The concentration of the global polyester industrial yarn industry continues to increase. Data shows that the industry's top ten production capacity has increased from 64.1% in 2014 to 70.3% in 2018. Among the world's top ten polyester industrial yarn production enterprises, 6 enterprises from mainland China. In the increasingly concentrated industry development, what other market opportunities are worth our attention?
Polyester industrial yarns are widely used downstream, and automotive yarns are the main increase in demand. In 2018, the downstream products of domestic industrial silk mainly included automotive products, conveyor belts, and geotextiles. Among them, automotive products accounted for 40%, ranking first, and automotive yarns include curtain fabrics and seat belts. Taking into account the growth of the auto industry and the increase in the penetration rate of domestic polyester products, the future automotive sector will still be the main source of increased demand for polyester industrial yarns.
Airbags Have A Large Incremental Space, And Polyester Has Obvious Advantages in Replacing Nylon
Automotive industrial polyester yarns are mainly used in the production of airbags, seat belts and tire, cord fabrics. Among them, safety airwaves and seat belts belong to the automotive safety market products, and the growth of the automotive safety market comes from two aspects. The first is the growth of automobile consumption; the second is the increase in people's safety awareness and the increase in the number of bicycles.
Automobile consumption maintained steady growth. The automobile industry is currently one of the largest industries in the world. Since China entered the WTO, the global automobile industry has developed rapidly, and China has also become an important part of the global production of the automobile industry. Since 2010, global automobile production has maintained a steady growth of around 3%-4%. In 2018, global production reached 95.63 million vehicles. The growth rate of China's passenger car market is significantly higher than that of the global market, with an average growth rate of 8%, which provides an important driving force for the growth of the global passenger car market. However, the per capita car ownership in China is low. Data show that China has 173 cars per 1,000 people in 2019, only 1/5 of the United States, ranking 17th among the 20 countries in the statistics, and there is still a big gap between the level of ownership in developed countries.
The seat belt yarns for vehicles are mainly polyester industrial yarns, which keeps growing in step with the automotive industry. The car seat belt plays a buffering role, absorbing impact energy, restraining displacement, avoiding or reducing the degree of injury to the driver and occupants. Therefore, the knitted material must have the characteristics of high strength, wear resistance, light resistance, non-fading, and low humidity dependence. The polyester industrial yarn can not only meet its requirements well, but also has obvious advantages over polyamide fibers in terms of elongation and price. Therefore, in the 1980s, differentiated and functional polyester industrial yarns began to gradually replace polyamide fibers and become the main woven material for automobile seat belts.
The Penetration Rate of Polyester Airbag Yarns Continues to Increase
Airbag yarns are mainly divided into nylon airbag yarns and polyester airbag yarns, and the penetration rate of polyester airbag yarns continues to increase. Airbag fabrics, specially coated fabrics, are commonly used in airbags made of nylon 66 and polyester industrial silk, which can not only eliminate the gluing process, reduce the unit weight and volume of the product, but also have lower moisture regain and better air permeability. In particular, the price of raw materials issignificantly lower than that of polyamide 66, and the cost-effective advantage is very prominent.
In 2018-2019, in the context of the global economic downturn and trade frictions, the global automotive industry is facing downward pressure. In 2018, China's automobile sales were 28.08 million, a year-on-year decrease of 2.8%; in 2019, China's automobile sales were 25.76 million, a year-on-year decrease of 8.2%. However, from the perspective of the passive safety system market, due to the increasing safety awareness, the passive safety market has grown significantly. In 2018, China's automotive passive safety system output was 119 million sets, an increase of 8.1% over 2017. It is estimated that by 2025, the output of passive safety systems is expected to grow to 189 million sets, and the market size will reach 5.42 billion US dollars.
The Number of Bicycles Is Gradually Increasing
After being gradually adopted in civilian vehicles in the 1980s, airbags have become a very important passive safety equipment for automobiles, and the number of airbags has become one of the parameters to measure vehicle safety. At present, China has completed the popularization of double front airbags, and in the 2018 version of C-NCAP implemented in July 2018, the technical requirements for extra points for the opposite side air curtain have been added. Domestic A-class cars are often equipped with only two front airbags, but no head airbags and side airbags. However, in the process of vehicle accidents, the front airbags are often insufficient to protect the driver and passengers comprehensively. The head airbag protects the occupant's head during a side collision. It can effectively block the front passenger's head from directly hitting the side B-pillar and side glass; besides the head airbag, the side airbag is also an important protection Configuration, it can effectively protect the drivers and passengers in the car from the waist, abdomen and chest outside injuries caused by side impact.
At present, China has realized the configuration of 5-6 airbags in B-class cars, while the airbag configuration in A-class cars is generally around 2-3. In the future, the number of domestic bicycle airbags will gradually develop from dual airbags to 4 airbags or even 6 airbags. There is a lot of room for improvement in the use area of bicycle airbag cloth. Benefiting from the increasing awareness of safety, the number of airbags required for a single car will continue to increase, and it is expected that the growth rate of airbag demand in the future will lead to the growth of automobile production.
The Automotive Yarn Industry Has High Entry Barriers and High Industry Concentration
Automotive filaments are mainly used in automotive passive safety protection systems, accounting for 1% of the value of the vehicle, but they have a significant impact on automotive safety performance. The certification requirements for each link of the industry chain are strict and the entry barrier is high. Hailide is the global leader in automotive yarns, mainly used in automotive airbag yarns, seat belt yarns, cord fabrics, and other fields, maintaining a high market share, and is the world's first company to independently research and develop polyester to replace nylon airbag yarns. The current market share exceeds 60%.
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