The report is divided into three main sections:

Part I: The change in market structure. Mr. Hao shares views on economic growth of developing and developed countries in 2026-2030, the consumption of refined oil products as well as PX and PTA capacity expansion. He points out the impact from refined oil on PX would ebb gradually, but the expansion of PX and PTA capacity would be imbalanced.

Part II: The return of PX. Mr. Hao analyzes the situation of global PX exports, economic growth trend, plant operating rate change as well as future supply and demand situation. The economics of PX are rebalancing, and PX production based on MX is the main variable.

Part III: The way-out for PTA. Mr. Hao elaborates the development of global PTA capacity, industry distribution, as well as import and export flows. PTA capacity is increasing continuously, while the expansion is slow outside China. China's PTA exports face tariff pressure. He also forecasts that China polyester exports could accelerate in the future and the market shares of some PTA plants outside China could get squeezed.