The global petrochemicals capacity is anticipated to witness a strong growth over the next nine years, rising from 1,896.9 million tonnes per annum (mtpa) in 2016 to 2,240mtpa in 2025, according to a report by GlobalData.
Titled ‘H1 2017 Global Petrochemicals Capacity and Capital Expenditure Review – China and the US Lead Global Petrochemicals Capacity Additions’, the report provides an overview of the petrochemicals industry.
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A total of 886 planned and announced projects are expected to commence production over the next nine years. The majority of the projects are based in Asia and the Middle East.
The top regions contributing to the capacity additions over the forecast period include Asia, the Middle East, and North America.
Asia has 425 planned and announced projects, followed by the US with 88. Within Asia, China will have the highest number of projects at 227 with a total capacity of 86.6mtpa by 2022. The capital expenditure for the projects in China is estimated to be $42.9bn.
The planned and announced petrochemical projects in the US are estimated to add approximately 56.7mtpa of capacity by 2023. The total capex on the projects is estimated to be $55.5bn.
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By GlobalDataThe Former Soviet Union will witness a majority of capacity additions in Russia. The planned and announced capacity additions in the region are estimated to be 24.2mtpa by 2024, while the capex for these projects is estimated to be $23.3bn by 2024.
The majority of petrochemicals capacity additions within the African region will be in Egypt. The planned and announced capacity additions in the region will be approximately 9.3mtpa by 2022, while the capex is estimated to be $10.4bn.
The top companies with the highest planned capacity additions are Zhejiang Petrochemical, China Petroleum & Chemical Corporation, and Petroliam Nasional Berhad, while China Petrochemical Corporation, Saudi Basic Industries Corporation, and Formosa Plastics Group will be the top producers.
