The global ethylene capacity is poised to see considerable growth over the next five years, potentially increasing from 191.54Mtpa in 2019 to 283.22Mtpa in 2024, registering total growth of 48%.
GlobalData’s latest report, ‘Global Ethylene Industry Outlook to 2024 – Capacity and Capital Expenditure Forecasts with Details of All Active and Planned Plants’ states that around 123 planned and announced plants are slated to come online primarily in Asia and Middle East.
Within Asia, China has 35 planned and announced ethylene plants, with a total capacity of about 27.48Mtpa, by 2024. The country is expected to spend a capital expenditure (capex) of $17.75bn. Major capacity additions will be from China Petrochemical Corp.
In Middle East, Iran leads with 10 planned and announced capacity additions of about 7.90Mtpa by 2024. The country is expected to spend a total of $5.36bn by 2024. Sepehr Makran Iran and Sepid Mehr Iran are the major companies accounting for the capacity additions in Iran.
North America has 13 planned and announced plants, of which the US leads with ten ethylene plants and total capacity of 9.34Mtpa by 2024. The capex for the plants is $5.66bn by 2024.
China Petrochemical Corp, Exxon Mobil Corp and Saudi Arabian Oil Co are the top three companies by planned capacity additions globally over the upcoming years.