Japanese petrochemical producer Mitsui Chemicals has decided to permanently shut its 145,000 t/yr polyethylene terephthalate (PET) output facility at Iwakuni Otake plant in southern prefecture Yamaguchi by October 2024, because of increasing competition with other feedstocks.
Iwakuni Otake is Mitsui Chemicals' only plant manufacturing PET.
Mitsui Chemicals has faced increasing competition after 2013 from cheaper imported PET from the rest of Asia and growing demand for renewable PET bottles, which do not require virgin feedstocks. Since then, Mitsui Chemicals has been forced to reduce the operations of its PET output facility.
Mitsui Chemicals has attempted to stabilise and increase profitability of its basic petrochemical sector by expanding production of high-performance goods and restructuring businesses. The firm also halted toluene diisocyanate output at its 117,000 t/yr Kashima plant in east Japan's Ibaraki prefecture in December 2016, citing increased competition and reduced profitability.
