PX capacity has entered the third peak expansion cycle starting from 2019

From the chart above, we can see that after two expansion cycles in 2008-2009 and 2011-2014, PX capacity has entered the third peak expansion cycle starting from 2019. If we make a comparison, we can find that the new round of capacity expansion is quite similar to that in 2008-2010, in that PX capacity grows significantly, while the growth of polyester and PTA capacity lags behind. In 2011-2014, however, the growth of PTA capacity is the fastest, shown in the chart below.