Glass fiber market recent research information summary
1、Price
Recent price stabilization mainly relies on the large enterprises to take the lead in cold repair as well as suspend under construction, the proposed project, a change in thinking, hoping to stabilize prices and markets (and the last round of price war industry reshuffle is different), but the difficulty of eliminating inventory in the short term is still relatively large, judge the price of a comprehensive upward adjustment still needs some time, individual products (wind power, electronics, etc.) there may be opportunities for upward adjustment.
2、Demand
Q4 and next year's demand is cautious, short-term see part of the civil compound plant gradually into the end of the shutdown phase, medium and long-term see 23 years of external demand is still downward pressure, the domestic mainly look at the epidemic after the consumer confidence repair and external policy stimulation (judgment will be somewhat slow).
Each segment demand ratio is roughly 2 million tons of construction, wind power 800-1.5 million tons, 75-80 million tons of electronics, automotive 1.2 million tons or more, that the construction field has the greatest potential for future penetration, especially the insulation market, there is a lack of market promotion, the lack of R & D and other issues.
3、Supply
22 years so far added capacity of about 600,000 tons, three quarters, four quarters of production capacity in the delay, mainly concentrated in the hands of the three major glass fiber plant, currently has the ignition conditions of the total size of the capacity is expected to 500,000 tons, may be put into production in the first half of next year, so the supply of the first half of next year after the market can resist, looking backward there is not much of a problem.
The head enterprise capacity expansion is mainly to ensure market discourse (on the market boom, earnings sensitivity is low), while the second-tier enterprises in the market will slow down the expansion rate, so it is not expected to vote out soon.
Post time: Mar-24-2023