【中信期货】中国PTA市场（二）聚酯纤维对棉花纤维替代趋势-260519（21页）.pdf

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3、onal Research 2026-05-19 China PTA Market(II)Polyester Fiber Substitution for Cotton Fiber 中国中国 PTA 市场（二）聚酯纤维对棉花纤维替代趋势市场（二）聚酯纤维对棉花纤维替代趋势 Abstract 摘要摘要 Chinas textile industry is undergoing a structural shift from cotton to polyester fibers,with non-cotton fibers now dominating raw material consumpti

4、on.Since 2019,the output of chemical fiber yarns and fabrics has surpassed that of cotton blends,and the gap has continued to widen.Polyester,particularly PET fiber,is the largest chemical fiber category,with production reaching 64.77 million tons in 2025accounting for nearly 90 percent of synthetic

5、 fiberswhile filament yarn output far exceeds staple fiber due to more efficient processes.Rapid growth in upstream PTA and ethylene glycol production has supported chemical fiber capacity expansion,driving a sustained increase in Chinas net exports of chemical fibers.Currently,fixed-asset investmen

6、t and profit growth in the textile sector are outperforming other segments of the industrial chain,signaling an accelerated upgrade toward high-end,intelligent manufacturing.Risks:Geopolitical conflict escalation.中国纺织业正经历由棉向聚酯纤维的结构性转变，非棉纤维已成为主流原料。2019 年起，化学纤维纱与布的产量超越棉混纺产品，此后差距持续扩大。其中，涤纶作为第一大化纤品种，202