At present, the global sales of high temperature nylon (HTN) is 234,000 tons in 2020. The core manufacturers of global high temperature nylon (HTN) include DuPont, DSM, etc. The top three manufacturers account for more than 40% of the global share. China is the world's largest market with about 30% of the market, followed by Europe and North America with about 25% and 20%, respectively. With the outbreak of COVID-19, the industry has also been significantly affected mainly due to the sharp decline in demand in the automotive industry.
Europe and China are the main consumption regions. As the European car market is highly mature, there are many top car companies and luxury car brands, and downstream consumers are more affordable. Although the Chinese market consumes a lot, the per capita utilization rate is low. On the one hand, Chinese downstream companies are not willing to pay for products that are too expensive. On the other hand, the profit margins for downstream manufacturers to use these products are reduced. Although there are still many obstacles in the market, the Chinese market is still one of the most anticipated markets.
At present, many types of high-temperature nylon (HTN) in China cannot be produced commercially, and the objective contradiction that the market demand is relatively strong still exists. With the turn of manufacturing in China, government policies and downstream companies are more willing to cooperate with high-tech companies. Therefore, in the future, the market will force companies to innovate and develop products that cannot be commercialized in China. International giants such as DSM, Arkema, BASF establish a closed chain from raw materials to final engineering plastics. However, domestic enterprises have not yet established such a closed chain. The special high-temperature nylon industry is very special. The intermediates of many products must be developed by themselves. Without this ability, it is undoubtedly uncompetitive. Today, strategic competition is not one-on-one competition but systematic competition. To become a polyamide giant, manufacturers must master the industrial chain from raw materials to products. Therefore, the strategic competition pattern is not the competition of products but the competition of the entire industry chain, which will be beneficial to the integration of the industry chain in the long run.
In 2020, after the new crown pneumonia epidemic hit China, it spread to the world. At the same time, the Sino-US trade frictions continued, which constituted a superimposed impact on the Chinese economy. How will the epidemic affect China-US economic and trade relations and the world order? Although the general trend of the world's transition to a new order of pluralistic coexistence has not changed because of the epidemic, and the United States has not given up its strategy of containing China and leading the world, it is an obvious fact that China's international political environment has deteriorated. At the same time, stabilizing foreign trade and foreign investment will likely be an important focus of the economy in the coming year. The basic work of China Customs recently is to improve the efficiency of customs clearance, and strive to promote trade facilitation and investment liberalization. In terms of foreign investment, first, it is necessary to strengthen classified guidance and precise support to ensure the resumption of work and production of leading foreign-invested enterprises and corresponding supporting enterprises. State-owned enterprises are treated equally. With the control of the epidemic, the economy is expected to recover rapidly, but the impact of the new crown pneumonia on the industry will take at least half a year to fully recover.
Despite issues with new entrants, investors remain optimistic about the space. In the future, QYR predicts that more and more companies will join the industry due to its potential market size. Therefore, the research group is optimistic about the industry. However, the research group believes that without the support of downstream buyers, the ability to deeply process products, and relatively strong marketing channels and methods, the research group does not recommend enterprises to enter this industry. In addition, today's industrial market is increasingly competitive, requiring companies to be able to reduce costs and increase output to adapt to the fast-moving market. For truly thriving businesses, the ability to lead development and bring products to market faster is also critical.
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