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Development and Reform Commission: Excessive growth in investment will affect the smooth operation of the chemical fiber industry
According to the most recent analysis report from the National Development and Reform Commission, the chemical fiber industry is entering a new phase of growth following two years of adjustment. A fresh wave of investment, particularly driven by the polyester sector, is beginning to take shape. In 2006, the chemical fiber industry completed fixed asset investments totaling 21.4 billion yuan, marking a year-on-year increase of 22.9%. Among this, the polyester industry alone contributed 6.6 billion yuan, reflecting an impressive 88% growth.
Since 2007, the trend of excessive investment triggered by sharp price increases in spandex and viscose has become more pronounced, with both sectors experiencing significant capacity expansion. According to partial statistics, spandex production capacity only increased by around 5,000 tons in 2006, with Huafeng Spandex and Foshan Invista adding approximately 7,000 tons. However, in 2007, new capacity surged past 20,000 tons. Similarly, the viscose industry is also under pressure due to the rapid rise in new production capacity.
In recent months, the nylon and acrylic fiber industries have also shown strong investment growth. Data from January to May this year revealed that actual investments in the nylon sector reached 910 million yuan, up 190.3% year-on-year, with a growth acceleration of 209.3 percentage points compared to the same period last year. Meanwhile, the acrylic fiber industry saw actual investments of 120 million yuan, a 160.7% increase, with a growth rate jumping by 249.9 percentage points.
Given that the construction periods for chemical fiber projects are relatively short, the rapid increase in production capacity fueled by high profit margins is significantly impacting supply and demand dynamics. If investment continues to grow at such a fast pace, it could lead to intense competition among products, potentially disrupting the stable operation of the entire chemical fiber industry.