The European PTA market: Five key facts on pricing dynamics

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• Significant spikes in energy and other production costs in Europe (such as acetic acid) negatively impacted PTA producers’ margins during 2021. • In H2 2021, production issues in Europe and maintenance turnarounds kept domestic PTA supply very tight at a time of consistently strong demand and critically low inventories caused by the effects of the pandemic. • Throughout 2021, the European PTA market was impacted by high freight rates from Asia into Europe. • Despite initial opposition to surcharges, the challenging market conditions supported these initiatives and surcharges were finally implemented starting in November 2021. • The PTA-PX spread in Europe was further increased at the beginning of 2022. • Spreads are now revised more frequently because of the high uncertainty levels. • Import parity prices recently started gaining competitiveness, which will increase pressure on European prices, limiting PTA-PX spreads moving forward.

Table of contents

  • Executive summary
    • Significant spikes in energy prices and other production costs in Europe
    • Acetic acid costs also rising in Europe
    • Tight PTA market in Europe
    • European PTA market shielded by historically high freight rates from Asia
    • Regional PTA producers proposed surcharges to address cost increases; surcharges were implemented by November 2021.
  • Outlook

Tables and charts

This report includes 7 images and tables including:

  • Europe’s energy crisis
  • Acetic acid prices
  • European PTA supply gap in H2 2021
  • Illustrative Asian freight from Shanghai
  • The shipping crisis
  • PTA-0.67 Paraxylene Spreads, Europe
  • European PTA versus Asia imports

What's included

This report contains:

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    The European PTA market: Five key facts on pricing dynamics

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