Major listed companies in the adipic acid industry: Huafeng Chemical (002064), Shenma (600810), Hualu Hengsheng (600426), Danhua Technology (600844), Kailuan (600997), Yangmei Chemical (600691) Wait. The production capacity of adipic acid in my country is expanding rapidly, and the operating rate remains low. As the development of my country’s adipic acid process continues to mature and cost advantages are gradually manifesting, my country has become the world’s largest producer of adipic acid, with a production capacity of approximately 2.655 million tons in 2019, a year-on-year increase of 6.0%, and a compound growth rate of up to five years. 9.1%, while the global compound growth rate during the same period was only 3.9%. In 2019, China's adipic acid production capacity has accounted for 54% of the world's total. In 2020, the domestic production capacity of adipic acid will reach 2.71 million tons, a year-on-year increase of 2.65%, and the CAGR will reach 15.5% from 2009 to 2020. Since the expansion rate of production capacity is much faster than the growth rate of downstream demand, the domestic adipic acid market has been highly competitive in recent years, and the capacity utilization rate has been maintained at about 60%, and many sets of devices have been in a state of shutdown for a long time. China's adipic acid production companies are mainly represented by large companies such as Huafeng Chemical, China Shenma, Haili Chemical, and Qilu Hengsheng. The CR3 in 2020 is 64.6%, and the production capacity is highly concentrated. Among them, the leading company, Huafeng Chemical, has a capacity of 735,000 tons of adipic acid, which is the world's largest in production capacity and has a domestic market share of more than 40%. At present, China is a big consumer of adipic acid, and its consumption growth rate is leading the world. In 2019, my country's consumption of adipic acid was 1.139 million tons, a year-on-year increase of 2.0%, and the growth rate was slower than before. The compound growth rate of adipic acid consumption in my country in the past five years is 6.8%, which is significantly higher than the global compound growth rate of 3.8%. In 2020, domestic consumption of adipic acid will be 1.27 million tons. The domestic consumption structure of adipic acid in my country is different from that of Europe and the United States. Among them, polyester polyol is the largest downstream application field, which is mainly used to produce end products such as polyurethane slurry, shoe sole stock solution and thermoplastic polyurethane elastomer. In 2020, the proportions of PU slurry, sole stock solution and PA66 in the domestic downstream consumption of adipic acid will be 38.2%, 20.7% and 17.3%, respectively. Stimulated by the growth of downstream demand, domestic consumption of adipic acid has shown steady growth. Under the plastic limit order, PBAT has a broad development space, which has given rise to a huge demand for adipic acid.