China PX Supply-Demand Fundamentals Improve
[Introduction] China’s PX capacity expansion has accelerated since 2019, and within two years, China’s newly added PX capacity has reached 11,600kt/a. However, in 2021, the newly added capacity only includes Sinochem Quanzhou Petrochemical and Zhejiang Petroleum & Chemical (Phase II), due to many restrictions such as high investment costs for the commissioning of new projects and long-term construction, while the growth of demand increases steadily. Thus, the PX supply-demand fundamentals improve in 2021.
Supply
Table 1 2021 China Newly Added PX Capacity Statistics
It is predicted that China’s PX capacity will reach 31,330kt/a in 2021, up 22.72% Y-O-Y, and therein, the PX designed capacity of Zhejiang Petroleum & Chemical (Phase II) will reach 5,000kt/a. The capacity release of newly added PX units will be concentrated in the second half of 2021.
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