22 Dec 2020
Posted in Oil & Gas
Asia to lead global acrylic acid capacity additions by 2024, says GlobalData
The global acrylic acid capacity is poised to see considerable growth by registering a total growth of 19% by 2024. The acrylic acid capacity is likely to increase from 8.70 million tonnes per annum (mtpa) in 2019 to 10.35 mtpa in 2024. Among the regions, Asia leads the capacity additions and the region’s acrylic acid capacity is expected to increase from 5.44 mtpa in 2019 to 7.00 mtpa in 2024 at an average annual growth rate (AAGR) of 5.1% says GlobalData, a leading data and analytics company.
GlobalData’s report, ‘Global Acrylic Acid Industry Outlook to 2024 – Capacity and Capital Expenditure Forecasts with Details of All Active and Planned Plants’ reveals that Asia is expected to have a new-build and expansion acrylic acid capacity of 1.57 mtpa from 12 new-build and expansion projects. Within Asia, China leads in terms of capacity additions with a capacity increase of 1.03 mtpa by 2024. Major capacity additions will be from the ShengHong Holding Group Lianyungang Acrylic Acid Plant with a capacity of 0.30 mtpa by 2024.
Krishna Teja Pappoppula, Oil and Gas Analyst at GlobalData, says: “In Asia, China accounts for 66% of the regions capacity additions. Out of 12 new-build and expansion projects in the region, China has six new-build projects.”
GlobalData identifies India as the second highest country in terms of capacity additions, with 0.26 mtpa by 2024. Major capacity additions will be from the Bharat Petroleum Corporation Kochi Acrylic Acid Plant with a capacity of 0.16 mtpa by 2024
South Korea will be the third highest country in terms of capacity additions, with 0.18 mtpa by 2024. These capacity additions will be from the LG Chem Yeosu Acrylic Acid Plant 4, with a capacity of 0.18 mtpa by 2024.
Shenghong Petrochemical Group Co Ltd, Huayi International Industry Group Ltd and LG Chem Ltd will be the top three companies in Asia in terms of planned and announced capacity additions over the outlook period.