The global petrochemical capacity is poised to see considerable growth over the upcoming years, potentially increasing from 2,285.1 million tonnes per annum (Mtpa) in 2021 to 3,088.8Mtpa in 2030, registering total growth of 35.2%.
The company’s report, Global Petrochemical Capacity and Capital Expenditure Outlook, 2022-2030 reveals that China accounts for the highest capacity additions with the capacity of 235.9Mtpa by 2030. Major capacity additions will be from the plant, Shandong Yulong Petrochemical Longkou Ethylene Plant 2 with a capacity of 5.2Mtpa by 2030.
India and Iran stand second and third with an approximate capacity of 151.5Mtpa and 83.6Mtpa respectively, of the total global planned and announced petrochemical capacity additions by 2030. Major capacity additions for India will be from an announced plant, ‘Reliance Industries Jamnagar Styrene-Butadiene Rubber (SBR) Plant’, with a capacity contribution of 6.5Mtpa. It is expected to come onstream by 2025. For Iran, the major capacity additions will be from a planned plant, ‘Mahan Chemical Zagros Petrochemical Eslamabad-e-Gharb Methanol Plant’, with a capacity of 1.9Mtpa and it is expected to start operations in 2024.
Reliance Industries Ltd, Haldia Petrochemicals Ltd and China Petrochemical Corp will be the top three companies globally in terms of planned and announced capacity additions over the outlook period.