China’s increasing focus on being self-sufficient in the polyester chain has led to expansion plans for MEG and PX capacities within China. With additional capacities of more than 10 million tonnes for PX and 6 million tonnes for MEG being planned in China for the next five years, this will undoubtedly impact import volumes in China.
Northeast Asia, being a key exporter of PX and MEG, will likely face increasing challenges due to the changing market landscape. Increasing PTA capacities in Northeast Asia will also bring further competition to exporters in the region. Nonetheless, the pressure on Northeast Asia PX, PTA, MEG exporters may see some relief amid upcoming plants of polyethylene terephthalate (PET), which is a key application in the polyester chain markets.
With over two million tonnes of PET capacity expected to start up in China in 2017, how will this impact demand growth for PX, PTA and MEG? More importantly, how will the key market players in Asia be affected?
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