While most chemical fiber enterprises are still struggling with the energy consumption of chip spinning, Hengyi Petrochemical has directly played a 4.87 billion yuan card: a 400,000-ton annual PA6 melt direct spinning project. This investment scale is particularly aggressive against the backdrop of generally squeezed industry profits, but what deserves more attention is its technical path—the self-developed melt direct spinning process's reduction in water and electricity consumption could redefine the PA6 cost curve.
Background
According to the company announcement, the project will be implemented by two subsidiaries, Guangxi Hengyi New Materials and Hangzhou Yizhijin New Materials, located in the Guangxi New Materials Industrial Park and the Yizhijin New Materials Industrial Park respectively. The construction period is set at 18 months, with funds raised from internal and external sources. This pace is moderate for large chemical fiber projects, indicating the company's intention to seize the market window.
The core of the project lies in the full adoption of Hengyi's proprietary PA6 melt direct spinning process, which forms a generational gap with traditional batch chip spinning. Public data shows that this process can reduce water consumption by about 80% and electricity consumption by 30%, while eliminating intermediate steps such as chip packaging, warehousing, and transfer. For buyers, this means shorter delivery chains and more stable quality consistency; for factories, it directly translates into lower per-ton costs and reduced carbon emissions.
Notably, Hengyi already has a solid foundation in PA6 chips. Its subsidiary Guangxi Hengyi New Materials has an existing 600,000-ton annual chip device, operating at full capacity in 2026. The addition of 400,000 tons of direct spinning capacity is superficially an expansion, but essentially a vertical extension of the value chain—from raw materials to spinning, filling a key gap in the nylon industry chain.
Industry Impact
From an industry perspective, this layout sends two signals. First, the competitive focus of PA6 is shifting from 'chip scale' to 'spinning efficiency.' In the past, leading enterprises competed on absolute chip capacity, but with melt direct spinning technology compressing energy and intermediate costs, per-ton processing costs may drop by hundreds of yuan, enough to change downstream procurement comparison logic. Second, integration will become a new moat. Hengyi leverages synergy between its Guangxi chip capacity and new direct spinning capacity, raising self-sufficiency and enhancing resistance to price fluctuations, directly pressuring pure spinning enterprises.
For downstream fabric and garment companies, PA6 melt direct spun products offer better quality stability, especially in dyeing uniformity and strength, which is highly attractive in mid-to-high-end sportswear and functional apparel. Additionally, eliminating the re-melting step reduces thermal history, helping maintain molecular weight distribution, improving fabric hand feel and durability.
From a regional perspective, the Guangxi base layout implies strategic intent to radiate into Southeast Asian markets. Guangxi borders ASEAN, offering clear logistics cost advantages, while the Hangzhou base is close to the Yangtze River Delta consumer market, forming a 'south-east' dual fulcrum structure. This geographic division covers domestic demand and exports, providing more flexible supply chain options for foreign trade enterprises.