As a trillion-level income industry, packaging industry has become an important industry in the development of China's national economy. At present, the product packaging has been gradually promoted to an important part of the commodity by the subsidiary parts of the commodity, the packaging industry has also formed from a scattered industry to a paper, plastic, metal, glass, cork, special equipment for the main products of the industrial system. From the perspective of industrial structure, paper packaging and plastic packaging are the main sub-industries of China's packaging industry. In 2015, the sales volume of paper and cardboard containers, plastic film, plastic packaging cases and containers ranked the top three in each subcategory of the packaging industry with the sales volume of 342.011 billion yuan, 255.532 billion yuan and 185.172 billion yuan respectively.
The application of plastic products in the field of packaging began in the 1930s. ICI invented polyethylene (PE), which was mainly used in plastic film packaging. Later, it gradually derived low-density polyethylene (LDPE) and high-density polyethylene (HDPE), which were mainly used in plastic containers. After world war ii, polypropylene (PP) and polyethylene terephthalate (PET) were successively developed. PP was widely used in packaging of automobiles, household appliances, plastic pipes and furniture, while PET was mainly used in beverage bottles and packaging film. With the development of production technology, more and more kinds of plastic packaging materials are applied. Because of light weight, good electrical insulation, waterproof, breathable, good chemical stability and plasticity, plastic packaging has become a very promising in the packaging industry is the industry, and has been widely used in beverages, condiments, daily chemical products, edible oil, wine, leisure food and medicine and other fields.
China's plastic packaging industry started in the 1970s; From the early 1980s to the 1990s, China's plastic packaging industry witnessed rapid growth. During this period, the effect and function of the plastic packaging of various domestic commodities underwent fundamental changes. Since the 1990s, large multinational enterprises have entered China one after another, and the packaging market has been more perfect in its requirements for plastic packaging. At the same time, the packaging demand has been growing rapidly and the market scale has been expanding.
Due to the rapid growth of China's industrial products demand for plastic packaging, plastic packaging new materials, new processes, new technologies, new products are emerging, the plastic packaging industry has maintained a high growth trend, its annual growth rate is higher than the overall development rate of the packaging industry.
Plastic packaging and container manufacturing industry is a sub-industry with both prominent scale and rapid growth in China's packaging industry. According to the statistics of China plastics processing industry association and China packaging federation, the total sales revenue of China's plastic packaging and container manufacturing industry in 2014 was 174.883 billion yuan, up 9.32% year on year, higher than the overall growth rate of the packaging industry in the year (7.13%), accounting for 15.83% of the total packaging industry in the year. In 2015, the cumulative sales revenue reached 185.172 billion yuan, with a year-on-year growth rate of 5.88%, higher than the overall growth rate of packaging industry in that year (4.08%), accounting for 16.29% of the total volume of the packaging industry in that year, accounting for 0.46 percentage points higher than that in 2014.
(2) market overview of the plastic packaging and container industry
According to the different forms of packaging materials, plastic packaging materials can be further divided into: flexible packaging film, plastic products, packaging boxes and containers, foam packaging materials, packaging sheet, and other types.
Plastic packaging and container is made of blow molding or injection molding process and so on, can dress up all kinds of goods or liquid substances, all kinds of plastic boxes and plastic container products, including plastic boxes, plastic turnover box, plastic corrugated box, plastic bottles, plastic tank, plastic cans, plastic boxes, plastic plug, plastic cover, etc.
At present, the raw materials of domestic plastic packaging containers mainly include PET, PE, PVC, PP and so on. Compared with other plastic packaging materials, PET has better gas barrier and transparency, and is most suitable for replacing traditional glass bottles.
At present, PET bottle is the company's core products, mainly used in beverages, condiments, daily chemicals, edible oil and other fields.
As an important branch of the plastic packaging industry, the plastic packaging and container industry has maintained a sustained growth trend in recent years. According to the statistics of China plastics processing industry association, from 2011 to 2015, the sales revenue of China's plastic packaging and container industry increased from 129.206 billion yuan to 185.172 billion yuan, with an annual compound growth rate of 9.41%.
