Global ethylene capacity is poised to see considerable growth by 2024, potentially increasing from 191.54 million tonnes per annum (mtpa) in 2019 to 283.22 mtpa in 2024, registering a total growth of 48%. Among the regions, Asia will lead the capacity additions and the region’s ethylene capacity is expected to increase from 70.91 mtpa in 2019 to 120.45 mtpa in 2024, at an average annual growth rate (AAGR) of 10.6%, says GlobalData, a leading data and analytics company.

The company’s report, ‘Global Ethylene Industry Outlook to 2024 – Capacity and Capital Expenditure Forecasts with Details of All Active and Planned Plants’ reveals that around 123 planned and announced plants are scheduled to come online, predominantly in Asia, by 2024.

Within Asia, China will add a capacity of around 27.48 mtpa by 2024. China’s contribution to Asia’s total capacity addition is around 59.9% Major capacity additions will be from Exxon Mobil Corporation Zhoushan Ethylene Plant and Exxon Mobil Corporation Huizhou Ethylene Plant 1, with capacities of 1.80 mtpa and 1.60 mtpa, respectively, by 2024.

Dayanand Kharade, Oil and Gas Analyst at GlobalData, says: “Asia will dominate the global ethylene market, mainly due to China coming up with both the biggest number of new projects and the largest absolute capacity additions. The country is set to build around 33 ethylene projects by 2024.”

GlobalData identifies India as the second highest country within the region in terms of capacity additions, with capacity increase from 7.38 mtpa in 2019 to 14.33 mtpa in 2024, at an AAGR of 13.3%, Major capacity additions will be from Nayara Energy Vadinar Ethylene Plant, with a capacity of 1.80 mtpa by 2024.

South Korea will be the third highest country within the region in terms of capacity additions, with capacity increasing from 9.95 mtpa in 2019 to 14.13 mtpa in 2024, at an AAGR of 7%. Major capacity additions will be from S-Oil Corporation Ulsan Ethylene Plant 2, with a capacity of 1.50 mtpa by 2024.

China Petrochemical Corp, Exxon Mobil Corp and Zhejiang Satellite Petrochemical Co Ltd will be the top three companies in Asia in terms of planned and announced capacity additions over the outlook period.