Middle East and Asia to lead global polyethylene terephthalate capacity additions by 2024, says GlobalData

The global polyethylene terephthalate (PET) capacity is poised to see considerable growth over the next five years, potentially increasing from 30.47 million tonnes per annum (mtpa) in 2019 to 35.28 mtpa in 2024, registering a total growth of 16%. Among the regions, the Middle East leads the capacity additions and the region’s polyethylene terephthalate capacity is expected to increase from 3.52 mtpa in 2019 to 4.95 mtpa in 2024, at an average annual growth rate (AAGR) of 6.8%. In Asia, polyethylene terephthalate capacity is expected to increase from 15.79 mtpa in 2019 to 17.79 mtpa in 2024, at an AAGR of 2.4%, says GlobalData, a leading data and analytics company.

GlobalData’s report, ‘Global Polyethylene Terephthalate (PET) Industry Outlook to 2024 – Capacity and Capital Expenditure Forecasts with Details of All Active and Planned Plants’, reveals that around 10 planned and announced plants are scheduled to come online, predominantly in Asia and the Middle East over the next five years.

Dayanand Kharade, Oil and Gas Analyst at GlobalData, says: “In the Middle East, major capacity additions are from Saudi Arabia, which will add a capacity of around 1 mtpa by 2024 mostly targeting exports. In Asia, major capacity additions are from China, with capacity of 1 mtpa by 2024.”

GlobalData identifies North America as the third highest region in terms of capacity additions, with capacity increase from 4.60 mtpa in 2019 to 5.70 mtpa in 2024, at an AAGR of 4.3%. Major capacity additions will be from the US with a capacity of 1.10 mtpa by 2024.

Full Apex Holdings Ltd, Far Eastern Group and Zhejiang Zhengkai Group Co Ltd will be the top three companies globally in terms of planned and announced capacity additions over the outlook period.

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