(iii) industrial competition pattern
China's PET bottle market can be divided into "open" market and "non-open" market. PET bottles in the "non-open" market are produced by beverage companies for their own use, and are basically not sold separately. "Open" market is the main competitive field of PET bottle manufacturers.
In the field of "open" market, zijiang enterprise, zhuhai zhongfu, xinlian zhitong, hongquan (China) and other large PET bottle manufacturers occupy the main shares of Coca-Cola, Pepsi, uni-president enterprise, China resources yibao and other large enterprises. A large number of other small and medium-sized PET bottle enterprises mainly provide PET bottle products for small and medium-sized customers.
Zijiang enterprise and zhuhai zhongfu are the two largest listed PET bottle enterprises in China, leading domestic PET bottle enterprises in the field of "open" market, while xinlian zhitong is the leader of unlisted PET bottle enterprises.
(iv) trend and reason of change of industry profit level
In the plastics industry, PET bottle has a high level of profit, advanced enterprise PET bottle product gross margin can reach about 20%. Among comparable a-share listed enterprises, the gross profit rate of industrial business (mainly packaging business) of zijiang enterprise in 2014 and 2015 was 20.18% and 22.40% respectively, and the comprehensive gross profit rate of packaging and filling business of zhuhai zhongfu in 2014 and 2015 was 18.72% and 18.73% respectively. In 2014 and 2015, the comprehensive gross profit rate of hongquan (China) was 16.26% and 18.49% respectively. The comprehensive gross profit rate of the company is 17.60% and 20.75% respectively, which is basically consistent with the level and variation trend of the gross profit rate of listed companies in the same industry. In recent years, the increase in the industry's gross margin is mainly due to the decline in the price of raw materials.
With the sustained and steady growth of China's national economy and the continuous improvement of residents' income level, the expansion and upgrading of China's residents' consumption scale will be a long-term trend. Benefiting from the favorable domestic economic environment, the market space of China's plastic packaging industry will continue to expand steadily in the future. Plastic packaging enterprise in China in recent years, meanwhile, management level, technical level had the very big promotion, especially with the core competitiveness of the leading enterprises, the downstream customer has some bargaining power, adverse to the price of raw materials, labor costs changes are also gradually increase, the digestive system in our country plastic packaging industry overall gross margin level is expected to remain relatively stable in the future.
(5) favorable and unfavorable factors affecting the development of the industry
1. Favorable factors
(1) sustained growth in national income
In the past decade, China has been one of the fastest growing economies in the world, and has maintained a relatively high growth rate for a long time. With the growth of China's economy and the improvement of national income, the consumption capacity of urban and rural residents has been constantly improved. According to the data of the national bureau of statistics, China's per capita GDP reached 49,992 yuan in 2015, the per capita disposable income of urban residents reached 31,194.83 yuan, and the per capita net income of rural residents reached 10,772 yuan, with the average annual compound growth rate of 13.28%, 11.51% and 12.71% respectively since 2005. The continuous improvement of national income level provides sufficient growth impetus for the fast moving consumer goods market such as food and beverage, thus driving the continuous growth of PET bottle market demand. On the other hand, the Chinese government has vigorously promoted the transformation and upgrading of the economic structure, so that the Chinese economy has begun to shift to a higher-quality growth path. As an important part of the national economy, the plastic packaging industry will benefit from the sustained and stable growth of the macro-economy, with great potential for development.
4) continuous expansion of downstream application fields
Driven the growth of the consumer market in our country, beverages, condiments, daily chemical products, edible oil, leisure food, and other areas of the original application market scale expands unceasingly, beverage manufacturing industry, in particular, from 2006 to 2014, industry sales revenue year compound growth rate as high as 18.89%, led PET bottles and other plastic packaging container market demand continues to grow; At the same time, with the improvement of production technology and technical level, the application field of the plastic packaging industry will continue to expand, bringing a new market growth point for PET bottles and other plastic packaging containers. The rapid growth of the downstream market and the continuous expansion and development of the application field will bring a broad development space for the market of PET bottles and other plastic packaging containers.
