for 30%. The proportion of coatings is only 15%. As the second-largest application field of unsaturated polyester resin, artificial stone has become a new popular green building decoration material due to its excellent wear resistance and hardness, and there is a strong demand for it in the international market. According to statistics from the General Administration of Customs, China's artificial stone exports maintained rapid growth from 2011 to 2016, with a compound annual growth rate of 32.1%.
Because of its low density, high specific strength, high specific rigidity, flame retardant and excellent sound insulation properties, FRP meets the needs of train lightweight, fireproof performance, vibration reduction and noise reduction, and has gradually gained popularity in the field of rail transit. The density of FRP material is about 23% of steel and 66% of aluminum alloy, and its tensile strength is comparable to ordinary carbon steel. FRP is often used in interior decoration materials, car bodies, bogies, current collectors and other parts.
Data shows that the number of the operating mileage of urban rail transit in China is increasing year by year. In 2019, China added 26 new urban rail transit operating lines, reaching a total of 211. In 2019, a total of 40 cities in mainland China opened urban rail transit operations, and the operating mileage of urban rail transit in mainland China increased from 2,746 kilometers in 2013 to 6,730 kilometers in 2019.
Artificial stone has begun to replace natural stone in the field of architectural decoration. In the field of home decoration, high-end kitchen and bathroom brands, such as OUPAI cabinets, gold cabinets, ZHIBANG cabinets and other well-known kitchen and bathroom brands, have begun to use artificial stone as home decoration materials. In the field of public buildings, such as large shopping malls, office buildings, hospitals, subway stations, star-rated hotels, etc., artificial stone materials have also begun to be used on a large scale. In addition, in the field of decoration, such as building cylinders, door and window covers, handrails, indoor and outdoor modeling sculptures, handicraft decorations, garden bonsai, etc., artificial stone has begun to be used.
Benefiting from the relaxation of real estate transaction conditions, China's real estate market has experienced a two-year real estate bull market. In 2019, the central government first proposed "not using real estate as a means of stimulating the economy in the short term." Affected by the regulatory policies, the growth rate of commercial housing sales began to turn from positive to negative in February 2019 and maintained a negative growth for up to 8 months. From the data in 2020, the sales area of commercial housing is 1,760.8 million square meters, an increase of 2.6% over the same period last year. In the long run, with the acceleration of China's urbanization process, the demand for new house decoration superimposes the demand for secondary decoration of a large number of stock houses, and the building decoration industry will continue to develop steadily in the future. Most of the unsaturated polyester resin enterprises in China are small and medium-sized enterprises, and most small enterprises have extensive production and operation, low production intensiveness, and weak anti-risk ability. As of 2018, China's unsaturated polyester resin production capacity was 5.3 million tons, and the operating rate was only 56%. According to statistics, in recent years, the comprehensive operating rate of resin plants has only been 50% to 60%, and the pressure on the industry has increased significantly. The long-term non-operational and transformation factories are as high as 2-3%. The production environment of small enterprises is deteriorating, facing the pressure of being eliminated, and the industry concentration is expected to increase.
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