In 2011, the debt crisis in Europe and the United States was difficult, domestic policies were tight, and global economic growth slowed down. PTA's annual trend was basically at a high level. Rising crude oil prices and staged tensions in PX supply failed to drive PTA's upward trend. In the upcoming 2012, domestic PTA production capacity will continue to increase, while the upstream PX and downstream polyester production capacity will slow down. From the analysis of supply and demand of the entire industry chain, PTA overcapacity is inevitable. On the other hand, if the supply of PX is tight, the price of PTA will shift upwards.

From the analysis of downstream consumer demand, the production and sales of polyester filament and staple fiber decreased significantly compared with 2010, while the textile industry of the terminal was affected by the negative influence of foreign economies. The export of apparel and textile products was sluggish. In particular, European demand declined significantly. Exports remained in 2012. There will be greater downside risks. The signs of relaxation in the domestic economy in 2012 may provide favorable conditions for domestic consumption growth. In a comprehensive view, it is expected that PTA will be affected by cost-driven in 2012, and the price center of gravity will increase, but taking into account the impact of factors such as overcapacity and poor end-user demand, PTA will remain bearish in the long-term. However, with the emergence of seasonal consumer demand and the phased shortage of raw materials, PTA will still have phased investment opportunities.