The global economic environment remains challenging, with many regions still struggling to recover from the lingering effects of past financial downturns. In China, despite the government's implementation of various economic stimulus measures, reversing the fluctuating trends has proven difficult. However, even amid these challenges, global polyester fiber production has continued to grow, with an increase of approximately 2% to 6% compared to the same period last year.
According to a recent report by PCI Consultants Group, China's polyester fiber output has risen by over 1%, while downstream demand has only increased by less than 1%. This growing imbalance between supply and demand is putting pressure on manufacturers. A similar trend is being observed in Europe, where several textile companies have announced significant restructuring efforts.
For instance, Dior Company’s German subsidiary, which specializes in polyester industrial yarn, recently announced that it would cut its workforce by 30% and merge with high-strength polyamide yarn and polymer manufacturers at Fort-Ober. High-performance chemical fiber companies have also taken drastic steps, including the reconstruction of German operations by the end of July, the closure of certain facilities by year-end, and the temporary shutdown of outdated plants in Bad Hersfeld.
In Slovakia, Slovensky Hodvab closed its textile filament company, and in Turkey, companies like SIFAS, Sonmez Filament Textile, and Troprak have also shut down. Meanwhile, in Germany and Poland, several short silk polyester textile enterprises are being acquired by private investors. In Japan, Teijin has announced the closure of its Polyester Filament yarn production facility in Matsuyama, which had been operating since 1958. Some of its factories will be merged with those in Thailand and Japan.
Additionally, Teijin has decided to exit the polylactic acid production business by selling 50% of its stake and has ceased monofilament production in South Carolina, USA. The Niasai Dyestuff Factory in Japan has also been shut down. While North American polyester fiber producers haven't faced widespread factory closures, they are experiencing significant strain on their supply chains.
In the first half of 2009, exports of domestic monofilaments dropped by 19.3% for long filaments and 28.8% for short filaments compared to 2008. Among the exports, only carpet-related products made from deformed filaments remained relatively stable.
A survey conducted by the Chinese Entrepreneur Survey System in 2009 revealed that overcapacity is a serious issue across multiple industries, particularly in textiles, papermaking, chemical fibers, non-metallic materials, and steel. According to the survey results, over 60% (63.4%) of business operators believe their industries suffer from overcapacity, with 44.8% considering it "some surplus" and 18.6% calling it "serious surplus." In the textile industry, more than 70% of respondents indicated that capacity is either "excessively surplus" or "surplus," with about 30% describing it as "seriously excessive."
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