How will China's ethylene tar supply and demand balance evolve through 2025?

How will China's ethylene tar supply and demand balance evolve through 2025?
China's ethylene tar output is set to rise sharply as steam cracker capacity expands. Current naphtha-based ethylene capacity of 19 million tons per year already yields over 2.6 million tons of pyrolysis tar annually, and that figure is projected to reach 5.8 million tons by 2025. Historically this material went mainly to industrial boiler fuel or carbon black, but fast-growing demand from anode coating materials is reshaping the balance. Coating-material consumption of ethylene tar could climb from roughly 8-10% of the pool toward 25% as anode output scales. Because carbon black can switch feedstocks when tar prices spike, the market should stay in tight balance rather than extreme shortage.