28 Nov 2019
Posted in Oil & Gas
China to account for 27% of global petrochemical capacity additions by 2030, says GlobalData
China is expected to lead the global petrochemical industry capacity growth from planned and announced projects between 2019 and 2030 with 27% share, according to GlobalData, a leading data and analytics company.
The company’s report ‘H2 2019 Global Petrochemicals Capacity and Capital Expenditure Outlook – China Leads Global Petrochemical Capacity Additions’ reveals that the total petrochemical capacity of planned and announced projects in China is expected to be 172.9 million tonnes per annum (mtpa) by 2030. Of this capacity addition, 134.5 mtpa will come from planned projects and the remaining 38.4 mtpa will come from announced projects.
Dayanand Kharade, Oil and Gas Analyst at GlobalData, explains: “China will dominate the global petrochemicals market in the mid-term with both the biggest number of new projects and the largest absolute capacity expansion driven by economic growth.”
India and Iran are expected to have the second highest petrochemical capacity additions globally. These countries collectively contribute about 151.8 mtpa of the total global planned and announced petrochemical capacity additions by 2030.
Major capacity additions for India will be from an announced project, ‘Haldia Petrochemicals Balasore Purified Terephthalic Acid (PTA) Plant’, with a capacity addition of 2.4 mtpa. For Iran, the major capacity additions will be from a planned project, ‘Kaveh Methanol Company Dayyer Methanol Plant’, with a capacity of 2.3 mtpa by 2030.
The United States stands third, with planned and announced petrochemical capacity of 71.7 mtpa by 2030. Of these, most of the petrochemical capacity additions will come from planned projects.