A recent study by research firm CMAI says the significant expansion of projected aromatics production capability will likely "bring aromatics pricing more in line with historical cost relationships than in recent years."

"Higher-cost production will be pressured as operating rates fall and margins are squeezed," CMAI reports. "As a result, some rationalization of existing capacity is likely, including some co-product units in the Atlantic Basin."

CMAI also predicts that the global market for aromatics will become more regionally focused rather than dependent on inter-regional trade. "This will have ramifications for security of supply, supply chain management and pricing, especially in those countries that have become accustomed to large import positions," CMAI says.