Polyetheramine (PEA) market space is small and industry concentration is high

Polyetheramine (PEA) is an excellent epoxy resin curing agent produced by ammoniation in a high temperature environment using polyethylene glycol, polypropylene glycol or ethylene glycol/propylene glycol copolymer as raw materials. Polyetheramine has the advantages of low viscosity and long pot life, and can adapt to the production requirements of large-size materials, and can meet the production of large-scale wind turbine blades. With the rapid development of the wind power industry in recent years, the demand for polyetheramine applications has increased accordingly. In addition to wind power, polyetheramines can also be used in construction, oil and gas exploration and other fields, with a wide range of applications.

According to the released “Global and China Polyetheramine Industry In-depth Research Report 2021”, driven by the development of the wind power industry in recent years , China’s polyetheramine market demand continues to rise, and the market is in short supply. In 2020, my country’s polyetheramine production was about 80,000 tons, but the actual sales volume was about 110,000 tons. Globally, global polyetheramine sales in 2020 were approximately 300,000 tons, with a sales scale of 7 billion yuan. According to the current development trend of the global wind power industry, it is estimated that by 2025, global polyetheramine sales will be approximately 500,000 tons, with a sales scale of 14.8 billion yuan. Although the global and domestic polyetheramine market demand continues to rise driven by the development of terminal industries, the polyetheramine industry is small in scale and can easily reach the ceiling, so development risks are relatively high.

In terms of production, polyetheramine is a technology monopoly industry. Among its series of products, D230 is the most important variety. At the same time, it has higher technical requirements. Currently, companies capable of large-scale production of D230 include BASF and Huntsman. BASF’s production equipment is mainly located in the United States, Germany and China. Huntsman is mainly located in Europe and the United States, with a production capacity of approximately 100,000 tons.

The polyetheramine industry is highly concentrated, with BASF and Huntsman accounting for more than 70% of the global market’s production capacity. Akoli is the first domestic company to realize the production of polyetheramine D230 and adopts a continuous process. The company’s current production capacity is about 20,000 tons and plans to expand production by 20,000 tons. The first phase of the 10,000-ton polyetheramine project is expected to be completed by 2023. put into production. CP New Materials is the polyetheramine manufacturer with the largest production capacity in China. It currently has a production capacity of 35,000 tons and plans to expand production by 15,000 tons. It is expected to be put into production by 2023. Chenhua Co., Ltd. can produce polyetheramine, with a current production capacity of 18,000 tons/year, and its subsidiary Huaian Chenhua is building a new 13,000 tons/year polyetheramine project.

Industry analysts said that due to the rapid development of the wind power industry, the global and domestic polyetheramine market demand continues to rise, and the industry has developed rapidly. . The overall market space for polyetheramine is small and can easily reach the ceiling, so the development risks of enterprises are high. However, due to the high technical threshold, the current global and Chinese polyetheramine markets are highly concentrated. Driven by demand terminals, the supply of polyetheramine in my country exceeds demand. Therefore, domestic companies have plans to expand production, and there may be the risk of overcapacity in the future.