1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report The report comprehensively analyzes the supply - demand development of the polyester industry, focusing on the capacity development of raw materials and downstream polyester products. It details the growth trends, production capacity distributions, and market characteristics of PX, PTA, MEG, and various polyester products, providing an in - depth understanding of the industry's current situation and future trends [1][9]. 3. Summary by Relevant Catalogs 3.1 Raw Material - end Capacity Development 3.1.1 PX Capacity Development - From 2018 to 2023, domestic PX capacity increased from 1463000 tons to 43670000 tons. The average annual new production capacity from 2019 - 2023 was 4 - 8 million tons, with an average annual capacity growth rate of about 25%. There will be a new capacity launch window period from 2024 - 2025, but the capacity utilization rate has increased significantly [11][14][17]. - By enterprise nature, state - owned oil companies account for 38.2% of the total capacity, and private refining and chemical integration plants put into operation after 2019 account for 44.9% [17]. - Planned new capacity includes projects such as Shenghong Petrochemical (2 million tons in 2023), Zhongwei Guangdong Petrochemical (2.6 million tons in 2023), and Yulong Petrochemical (3 million tons in 2026) [16]. 3.1.2 PTA Capacity Development - Global PTA capacity is mainly concentrated in Asia, with China accounting for over 78% of Asia's capacity. From 2023 - 2025, 3 - 4 new domestic PTA plants will be put into operation annually, and in 2026, domestic production will slow down while India's new production capacity will increase [20][21]. - Domestically, PTA capacity is geographically concentrated, with over half in Jiangsu and Zhejiang, followed by coastal areas such as Liaoning, Fujian, Guangdong, and Hainan. The industry's CR2 is as high as 41%, and CR6 reaches 74% [23][24]. - The industry has good capacity matching, with an increasing proportion of large - scale and integrated plants [27]. - From 2016 - 2018, PTA profits were good due to limited new capacity growth. After 2019, with the release of private large - scale refining and chemical projects, PTA processing fees declined rapidly, and some high - cost small - scale plants were phased out [32]. 3.1.3 MEG Capacity Development - Domestic MEG capacity and production have been growing steadily, entering a new investment peak after 2018. In 2020, the capacity growth rate reached 47%. From 2021 - 2023, it continued to grow rapidly but at a declining rate. In 2024, the net investment growth rate dropped to 2.3%, and the capacity reached 3027500 tons [37][39]. - Ethylene - based MEG plants are mainly in Zhejiang, Jiangsu, and Liaoning, while coal - based plants are in Shaanxi, Xinjiang, Inner Mongolia, etc. Currently, ethylene - based capacity accounts for about 64%, and coal - based capacity accounts for 36% [41][42]. - MEG imports peaked in 2020 and have gradually declined. In 2024, the import dependence dropped to 25%. The main import sources are Saudi Arabia, Canada, and the United States. In 2025, the proportion from the United States decreased due to tariff issues [48]. - In September 2025, Yulong Petrochemical's launch marked a new expansion cycle for MEG, and the capacity growth rate will accelerate again in 2026 [50]. 3.2 Downstream Polyester Capacity Development 3.2.1 Overall Polyester Capacity - From 2019 - 2023, downstream weaving transferred and expanded, and the high pre - tax profits of polyester stimulated continuous investment planning, with an average annual investment of over 5 million tons of capacity [55]. - As of the end of 2024, the total polyester capacity was 8634000 tons, with filament accounting for about half and bottle chips accounting for nearly a quarter. The concentration of mainstream large - scale manufacturers has increased significantly, with CR3 reaching 38% and CR7 reaching 57%. Production areas are concentrated in Jiangsu, Zhejiang, and Fujian [58][59]. 3.2.2 Growth of Each Polyester Product - Since 2023, the capacity of bottle chips has increased rapidly, followed by filament and staple fiber. In 2024, the growth rate of bottle chips was still significant at 23%, while the growth rates of filament and staple fiber slowed down significantly [62]. 3.2.3 Staple Fiber Capacity - The investment growth rate of staple fiber has been relatively stable. In recent years, the years with higher growth rates were 2018, 2019, and 2021, with a capacity growth rate of over 7.5%. After a 4.8% increase in 2023, the investment growth rate slowed down significantly in 2024 and 2025. However, the capacity utilization rate was high in the past two years, resulting in production growth rates of 12.4% and 5.2% in 2023 and 2024 respectively [66]. - Staple fiber is mainly distributed in Jiangsu, Zhejiang, and Fujian, accounting for 85% in total, with Jiangsu accounting for nearly half. As the capacity expands, the downstream consumption structure has changed, and the proportion of differentiated staple fiber has increased significantly [72]. - China's staple fiber is mainly for export. After 2020, the export proportion has gradually increased, and the export destinations are relatively scattered [79]. 3.2.4 Bottle Chip Capacity - The expansion cycle of domestic polyester bottle chip capacity has two stages: 2011 - 2014 and 2018 to the present. The average annual investment growth rate in recent years has been nearly 13%, and the investment pace has accelerated since 2022 [82]. - As of November 2025, the cumulative capacity of polyester bottle chips was 2153000 tons. Four companies, Yisheng, Sanfangxiang, Huarun, and Wankai, accounted for about 78% of the capacity, with most having an integrated layout [88]. - From 2023 - 2024, many polyester bottle chip projects were launched. Newly launched single - set devices are larger in scale, reducing costs. Future launches will still be concentrated in China, mainly by large manufacturers, but some projects may be postponed due to profit issues [89]. - In 2024, China's total consumption of polyester bottle chips was about 9.8 million tons, accounting for about 1/4 of the global total. The main downstream consumption areas are soft drinks, exports, sheets and others, and oil bottles, accounting for 39%, 42.4%, 15.8%, and 2.9% respectively [92]. - The soft drink industry has a relatively large demand for bottle chips, with obvious seasonality. China is the world's largest net exporter of polyester bottle chips. Although there are trade frictions, the export market still has an optimistic outlook [95].