(5) state industrial policy support
In recent years, the Chinese government has formulated a series of industrial policies to support and promote the development of the plastic packaging industry towards high performance, high quality and environmental protection. The notice of the state council on printing and distributing the industrial transformation and upgrading plan (2011-2015) puts forward "vigorously developing new packaging materials with good degradability, new green and environment-friendly packaging products and advanced packaging equipment". The national development and reform commission, ministry of science and technology, ministry of industry and commerce, the state intellectual property office jointly issued the "current guidelines on priority to the development of high technology industrialization key areas (2011)" to "low carbon and environmentally friendly packaging materials, polymer materials environmental friendly technology, food packaging new material and new equipment such as a priority focus on the industry of the development of the project. In addition, the ministry of finance also issued the "ministry of finance on the packaging industry high-tech research and development funding related issues" (finance and enterprise  no. 107), clearly put forward the focus on support in line with the national macro policy, environmental protection and circular economy policy of packaging enterprises. In December 2016, the ministry of industry and information technology and the ministry of commerce jointly issued the guiding opinions on accelerating the transformation and development of China's packaging industry, which fully affirmed the pivotal role of the packaging industry in national economic and social development and clearly aimed at supporting high-quality enterprises to become bigger and stronger.
These industrial plans of our government provide a good policy environment for the development of low-carbon and environment-friendly plastic packaging materials such as PET.
(6) the trend of industry consolidation began to emerge
There are a large number of plastic packaging enterprises in China, and the proportion of the output value of enterprises above the scale in the total output value of the industry is relatively low. The industry concentration is low, and most small and medium-sized enterprises lack of core competitiveness. With the continuous improvement of technological innovation, technological manufacturing, management and financial strength of the advantageous industries, the trend of industry integration has appeared in China's plastic packaging industry. As traditional manufacturing scale effect is more obvious, the advantages of plastic packaging industry in our country enterprise has begun to gradually with the aid of modern means of capital and the denotative expansion rapidly, and is conducive to China's plastics packaging industry bigger and stronger, weeded out with industry competitiveness of enterprises, so as to help enhance the overall strength of plastic packaging industry in our country, to promote healthy development of the industry.
2. Adverse factors
(1) price fluctuations of raw materials
Most of the raw materials of plastic packaging are downstream products of petroleum processing. In recent years, the fluctuation of crude oil price in the international market leads to the change of raw material price. The large fluctuation of raw material price increases the difficulty of cost control and puts forward higher requirements for cost control and bargaining power.
(2) influence of household water purification technology popularization
With the continuous improvement of residents' attention to the quality of drinking water, household filtration and water purification technologies are also developing and improving, and the household water purifier penetration rate continues to increase. Although the market positioning of household water purification system and bottled water is not high, the popularity of household water purifiers will still have a negative impact on bottled water to some extent. Plastic packaging enterprises need to continuously develop diversified products such as daily chemicals, condiments, wines and medicines on the basis of bottled water packaging products to cope with possible market changes.
(9) the relationship with upstream and downstream industries
The upstream industry of plastic packaging products is the petrochemical industry. The initial raw materials are crude oil and the direct raw materials are various synthetic resins. The direct raw materials of PET bottles are polyester chips. The downstream application fields include beverage, condiment, daily chemical products, edible oil, leisure food, wine, medicine and so on.
1. Influence of the development of upstream industry on this industry
The upstream of the plastic packaging industry is mainly the production and processing of polyester chips and other raw materials. As these raw materials account for a relatively high proportion of the cost of plastic packaging, and their price fluctuations have a certain cyclical, so the price fluctuations of upstream raw materials on the profitability of the plastic packaging industry has a certain impact.
