Will Higher Oil, Energy Prices ‘Here to Stay’, affect the market change in cotton polyester fabric

(Will Higher Oil, Energy Prices ‘Here to Stay’, affect the market change in cotton polyester fabric)

Will
Higher Oil, Energy Prices ‘Here to Stay’, affect the market change in cotton
polyester fabric?

Stephen
Schork, head of The Schork Group, explained the "new normal" for oil
prices on Tuesday after West Texas Intermediate crude hit a seven-year high the
previous day.

Schork
told Varney & Co on Tuesday that he thinks oil and energy prices, in
general, will continue to move higher.

On
Monday, West Texas Intermediate crude surged $1.17 to $80.52 a barrel. Earlier
on Monday, the energy sector hit a seven-year high above $82. WTI crude rose 28
cents to $80.80 a barrel on Tuesday.

Brent
crude fell 4 cents to $83.61 a barrel Tuesday morning after hitting a high of
$84.23 a barrel. The global benchmark oil price hit $84.60 on Monday, its
highest level since October 2018.

Late
last month, Goldman Sachs Group Inc. raised its forecast for global crude oil
prices to $90 a barrel by the end of the year from $80, citing supply
disruptions in the Gulf of Mexico and signs of stronger demand

Oil
hitting $80 a barrel is pretty challenging, ex-Frontier CEO says

Bank of
America predicted in June that Brent crude could top $100 a barrel next year
amid the spread of COVID-19.

Pent-up
demand, which continues to favor private cars over public transport and
telecommuting, will keep demand strong after 18 months of lockdown, which may
lead to increased driving.

At the
same time, supply will be constrained by government pressure to curb capital
expenditure targeted by the Paris Climate Agreement, alleviate the need for
environmental, social and governance investments, and reduce carbon emissions.

On
Tuesday, Schork referred to predictions that oil could hit $90 or $100 a barrel
and said he "would not bet against it."

"But
what usually happens is you create a lot of speculation," he continued.

Schork
went on to explain that energy prices depend on winter conditions.

If
Europe and North America experienced a cold winter, oil, gas and energy prices
"will all go higher," he said.

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The
market size of the cotton polyester fabric in the global cotton fabrics
industry

With the
continuous development of the production technology and process of the cotton
polyester fabric in the industrial cotton fabrics industry, the application
scope of the cotton polyester fabric is becoming more and more extensive and
the market potential is huge. Its development level has become one of the
important indicators to measure the comprehensive competitiveness of a country
cotton fabrics industry.

Industrial
cotton fabrics are defined as "products used in many non-cotton fabrics
industries" internationally. Compared with the traditional cotton fabrics
industry with labor-intensive and low technology content, the cotton polyester
fabric industry has the characteristics and advantages of capital intensive,
high technology content and huge market demand space.

In terms
of the global market, the global industrial cotton fabrics market including
cotton polyester fabric will reach usd 258.33 billion in 2020 and is expected
to reach USD 321.65 billion in 2028. In the next few years, the global
industrial cotton fabrics industry will still maintain a growing trend.

The
market price of the cotton polyester fabric in the global cotton fabrics
industry

Developed
countries and regions such as the United States and the European Union occupy
the leading position in cotton polyester fabric global industrial cotton
fabrics market while emerging markets such as China and India show a high
growth momentum.

Since
the 1990s, due to the consideration of labor, raw materials and other cost
factors, manufacturers in Europe and the United States and other developed
countries have shifted their focus to product research and development, brand
building, channel expansion and other aspects in China, so that the production
and manufacturing capacity of cotton polyester fabric has gradually shifted to
East Asian countries, especially the middle and low-end products.

The
global industrial cotton fabrics cotton polyester fabric production bases are
mainly concentrated in the United States, Japan, South Korea and Taiwan, and
the European industrial cotton fabrics industry is shifting to Asia and the
United States. The Asia-Pacific region accounted for the highest proportion of
40%; North America is next at 25 percent, followed by the Middle East &
Africa, Europe and South America.

The
market trend of the cotton polyester fabric in the global cotton fabrics
industry

Data in
2020 show that China cotton fabrics industry accounts for more than 50% of the
world total, chemical fiber output accounts for 70% of the world, and trade
accounts for one-third of the world. China has the most complete industrial
chain, and most of its cotton polyester fabric process manufacturing and
equipment level has reached the international advanced level. China is also the
world largest cotton fabrics and apparel market. In 2020, the total retail
sales of cotton fabrics and apparel in China exceeded 1,236.7 billion yuan.

COVID-19
has had a huge impact on the overall development of trade and the cotton
fabrics industry. Enterprises in various segments have realized that they are
heavily dependent on Chinese suppliers. When China was unable to supply cotton
polyester fabric in the early stage of the epidemic, for example, the automobile
and cotton fabrics industries could not produce normally. About 90 percent of
materials imported by the EU, US and Japan come from China, underscoring the
country importance in many products and raw material supply chains.

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(Will Higher Oil, Energy Prices ‘Here to Stay’, affect the market change in cotton polyester fabric)