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DMF industry chain
DMF (chemical name N,N-dimethylformamide) is an organic compound with the chemical formula C3H7NO, a colorless and transparent liquid. DMF is one of the products with high economic added value in the modern coal chemical industry chain, and is both a chemical raw material with a wide range of uses and an excellent solvent with a wide range of uses. DMF is widely used in polyurethane (PU paste), electronics, artificial fiber, pharmaceutical and food additive industries, etc. DMF can be mixed with water and most organic solvents.
DMF industry development status
From the domestic DMF supply side, the supply is changing. According to statistics, in 2021, the domestic DMF production capacity is 870,000 tons, the output is 659,800 tons, and the capacity conversion rate is 75.84%. Compared with 2020, the DMF industry in 2021 has a lower capacity, higher production and higher capacity utilization.
China DMF capacity, production and capacity conversion rate in 2017-2021
Source: public information
From the demand side, the apparent consumption of DMF grows slightly and steadily in 2017-2019, and the consumption of DMF decreases significantly in 2020 due to the impact of the new crown epidemic, and the apparent consumption of the industry picks up in 2021. According to statistics, the apparent consumption of DMF industry in China in 2021 is 529,500 tons, up 6.13% year-on-year.
Apparent consumption and growth rate of DMF in China from 2017-2021
Source: Public information collation
In terms of downstream demand structure, paste is the largest consumption area. According to statistics, in 2021 China DMF downstream demand structure, PU paste is the largest downstream application of DMF, accounting for 59%, the terminal demand for bags, apparel, shoes and hats and other industries, the terminal industry is more mature.
2021 China DMF industry segmentation application areas accounted for
Source: Public information
DMF import and export status
"N,N-dimethylformamide" customs code "29241910". From the import and export situation, China's DMF industry overcapacity, exports are much larger than imports, 2021 DMF prices rose sharply, China's export amount rose. According to statistics, in 2021, China's DMF export quantity is 131,400 tons, the export amount is 229 million U.S. dollars.
2015-2021 China DMF export quantity and amount
Source: General Administration of Customs, collated by Huajing Industrial Research Institute
In terms of export distribution, 95.06% of China's DFM export quantity is in Asia. According to statistics, the top five destinations distribution of China's DFM exports in 2021 are South Korea (30.72%), Japan (22.09%), India (11.07%), Taiwan, China (11.07%) and Vietnam (9.08%).
Distribution of China's DMF export places in 2021 (Unit: %)
Source: General Administration of Customs, collated by Huajing Industrial Research Institute
DMF industry competition pattern
In terms of competition pattern (by capacity), the industry concentration is high, with CR3 reaching 65%. According to statistics, in 2021, Hualu Hensheng is the leading domestic DFM production capacity with 330,000 tons of DMF production capacity, and is currently the largest DMF manufacturer in the world, with a domestic market share of more than 33%.
China DMF industry market competition pattern in 2021 (by capacity)
Source: Public information collation
DMF industry future development trend
1, prices continue to rise high, or will be adjusted
Since 2021, DMF prices have risen sharply. 2021 DMF prices averaged 13,111 yuan/ton, up 111.09% compared with 2020. 5 February 2022, DMF prices were 17,450 yuan/ton, at a historically high level. DMF spreads are fluctuating upward, and increasing significantly. 5 February 2022, DMF spreads were 12,247 yuan / ton, far exceeding the historical average spread level.
2, the supply side is limited in the short term, long-term DMF demand will continue to recover
In 2020, affected by the new crown epidemic, DMF consumption fell sharply, and Zhejiang Jiangshan exit 180,000 tons of production capacity on the supply side of a certain impact. 2021, the impact of the domestic epidemic weakened, shoes, bags, clothing and furniture manufacturing industry demand recovery, the demand for PU paste enhanced, DMF demand grew accordingly, the annual apparent DMF consumption of 529,500 tons, an increase of 6.13% year-on-year. 6.13% year-on-year growth. As the impact of the new crown epidemic gradually weakened, the global economy ushered in a recovery, DMF demand will continue to recover, DMF production is expected to grow steadily in 2022 and 2023.
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