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Can China achieve self-sufficiency in paraxylene?
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Report summary
Large Chinese polyester producers are incentivised to build their own PX assets after reaching PTA self-sufficiency in 2016 as they wish to capture margins along the whole polyester value chain. China has built enough capacities by 2023 to reach PX self-sufficiency within this decade. However, the local supply will be insufficient to meet downstream demand in the long term because China’s PX expansion slows down together with refining investment, but future polyester investment will be concentrated in China. The energy transition will support China’s PX expansion by redirecting more feedstocks to aromatics production. The declining gasoline demand, accelerated by EV penetration, will prompt refineries to explore opportunities in the petrochemical business.
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