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Mitsui Chemicals announced on March 15 that it will close the purified terephthalic acid (PTA) plant in Otake Iwakuni, Japan in August 2023
.
In 1958, Mitsui Chemicals realized the industrial production of terephthalic acid using its proprietary technology at the Otake Plant in Iwakuni
.
Subsequent years added refining processes and increased production capacity
.
At its peak, Mitsui Chemicals produced 750,000 tons of PTA in Japan and exported it to other countries
.
Over the past decade, the number of PTA production facilities worldwide has increased dramatically (mainly in China), leading to a decline in market conditions and a reduction in domestic demand in Japan
.
Mitsui Chemicals believes that despite its reduction in PTA production capacity and some rationalization measures, it cannot ensure sufficient earnings to sustain PTA production in Japan
.
GlobalData's latest report shows that global PTA capacity is expected to grow by 38% in 2020-2025, from 100 million tons to 140 million tons
.
About 23 factories have been announced or are planned, mainly in Asia and the Middle East
.
The PTA industry has entered a period of concentrated outbreak of new production capacity, and the market is in a situation of oversupply
.
It can be seen that it is an effective measure for Mitsui Chemicals to stop PTA production in Japan
.
Currently, the PTA production capacity of Mitsui Chemicals Iwakuni Otake Plant is 400,000 tons per year
.
After the shutdown, Mitsui Chemicals will maintain the existing Japanese market sales system by importing PTA from Thailand's GC-M PTA
.
Mitsui Chemicals owns 26% of GC-M PTA, with PTT Global Chemicals holding the remaining 74%
.
In November 2021, Mitsui Chemicals proposed in its new long-term business plan VISION2030 that it will accelerate the business restructuring of phenol, purified terephthalic acid and polyurethane in the basic and green materials business to reduce the impact of external market volatility, and Improve competitiveness
.
