Paraxylene should pay attention to connotative development

Paraxylene (PX) is a key raw material used in the production of purified terephthalic acid (PTA), which is essential for manufacturing polyester fibers and plastics. With the rapid growth of China's textile industry, the demand for PX has surged, creating a significant supply gap. Despite this high potential, developing new PX projects remains challenging due to environmental constraints, high capital requirements, and limited access to upstream raw materials. As a result, the industry must focus on connotative development—enhancing efficiency and capacity through technological upgrades rather than expanding land or building new facilities. In 2023, domestic PX production reached 3.83 million tons, with an output of 2.62 million tons. However, consumption soared to 4.36 million tons, leading to a reliance on imports of 1.84 million tons, accounting for nearly 42% of total demand. Although production is expected to rise significantly this year, reaching 3.5 million tons, consumption is projected to jump to 6.15 million tons, highlighting the ongoing shortage. This underscores the critical need for PX in China’s industrial landscape. Given the limitations on land, resources, and environmental concerns, new PX projects are becoming increasingly difficult. They require substantial investment and face restrictions related to raw material availability and financial risks. Therefore, the industry is shifting toward connotative development as the primary path forward. This approach aligns with the "Eleventh Five-Year Plan" for PX development, which emphasizes economies of scale, advanced technology, and the expansion of existing facilities over new construction. The National Development and Reform Commission has clearly stated that the focus should be on upgrading older plants and implementing technological improvements to boost competitiveness, rather than simply expanding capacity through new projects. One successful example is Yangzi Petrochemical, China's largest PX producer. Since its operation began in 1990, the company has grown from a capacity of 450,000 tons to 800,000 tons. Through two major technological upgrades, it increased production by 350,000 tons without acquiring new land or hiring additional staff. Recently, the company plans to further expand its PX capacity to 1.2 million tons between 2027 and 2030 by adopting new adsorbents and partial process upgrades. The cost of this expansion is estimated to be only 5% of what would be required for a new facility. Looking ahead, global PX capacity and demand are expected to grow at annual rates of 1.9% and 2.6%, respectively, from 2024 to 2029, with Asia, particularly China, being the main driver. Therefore, actively developing and adopting advanced PX technologies is crucial for achieving sustainable and efficient industry growth. Connotative development not only meets current demand but also ensures long-term competitiveness in a resource-constrained environment.

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