GlobalData’s latest report, ‘Global Petrochemicals Capacity and Capital Expenditure Outlook, 2020-2030 – 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 2,129.0 million tonnes per annum (mtpa) in 2019 to 3,029.1Mtpa in 2030. Around 2,004 planned and announced plants are slated to come online primarily in Asia, Middle East and Former Soviet Union (FSU).
In Asia, China is planning to start 513 planned and announced urea plants, with a total capacity of about 242.2Mtpa, by 2030. The country is expected to spend a capital expenditure (capex) of $155.8bn. Major capacity additions will be from China Petrochemical Corp.
In the Middle East, Iran leads with planned and announced capacity additions of about 90.1Mtpa by 2030. The country is expected to spend a total of $55.6bn by 2030. The National Petrochemical Co and Persian Gulf Petrochemical Industries Co are the top companies accounting for the major capacity additions in Iran.
In the Former Soviet Union (FSU), the majority of capacity additions are in Russia, with planned and announced capacity additions of about 86.8 mtpa by 2030. Capex for these plants totals $67.7bn 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 69.5Mtpa by 2030. Capex for these plants totals $51.0bn in the upcoming years.
In Africa, Nigeria has highest planned and announced petrochemical plants with a total capacity of 24.2Mtpa by 2030. The capex for these plants is $11.0bn by 2030.
In Oceania, Australia plans to spend $6.5bn to add capacity of about 9.30Mtpa, expected onstream by 2030.
Reliance Industries Ltd, China Petrochemical Corp and Indian Oil Corp Ltd are the top three companies by planned capacity additions globally over the upcoming years.