Global petrochemicals capacity is poised for considerable growth over the next nine years, mostly in Asia and the Middle East, according to a recent report by GlobalData.
The report said global capacity could increase from 1,583.5 million tonnes per annum (mtpa) in 2018 to 2,134.0 mtpa in 2027. About 1,320 planned and announced plants were slated to come online primarily in Asia and the Middle East, the report added.
Petrochemical outlook 2030: China, the Middle East and North America
In Asia, China has 305 planned and announced petrochemical plants, with a total capacity of about 152.4 mtpa, by 2030. China is also expected to reach a capital expenditure (capex) of $91.5 billion over the same period, with major capacity additions coming from Hengli Petrochemical and China Petrochemical Corp.
In the Middle East, Iran leads with planned and announced capacity additions of about 73.3 mtpa by 2030. The country is expected to spend a total of $51.1 billion by 2030. The National Petrochemical Co, Badr-e-Shargh Petrochemical Co and Sepehr Makran Iran will account for the major capacity additions in Iran.
In North America, the US has 117 planned and announced petrochemical plants, with a total capacity of about 66.4 mtpa by 2030 and it is expected to see capex spending of $61.6 billion by 2030. Major capacity additions will come from Formosa Plastics Group, IGP Methanol LLC and NW Innovation Works Inc.
Global planned and announced capacity additions by top 10 countries (mtpa), 2030
Source: Petrochemical Analytics
Future of petrochemical industry 2030: Russia, Africa, Europe and South America
In the Former Soviet Union (FSU), most capacity additions will be in Russia, with planned and announced capacity additions of about 41.2 mtpa by 2030. Capex for these plants totals $39.8 billion by 2030. Sibur Holding and Rosneft Oil Co are the top companies accounting for the major capacity additions in Russia.
In Africa, petrochemical capacity additions are in Egypt, with planned and announced capacity additions of about 10.1 mtpa by 2030. The country is expected to see capex spending of about $11.7 billion in the coming years.
In Europe, Belgium plans to spend $1.6 billion to add capacity of about 1.9 mtpa, expected onstream by 2030.
In South America, Brazil plans to spend $9.6 billion in the coming years to add capacity of 8.7 mtpa, expected to come onstream by 2030.
Hengli Petrochemical, Rosneft Oil Co and Zhejiang Rongsheng Holding Group Co Ltd are the top three companies by planned capacity additions globally over the next nine years.
