Asia to Lead Global Propylene Capacity Additions by 2024

GlobalData 24 December 2020 (Last Updated December 24th, 2020 09:36)

The global propylene capacity is poised to see considerable growth over the next five years, potentially increasing from 129.84Mtpa in 2019 to 181.31Mtpa in 2024, registering total growth of 40%.

Asia to Lead Global Propylene Capacity Additions by 2024
Gas container. Credit: cozyta via Shutterstock.

The global propylene capacity is poised to see considerable growth over the next five years, potentially increasing from 129.84Mtpa in 2019 to 181.31Mtpa in 2024, registering total growth of 40%.

GlobalData’s latest report, ‘Global Propylene Industry Outlook to 2024 – Capacity and Capital Expenditure Forecasts with Details of All Active and Planned Plants’ states that around 136 planned and announced plants are slated to come online primarily in Asia and the Middle East.

Within Asia, China has 51 planned and announced propylene plants, with a total capacity of about 25.99Mtpa by 2024. The country is expected to spend a capital expenditure (CAPEX) of $20.89bn. Major capacity additions will be from Oriental Energy Co Ltd and Shandong Yulong Petrochemical Ltd.

In the Middle East, Iran leads with 13 planned and announced capacity additions of about 2.01Mtpa by 2024. The country is expected to spend a total of $1.55bn by 2024.

Major capacity additions are from The National Petrochemical Co and Parsian Oil & Gas Development Co.

Global Planned and Announced Capacity Additions by Region (Mtpa), 2024. Credit: GlobalData.

Africa has seven planned and announced plants, of which Nigeria leads with four propylene plants and a total capacity of 1.70Mtpa by 2024. The CAPEX for the plants is $1.22bn by 2024.

Oriental Energy Co Ltd, Shandong Yulong Petrochemical Ltd and Jinneng Science and Technology Co Ltd are the top three companies by planned and announced capacity additions globally over the upcoming years.