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December 15, 2021updated 27 Dec 2021 7:48am

Asia leads global petrochemical capacity additions

According to GlobalData's report, there is to be significant growth in global petrochemical capacity in the next years, with Asia leading additions.

By GlobalData Energy

GlobalData’s latest report, ‘Global Petrochemicals Capacity and Capital Expenditure Outlook, 2021-2030 – Asia Leads Global Petrochemical Capacity Additions,’ states that the global petrochemical capacity is poised to see considerable growth over the upcoming years, potentially increasing from 2,214.9 million tonnes per annum (Mtpa) in 2020 to 3,103.6Mtpa in 2030. Around 1,558 planned and announced plants are slated to come online by 2030, primarily in Asia and the Middle East.

In Asia, the majority of capacity additions are in China, with planned and announced capacity additions of about 245.4Mtpa by 2030. Capital expenditure (CAPEX) for these plants totals $155.2bn by 2030. China Petrochemical Corp is the top company accounting for the major capacity additions in China.

In the Middle East, the majority of capacity additions are in Iran with a total capacity of about 83.26Mtpa by 2030. The country is expected to spend a CAPEX of $52.41bn. Major capacity additions will be from The National Petrochemical Co and Persian Gulf Petrochemical Industries Co.

In the Former Soviet Union (FSU), Russia leads with planned and announced capacity additions of about 82.02Mtpa by 2030. The country is expected to spend a total of $60.48bn by 2030. Gazprom, Oteko and Sherwood Energy Ltd are the top companies accounting for the major capacity additions in Russia.

In North America, the majority of petrochemical capacity additions are in the US, with planned and announced capacity additions of about 43.25Mtpa by 2030. CAPEX for these plants totals $26.5bn in the upcoming years.

In Africa, Nigeria plans to spend US$9.7 billion to add a capacity of about 15.64Mtpa, expected onstream by 2030.

In Europe, Belgium has the highest planned and announced petrochemical plants, with a total capacity of 3.3Mtpa by 2030. The CAPEX for these plants is $2.8bn by 2030.

Reliance Industries Ltd, Haldia Petrochemicals Ltd and China Petrochemical Corp are the top three companies with planned and announced capacity additions globally over the upcoming years.

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