The global Ethylene Glycol (EG) capacity is poised to see considerable growth over the next five years, potentially increasing from 41.80Mtpa in 2019 to 65.04Mtpa in 2024, registering total growth of 56%.

GlobalData’s latest report, ‘Global Ethylene Glycol (EG) Industry Outlook to 2024 – Capacity and Capital Expenditure Forecasts with Details of All Active and Planned Plants’ states that around 47 planned and announced plants are slated to come online primarily in Asia, Middle East and North America.

Within Asia, China has 21 planned ethylene glycol plants, with a total capacity of  about 12.09Mtpa, by 2024. The country is expected to spend a capital expenditure (capex) of $6.33bn. Major capacity additions will be from Zhejiang Satellite Petrochemical Co Ltd and China Sanjiang Fine Chemicals Co Ltd.

In the Middle East, Iran leads with seven planned capacity additions of about 1.96Mtpa by 2024. The country is expected to spend a total of $1.77bn by 2024. Major capacity additions will be from The National Petrochemical Co and Kangan Petro Refining Co.

North America has four planned ethylene glycol plants, of which the US has them all with a total capacity of 2.37Mtpa by 2024. The capex for the plants is $2.50bn by 2024.

Zhejiang Satellite Petrochemical Co Ltd, Formosa Plastics Group, and Saudi Basic Industries Corp are the top three companies by planned capacity additions globally over the upcoming years.