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Furan resin is mainly used as sand core binder in the casting process of mechanical industry, accounting for 6-10% of the production cost:
Furan resin has the characteristics of fast curing speed, high efficiency, high strength at room temperature and good high temperature performance. It is mainly used as sand core binder in the casting process of mechanical industry. It is widely used in the production of large and medium-sized complex castings in wind power, nuclear power, automobile, machine tool, locomotive, engineering machinery, ship, water pump, valve, heavy machinery and other industries.
In the casting production, the proportion of casting materials in the total cost is about 20%, and the resin binder for casting accounts for 6-10% of the production cost.
There is a broad market demand for castings, and the consumption of furan resin increases steadily
Automobile and construction machinery are important application fields downstream of castings. Among them, the production and sales of commercial vehicles showed a significant growth in 2020, which has become an important driving force for the recovery of the vehicle market in 2020. Construction machinery continues to maintain a strong growth momentum in recent years, with castings in this field increasing by 11.4%.
With the change of casting demand structure and technical requirements, the application of furan resin in marine engineering castings, super large equipment castings, large engineering supporting castings and other fields continues to expand.
As an important raw material for casting production, the consumption of furan resin in China is expected to reach 488000 tons in 2024.
Benefiting from the increased installed capacity of new wind power, the marginal demand for furan resin continues to grow:
According to GWEC forecast data, the annual newly installed capacity of global wind power from 2021 to 2025 may be 87.5/81.1/90.5/98.0/112.2gw.
Considering the future installed demand of wind power, the global installed capacity of wind power will be about 112.2gw by 2025, while China's wind power castings account for about 80% of the world market share, so China's demand for wind power castings will be about 2.02 million tons in 2025, corresponding to an increase of about 55000 tons of furan resin demand.
Market review:
Sector performance: CITIC's primary petroleum and petrochemical index rose or fell by 8.02% this week, ranking third among 30 industry indexes. This week, the Shanghai index rose or fell by + 3.02%, and the CITIC primary petroleum and petrochemical index was + 5.00% relative to the Shanghai index. Rise and fall of petroleum and petrochemical sub sectors: oilfield services (+ 12.84%), oil exploitation (+ 12.48%), oil refining (+ 6.72%), other petrochemical (+ 6.47%), engineering services (+ 4.30%), oil sales and storage (+ 3.25%).
Rise and fall of individual stocks: this week, the petroleum and petrochemical sector led the rise of individual stocks, including Xinjiang Beiken Energy Engineering Co.Ltd(002828) (+ 26.06%), Zhongman Petroleum And Natural Gas Group Corp.Ltd(603619) (+ 19.13%), China Petroleum Engineering Corporation(600339) (+ 18.97%), Petrochina Company Limited(601857) (+ 15.54%); Stocks leading the decline include Shandong Xinchao Energy Corporation Limited(600777) (- 12.79%), Beijing Sanlian Hope Shin-Gosentechnical Service Co.Ltd(300384) (- 10.66%), Haohua Chemical Science & Technology Corp.Ltd(600378) (- 4.96%), Hunan Yussen Energy Technology Co.Ltd(002986) (- 4.02%), Zhejiang Hailide New Material Co.Ltd(002206) (- 0.96%), etc.
Risk warning: policy risk; Geopolitics exacerbates risks; The risk of sharp fluctuations in crude oil prices and the risk of continued deterioration of the global covid-19 epidemic;