China's petrochemical industry has developed relatively mature, the basic supporting equipment is also relatively perfect, can better meet the needs of the production and development of the plastic packaging industry. According to the statistical data of the national bureau of statistics, the number of imported polyester chips in China shows a trend of gradual decline in recent years, which reflects the increasing self-sufficiency of PET bottle raw materials in China.
In recent years, the price of international crude oil fluctuates greatly, which drives the price fluctuation of chemical raw materials and increases the difficulty for plastic packaging enterprises to control the production cost. However, plastic packaging enterprises can pass the cost pressure to the downstream enterprises through the change of product price. At the same time, plastic packaging enterprises can also improve the production technology and process, production efficiency and management capacity to reduce production costs.
Dominant enterprises in the plastic packaging industry have the advantage of large-scale procurement, and generally have a long-term cooperative relationship with upstream suppliers, so they can reach a strategic cooperative relationship with upstream suppliers and obtain relatively favorable procurement prices.
2. Influence of development status of downstream industries on this industry
PET bottle downstream areas mainly include beverages, condiments, daily chemical products, edible oil, leisure food, wine, medicine and other industries, with a few brands have absolute advantage manufacturers formed a certain degree of oligopoly competition pattern, the industry's most enterprises in an almost fully competitive market, price competition is still the most downstream enterprises an important means of competition, so for most of plastic packaging manufacturers, its downstream pass on the cost of space is relatively limited, the bargaining power is relatively weak, and thus profitability is strongly influenced by the downstream industry adverse change.
For the dominant plastic packaging enterprises, because they generally have the core customers relying on each other, and the two sides have formed a long-term and stable cooperative relationship, so they can form a benign cost transmission mechanism with customers; At the same time, most of the customers of advantageous plastic packaging enterprises are large and high-quality customers. These customers have high brand awareness and strong profitability, and they pay more attention to the safety and stability of plastic packaging quality, rather than completely pursue the minimization of procurement cost. In addition, the advantage of plastic packaging enterprise technology, management level is high, compared with the general plastic packaging enterprise has an obvious cost advantage. Therefore, the profitability of the dominant plastic packaging enterprise is affected by the downstream industry adverse changes to a relatively small extent.
The influence of the downstream industry on the PET bottle market is mainly reflected in two aspects: on the one hand, the growth of the market scale of the downstream industry will expand the market demand for PET bottles; On the other hand, the downstream industry has been continuously improving its requirements on product safety and quality performance, and continuously enhancing its energy-saving and environmental protection ideas. This has promoted the gradual increase in the proportion of environment-friendly packaging materials represented by PET bottles, thus promoting the stable development of the PET bottle industry. In recent years, with the continuous improvement of people's living standards and the continuous growth of consumption capacity, beverage, condiments, daily chemical supplies, edible oil, leisure food, alcohol, drugs and other industries have shown a trend of rapid growth, providing favorable conditions for the development of PET bottle industry.
Beverage industry: the main business income of beverage manufacturing in China was 144.952 billion yuan in 2006, and increased to 5784.86 billion yuan in 2014, with an annual compound growth rate of 18.89%. Seasoning industry: China's soy sauce production increased from 2.7018 million tons in 2006 to 10.1194 million tons in 2015, with an annual compound growth rate of 15.80%. Daily chemical products industry: during the 12th five-year plan period, the output of washing products in China increased from 9.711 million tons in 2011 to 13.545 million tons in 2015, with an annual compound growth rate of 8.68%. Among them, the output of liquid detergent increased rapidly from 5.1470 million tons in 2011 to 8.1979 million tons, with an average annual compound growth rate of 12.34%. According to the "13th five-year plan for the development of China's washing supplies industry" issued by China association of washing supplies industry, the target annual growth rate of main business income of washing supplies is 5%. Edible oil industry: the output of refined edible vegetable oil in China was 23.3523 million tons in 2006, and increased to 67.3430 million tons in 2015, with an annual compound growth rate of 12.49%. With the continuous expansion and extension of PET bottle application field, the continuous development of emerging application fields such as leisure food, wine, medicine and other industries will also provide a huge market growth space for PET bottle industry.
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