Introduction: With the successful commissioning of Zhenhai Refining & Chemical's isononanol plant, the domestic self-sufficiency rate of isononanol has improved, leading to an increase in DINP supply and reshaping the regional supply structure.

New DINP Capacity Gradually Released, Reshaping Regional Supply Structure

In 2025, domestic DINP production capacity stood at 572,000 tons, with the addition of the Zhuhai Shiyue plant, representing an 8% year-on-year increase. East China and South China regions held an equal share of capacity. By 2026, with the commissioning of the Zhenhai Refining & Chemical isononanol plant, the domestic self-sufficiency rate of isononanol rose, further boosting DINP capacity. As of May, Kaifeng Jiuhong and Anhui Litian plants had started production successfully, while Zhejiang Weibo and Tianjin Aojia Yongli are scheduled to commence production by June. It is estimated that by the first half of 2026, DINP capacity will increase to 702,000 tons, a 23% year-on-year increase. East China will account for approximately 53% of total capacity. Although most newly added plants are small-scale production lines, the capacity gaps in Central China and North China are gradually being filled, restructuring the regional supply pattern.

In the second half of the year, Guangdong Lingchuang's DINP plant is expected to start production. If successful, the capacity structure of various plasticizer products will also adjust, with DINP's share of total plasticizer capacity rising from 6% to 8%.

Divergent DINP Supply Between North and South, Widening Regional Price Spread

Supply was relatively stable in April, with prices in the East China market slightly higher than in South China, maintaining a spread within 100 yuan/ton. Since DINP consumption is concentrated mainly in East China and South China, the increase in supply in the East China region has intensified competition. In addition to price competition among different DINP sources, there is also competitive pressure from DOP in some end-use segments. As a result, DINP prices began to decline more rapidly from mid-May, with varying quotes. As of May 20, the mainstream transaction price delivered was 9,500 yuan/ton. In contrast, the South China market faced insufficient feedstock supply during the month, leading to production cuts at DINP plants to varying degrees, with prices maintained at around 9,800 yuan/ton. The price gap between North and South markets gradually widened to 200-350 yuan/ton.

DINP Exports Increasing Month by Month

With ample domestic supply, DINP imports have remained consistently low. Cumulative imports from January to April totaled only 1,600 tons, staying at a relatively low level. February saw the highest import volume at 900.43 tons, while March recorded the lowest, below 24 tons. In contrast, exports have been increasing month by month. Cumulative exports from January to April reached 28,000 tons, up 52.3% year-on-year. Due to the Chinese New Year holiday, February saw the lowest export volume at 5,026.84 tons, while April exports increased to 8,419.39 tons. With growing domestic supply and gradually lower prices, DINP exports are expected to continue increasing.

DINP Market Outlook

From a consumption perspective, demand for DINP in the automotive materials sector remains relatively stable in both volume and quality control requirements. In other sectors, various plasticizer products can be substituted to varying degrees. The DINP market faces not only price competition from different brands but also competitive pressure from products like DOP. Given that overall end-user demand lacks growth momentum, procurement on a just-in-time basis remains the mainstream buying sentiment, providing relatively weak support for demand. Additionally, the DINP market still has decent profit margins. Overall, prices are expected to trend weakly. However, price flexibility also provides some positive stimulus for exports, and increasing export volumes is one way to ease price competition pressures.