25 Jan 2021
Posted in Oil & Gas
Asia to lead global vinyl acetate monomer capacity additions by 2024, says GlobalData
Asia is expected to lead the global vinyl acetate monomer (VAM) capacity additions with an increase from 5.43 million tonnes per annum (mtpa) in 2019 to 5.93 mtpa in 2024, at an average annual growth rate (AAGR) of 1.8%, says GlobalData, a leading data and analytics company.
GlobalData’s report, ‘Global Vinyl Acetate Monomer (VAM) Industry Outlook to 2024 – Capacity and Capital Expenditure Forecasts with Details of All Active and Planned Plants’ reveals that the global VAM capacity is poised to register a total growth of 10% from 8.23 mtpa in 2019 to 9.03 mtpa in 2024. It is expected to have a new-build VAM capacity of 0.50 mtpa from 2 new-build projects.
Krishna Teja Pappoppula, Oil and Gas Analyst at GlobalData, says: “Within Asia, China leads in terms of capacity additions with a capacity increase of 0.30 mtpa by 2024, which accounts for more than 60% of the region’s capacity additions. These capacity additions will be from the ShengHong Holding Group Lianyungang Vinyl Acetate Monomer (VAM) Plant with a capacity of 0.30 mtpa by 2024.”
GlobalData identifies the UK as the second highest country in terms of capacity additions with a capacity of 0.30 mtpa in 2024. These capacity additions will be from the INEOS Group Hull Vinyl Acetate Monomer (VAM) Plant 2 with a capacity of 0.30 mtpa by 2024.
South Korea will be the third highest country in terms of capacity additions with a capacity of 0.20 mtpa in 2024. Major capacity additions will be from the Lotte BP Chemicals Ulsan Vinyl Acetate Monomer (VAM) Plant 2 with a capacity of 0.20 mtpa by 2024.
Shenghong Petrochemical Group Co Ltd, Ineos Ltd and BP Plc will be the top three companies globally in terms of planned and announced capacity additions over the outlook period.