Global Polyethylene Terephthalate (PET) capacity is poised to see considerable growth over the next five years, potentially increasing from 31.86 mtpa in 2020 to 37.52 mtpa in 2025, registering total growth of 18%.
GlobalData’s latest report, ‘Global Polyethylene Terephthalate (PET) Industry Outlook to 2025 – Capacity and Capital Expenditure Forecasts with Details of All Active and Planned Plants’ states that around 16 planned and announced plants are slated to come online, primarily in Asia and North America.
Within Asia, China has two planned PET capacity, with a total capacity of about 1.00 mtpa by 2025. The country is expected to spend a capital expenditure (capex) of $0.27bn. Major capacity additions will be from a planned project, Chongqing Wankai Chongqing PET Plant 2.
The Middle East has three planned and announced projects, of which Saudi Arabia contributes 1.00 mtpa by 2021. The capex for the plant is $0.12bn.
In North America, the US has one planned and one announced project with the capacity additions of about 1.13 mtpa. The country is expected to spend a total of $0.13bn. Major capacity additions will be from a planned project Corpus Christi Polymers. Corpus Christi PET Plant is the only plant accounting the capacity additions in the US.
Full Apex (Holdings), Zhejiang Hengyi Group and Zhejiang Zhengkai Group will be the top three companies globally in terms of planned and announced capacity additions over the upcoming years.