How does China's PTA capacity concentration affect global polyester supply chains?

How does China's PTA capacity concentration affect global polyester supply chains?
China now controls over 75% of global PTA capacity, exceeding 8,500 kt/yr in 2024, with another 870 kt planned for 2025. This dominance extends downstream: China produces about 50% of global polyester and 75% of synthetic fibers. The integration wave—from crude refining to PX, PTA, and polyester—has made Chinese producers cost leaders. Hengli's Dalian complex achieves over 80% PX self-sufficiency, while Rongsheng's Zhejiang refinery exceeds 90%. This vertical integration, combined with the world's largest single-train PTA unit (Sinopec Yizheng, 3,000 kt/yr), has driven processing costs down to internationally leading levels. However, the industry is now entering a consolidation phase: about 37.4% of capacity is over 10 years old, and these older units face closure as new, efficient plants expand, reshaping global supply dynamics.