In Asia, the majority of the capacity additions are in China with a total capacity of approximately 22.88 mtpa by 2030. Credit: chuyuss / Shutterstock.

GlobalData’s latest report, ‘Global Methanol Capacity and Capital Expenditure Outlook, 2020-2030 – The Former Soviet Union and Asia Lead Global Capacity Additions’ states that the global methanol capacity is poised to see considerable growth over the upcoming years, potentially increasing from 148.44 million tonnes per annum (mtpa) in 2019 to 310.94 mtpa in 2030. Approximately 136 planned and announced plants are scheduled to come online primarily in the former Soviet Union (FSU) and Asia.

In the FSU, the majority of capacity additions are in Russia with planned and announced capacity additions of approximately 40.35 mtpa by 2030. The capital expenditure (CapEx) for these plants totals $25.53bn by 2030. Sherwood Energy Ltd is the top company, accounting for the major capacity additions in Russia.

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In Asia, the majority of the capacity additions are in China with a total capacity of approximately 22.88 mtpa by 2030. The country is expected to spend CapEx of $12.36bn. Major capacity additions will be from China Petrochemical Corp and Tianjin Bohai Chemical Industry Co Ltd.

In the Middle East, Iran leads with planned and announced capacity additions of approximately 29.39 mtpa by 2030. The country is expected to spend a total of $10.71bn by 2030. The National Petrochemical Co is the top company, accounting for the major capacity additions in Iran.

In North America, the majority of methanol capacity additions are in the US with planned and announced capacity additions of approximately 23.74 mtpa by 2030. CapEx for these plants totals $10.53bn in the upcoming years.

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In Africa, Nigeria has the highest planned and announced methanol plants with a total capacity of 2.20 mtpa by 2030. The CapEx for these plants is $0.63bn by 2030.

In Oceania, Australia plans to spend $2.46bn to add capacity of approximately 3.85 mtpa, expected onstream by 2030.

Sherwood Energy Ltd, IGP Methanol LLC, and NW Innovation Works Inc are the top three companies by planned capacity additions globally over the upcoming years.