Why did China's isophthalic acid import dependence drop sharply in 2024?

Why did China's isophthalic acid import dependence drop sharply in 2024?
China's isophthalic acid (PIA) market reached a structural milestone in 2024 as import dependence fell to 34.47%, down from 85% in 2018. Domestic output surged 33.7% year-on-year to 446,000 tons, driven by higher operating rates, fewer maintenance shutdowns, and stable feedstock supply. Capacity has remained flat at 550,000 tons since 2021, with Hengyi Petrochemical (300,000 tons) and Ningbo Formosa (200,000 tons) controlling over 90% of supply. Imports dropped 12.89% to 234,600 tons. The key demand driver is polyester bottle chips, which account for over 40% of PIA consumption; China's bottle chip output grew 18.17% to 15.49 million tons in 2024, lifting apparent PIA demand by 13.52%.