Global PET capacity is poised to see considerable growth over the next five years, potentially increasing from 29.13 million tonnes per annum (mtpa) in 2022 to 37.52mtpa in 2027, registering a total growth of 29%. Approximately 20 planned and announced PET projects are expected to come online, predominantly in Asia, followed by North America over the upcoming years.
Asia is expected to add a capacity of 5.13mtpa from six new build planned and announced projects, whereas for the expansion of existing PET projects, the region is expected to add a capacity of 0.08mtpa from two planned and announced projects.
Within Asia, China leads with the largest capacity additions, with a capacity of 2.90mtpa from three planned and announced projects. The main capacity addition will be from an announced project, Zhejiang Petrochemical Daishan Polyethylene Terephthalate Plant 2, with a capacity of 2mtpa. It is expected to commence production of PET in 2026.
North America follows next with a capacity of 1.13mtpa from two new-build planned projects, although there is no expansion planned in the region. Corpus Christi Polymers Corpus Christi Polyethylene Terephthalate Plant, a planned project in the US, leads with a capacity of 1.10mtpa and is expected to come online in 2025.