The global polyvinyl chloride (PVC) capacity is poised to see considerable growth by 2024, potentially increasing from 56.13 million tonnes per annum (mtpa) in 2019 to 65.60 mtpa in 2024, registering a total growth of 17%. China accounts for half of global capacity additions, says GlobalData, a leading data and analytics company.

The company’s report, ’Global Polyvinyl Chloride (PVC) Industry Outlook to 2024 – Capacity and Capital Expenditure Forecasts with Details of All Active and Planned Plants’ reveals that China accounts for the highest capacity additions with increase from 24.37 mtpa in 2019 to 28.37 mtpa in 2024. Major capacity additions will be from the plant, Tianjin Bohai Chemical Development Company Tianjin PVC Plant with a capacity of 0.80 mtpa by 2024.

Dayanand Kharade, Oil and Gas Analyst at GlobalData, says: “PVC demand in China is expected to grow from construction and other major segments. To meet the growing demand, the country is set to expand its PVC capacity.”

GlobalData identifies India as the second highest country in terms of capacity additions, with capacity increase from 1.58 mtpa in 2019 to 4.27 mtpa in 2024. Major capacity additions will be from the plant, Haldia Petrochemicals Kakinada PVC Plant, with a capacity of 0.60 mtpa by 2024.

Thailand will be the third highest country in terms of capacity additions, with capacity increase from 1.09 mtpa in 2019 to 1.65 mtpa in 2024. Major capacity additions will be from the plant, Vinythai Map Ta Phut PVC Plant, with a capacity of 0.56 mtpa by 2024.

Tianjin Bohai Chemical Industry Co Ltd, Haldia Petrochemicals Ltd and China Shenhua Energy Co Ltd will be the top three companies in Asia in terms of planned and announced capacity additions over the outlook period.