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Although the oversupply of purified terephthalic acid (PTA) in Asia has eased recently, as a large number of new production capacity is about to be put into use, market participants predict that the market may be oversupplied again in the near future, and the market will fall into a downturn
.
Separately, Materials Chemistry and Properties International Corporation of India (MCPI) shut down its 470 kt/yr PTA unit 1 and Reliance Industries (RIL) shut down its Hazira 2 PTA unit
.
In the past 10 years, the global textile and apparel industry has entered a downward cycle, and the epidemic this year has exacerbated the weakness
.