Foresight 2023: "2023 China Polyurethane Industry Panorama"

Major listed companies in the industry: mainly including Huafon Chemical (002064.SZ), Wanhua Chemical (600309.SH), (300200.SZ), Taihe New Material (002254.SZ), Oriental Materials (603110.SH), Mestar (603041.SH), Huide Technology (603192.SH), etc

Industry overview

1. Definitions

Polyurethane products include foams and CASE systems, foam systems include rigid polyurethane foams and flexible polyurethane foams, and CASE systems include coatings, adhesives, sealants and elastomers.

2. Analysis of the industrial chain: there are many types of midstream products

From the perspective of upstream raw materials, it can be divided into isocyanates (including MDI, TDI, etc., also known as "black materials"), polyester polyols and polyether polyols (including PO, PTMEG, PPG, etc., also known as "white materials") and co-solvents (such as DMF, methyl ethyl ketone, stabilizers, flame retardants, etc.).

The polyurethane midstream mainly includes two systems: the foam system and the CASE system. The foam system mainly includes polyurethane rigid foam and soft foam, hard foam is mainly used for roof wall insulation waterproof spray foam, pipe insulation materials, etc., soft foam mainly includes furniture and transportation various cushions; CASE systems are mainly used to produce coatings, adhesives, sealants and elastomers. The downstream includes applications in furniture, home appliances, building energy-saving materials and other fields.

The upstream of the polyurethane industry is mainly enterprises, including Wanhua Chemical, isocyanate production enterprises, and polyol enterprises such as Longhua New Material; Midstream is a polyurethane manufacturing enterprise, representing enterprises including Wanhua Chemical, Huafon Chemical, etc.; The downstream is listed enterprises including Beijian New Materials and so on.

Industry development history

China's polyurethane industry started with the production of raw materials, began to develop in the 50s of last century, experienced the development period of the 90s, and entered the high-speed development stage of the 21st century.

During China's "14th Five-Year Plan" period, the focus is on high-quality development, pay attention to the environmental protection and treatment effect of the chemical industry, for polyurethane and other emerging chemical materials, on the one hand, give policy support to promote the upgrading and transformation of the industry, on the other hand, strengthen supervision, standardize the development of the industry, and build a sound industrial system.

Industry development status

1. There are fewer enterprises with polyurethane production capacity of more than one million

From the perspective of production capacity layout, most of the production capacity layout of polyurethane products of China's major listed enterprises has not reached the level of one million tons, except for Wanhua Chemical raw materials and polyurethane products, the production capacity layout is high, and it is in a leading position in the industry. Huafon Chemical's polyurethane stock solution production capacity is high, reaching 470,000 tons/year in 2021, which has a certain scale advantage.
2. The production and sales scale of listed enterprises in the polyurethane industry is polarized

The production and sales scale of polyurethane listed enterprises is polarized. From the perspective of output, from 2018 to 2021, the output scale of listed enterprises in China's polyurethane industry is mostly on the rise. The output scale is dominated by leading enterprises such as Huafon Chemical and Wanhua Chemical, with 813,800 tons and 790,000 tons respectively in 2021.
From the perspective of sales volume, the sales volume of China's polyurethane listed enterprises is mostly increasing year by year, and in 2021, the sales volume of Huafon Chemical and Wanhua Chemical is 760,000 tons and 600,200 tons respectively.

3. The market size of polyurethane industry exceeds 30 billion US dollars

From 2017 to 2021, the overall market size of China's polyurethane industry showed an upward trend, and the scale of China's polyurethane market in 2021 was 31.52 billion US dollars, a year-on-year increase of 7.0%. According to preliminary estimates, the market size of China's polyurethane industry in 2022 will be 33.93 billion US dollars.
Industry competitive landscape

1. Regional competition pattern

The regional distribution pattern of domestic polyurethane has gradually formed six major plates: first, the Yangtze River Delta region centered on Shanghai, where Polyurethane Raw Materials and their products currently account for half of the country; The second is the Pearl River Delta region centered on Guangzhou, which is a more developed area for domestic polyurethane products and foreign trade; The third is the Bohai Rim and Northeast region centered on Huludao, where the biggest advantages are a strong chemical foundation, magnificent industrial planning, many varieties of polyurethane products, and large output; Fourth, the northwest region centered on Lanzhou will form a downstream polyurethane product industry chain; The fifth is the southwest region centered on Chongqing, where there are abundant chemical material resources; Sixth, the west coast of the strait centered on Quanzhou, which is currently one of the most active areas for the domestic polyurethane footwear industry and foreign trade processing.
From the perspective of the regional distribution of listed companies in the polyurethane industry, Shandong has the largest number of listed enterprises in the polyurethane industry, including many midstream advantageous enterprises such as Wanhua Chemical (600309.SH), Meirui New Material (300848.SZ), and Taihe New Material (002254.SZ). Shanghai and Zhejiang also have a large number of listed companies in the polyurethane industry, the former has Midstream advantageous enterprises such as Huide Technology (603192.SH) and Kangda New Material (002669.SZ), and the latter has midstream listed enterprises such as Huafon Chemical (002064.SZ) and (603980.SH).

2. The future polyurethane industry market size is nearly 50 billion US dollars

China's polyurethane industry as the main demand products of environmental protection materials, with the promotion of China's "3060" plan, as well as the development of environmental protection industry, in building energy saving, automobiles, home appliances and other fields will be more and more widely used. It is estimated that by 2028, the market size of China's polyurethane industry will reach 49 billion US dollars.
For more information about the research and analysis of this industry, please refer to the "China Polyurethane Industry Market Demand Forecast and Investment Strategic Planning Analysis Report" of the Prospective Industry Research Institute, and the Prospective Industry Research Institute also provides solutions such as industrial big data, industrial research, industrial planning, park planning, industrial investment, industrial map, industrial chain consulting, technical consulting, IPO fundraising and investment feasibility research, IPO business and technical writing, IPO working paper consulting and other solutions.