In the context of global economic recovery, consumer demand continues to rise, and the textile industry, as an industry closely related to consumers' lives, is ushering in unprecedented development opportunities. Among them, polyester filament, as an important member of textile raw materials, occupies a pivotal position in the textile market with its unique properties and a wide range of applications. At the same time, with the increase in wages, the purchasing power of consumers has been further enhanced, providing a strong impetus for the continuous growth of the polyester filament market.
For the polyester filament track, CICC's research shows that the demand side of polyester filament will be impacted in 2022, and the industry will be under great pressure, and the domestic polyester filament production capacity will be launched on a large scale from 2022 to 2023. In 2023, under the background of domestic demand recovery, the apparent consumption growth rate of polyester filament will be as high as 22.8%, exceeding market expectations; Polyester filament yarn earnings have recovered, and companies have maintained low inventory levels. Therefore, the supply and demand pattern of the industry has improved, and CICC Research is optimistic about the two-year business cycle in 2024-25.
Polyester filament continues to replace other fibers, and the proportion continues to increase. Therefore, CICC believes that another driver of the steady growth of the overall demand for polyester filament yarns comes from the substitution of other fibers. Because of its good performance characteristics such as durability, good elasticity, corrosion resistance, good light resistance, easy washing and quick drying, polyester is widely used in textiles such as clothing, bedding, various decorative fabrics, and industrial fabrics. Polyester fibers can not only be pure spinning, but also blended with various fibers, which makes polyester continue to replace the amount of natural fibers such as cotton. At the same time, the technological progress of polyester filament yarn has brought about the diversification of product performance, such as high elastic fiber instead of spandex, microfiber, moisture-absorbing and sweat-wicking fiber instead of nylon, imitation cotton fiber instead of cotton yarn and blended yarn, imitation acetate fiber instead of acetic acid, imitation hemp fiber instead of hemp, modified polyester (Boslen) instead of acrylic, etc., which can effectively replace the performance demand of other fiber products, and the polyester market space continues to grow.
Zhongtai Securities released a research report saying that polyester filament yarn in the "expansion of production capacity, start of construction, price increase" under the continuation of the warehouse, has entered the passive warehouse cycle in advance from the off-season, in the context of pattern optimization, polyester filament is expected to usher in price elasticity in the peak season. Zhongtai Securities believes that the middle link of the polyester industry chain is closely related to petrochemical and terminal textile services. And the demand for textile and clothing chains has accelerated its recovery, and both domestic and foreign demand have exceeded expectations. The wave of production has gradually stopped, the leading pattern has been optimized, and the weak expectation has been superimposed, and the polyester filament has taken the lead in passive destocking.
In short, polyester filament, as an important representative of textile raw materials, has an increasingly stable market position and market demand continues to grow in the context of global economic recovery and rising consumer demand. At the same time, the increase in salary level has also provided strong support for the growth of the polyester filament market, and promoted the upgrading and development of the entire textile industry chain. In the future, with the advancement of science and technology and the continuous change of consumer demand, the polyester filament market will continue to maintain a strong growth momentum.