GlobalData’s latest report, Semi-Annual Global Petrochemicals Capacity and Capital Expenditure Outlook – Ethylene Commodity Continues to Lead in Global Petrochemicals Capacity Additions states that the global petrochemicals capacity is poised to see considerable growth over the next nine years, potentially increasing from 1,547.2 million tonnes per annum (mtpa) in 2017 to 1,931.5mtpa in 2026. Around 982 planned and announced plants are slated to come online in the next nine years, primarily in Asia and the Middle East.
Asia, the Middle East, and North America are the top regions contributing to capacity additions in the next nine years. Asia has 482 planned and announced plants, of which China has 244 with a total capacity of 98.2mtpa by 2026. Capital expenditure (capex) for these plants in China is estimated to total $51.6bn. China Petrochemical Corp, Zhejiang Petrochemical Co, and Wanhua Chemical Group are the top three companies accounting for the major capacity additions in China.
In the Middle East, the majority of capacity additions are in Iran, with planned and announced capacity additions of about 63.0mtpa by 2026. Capex for these plants totals $27.9bn. Sepehr Energy Corporation is the top company accounting for the major capacity additions in Iran.
The US has 98 planned and announced petrochemical plants, adding capacity of about 63.0mtpa by 2026. The capex for these plants is $52.0bn. Major capacity additions will be from IGP Methanol LLC and NW Innovation Works.
In the Former Soviet Union, the majority of capacity additions are in Russia with planned and announced capacity additions of about 24.6mtpa by 2026. Capex for these plants totals $23.2bn. Sibur Holding is the top company accounting for the major capacity additions in Russia.
Global planned and announced capacity additions by region (mtpa)
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By GlobalData| Source: Petrochemical Analytics © GlobalData |
In Africa, petrochemicals capacity additions are in Egypt, with planned and announced capacity additions of about 10.1mtpa by 2026. Capex for these plants totals $12.0bn in the coming years.
In Europe, Poland plans to spend $0.8bn to add capacity of about 0.9mtpa, expected to come onstream by 2026.
In South America, Venezuela plans to spend $1.5bn in the coming years to add capacity of 2.1mtpa.
