18 Jan 2021
Posted in Oil & Gas
Asia to lead global acrylonitrile-butadiene-styrene capacity additions by 2024, says GlobalData
The global Acrylonitrile-Butadiene-Styrene (ABS) capacity is poised to register a total growth of 19% from 11.36 million tonnes per annum (mtpa) in 2019 to 13.49 mtpa in 2024, says GlobalData, a leading data and analytics company.
GlobalData’s report, ‘Global Acrylonitrile Butadiene Styrene (ABS) Industry Outlook to 2024 – Capacity and Capital Expenditure Forecasts with Details of All Active and Planned Plants’, reveals that Asia leads the ABS capacity additions from 9.21 mtpa in 2019 to 10.99 mtpa in 2024 at an average annual growth rate (AAGR) of 3.5%. It is expected to have a new-build and expansion ABS capacity of 1.78 mtpa from 6 new-build and expansion projects.
Krishna Teja Pappoppula, Oil and Gas Analyst at GlobalData, says: “Within Asia, China leads the capacity additions with an increase of 1.60 mtpa by 2024, which will account for more than 89% of the region’s capacity additions. Major capacity additions will be from the INEOS Styrolution Ningbo ABS Plant and Jilin Petrochemical Company Jilin ABS Plant 4 with a capacity of 0.60 mtpa each by 2024.”
GlobalData identifies India as the second highest country within the region in terms of capacity additions with an increase from 0.21 mtpa in 2019 to 0.32 mtpa in 2024 at an AAGR of 8.0%. Major capacity additions will be from the INEOS Styrolution India Dahej ABS Plant with a capacity of 0.07 mtpa by 2024.
Malaysia will be the third highest country in the region in terms of capacity additions with an increase from 0.35 mtpa in 2019 to 0.43 mtpa in 2024. These capacity additions will be from the Toray Industries Prai ABS Plant with a capacity of 0.08 mtpa by 2024.
Ineos Ltd, China National Petroleum Corp and Zhejiang Rongsheng Holding Group Co Ltd will be the top three companies in Asia in terms of planned and announced capacity additions over the outlook period.