Middle East and Asia to lead global polyethene terephthalate (PET) capacity additions by 2024

GlobalData Energy 19 October 2020 (Last Updated October 19th, 2020 10:46)

Middle East and Asia to lead global polyethene terephthalate (PET) capacity additions by 2024

The global polyethene terephthalate (PET) capacity is poised to see considerable growth over the next five years, potentially increasing from 30.47 mtpa in 2019 to 35.28 mtpa in 2024, registering total growth of 16%.

GlobalData’s latest report, ‘Global Polyethylene Terephthalate (PET) Industry Outlook to 2024 – Capacity and Capital Expenditure Forecasts with Details of All Active and Planned Plants’ states that approximately ten planned and announced plants are scheduled to come online, primarily in the Middle East, Asia and North America.

Within the Middle East, Saudi Arabia has two planned polyethene terephthalate plants with a total capacity of approximately 1.00 mtpa by 2024. The country is expected to spend capital expenditure (CapEx) of $0.26bn. Major capacity additions will be from Full Apex Holdings Ltd.

In Asia, China leads with two planned and announced capacity additions of approximately 1.00 mtpa by 2024. The country is expected to spend a total of $0.28bn by 2024. Zhejiang Zhengkai Group Co Ltd and Henan Longyu Coal Chemical Co Ltd are the two companies, accounting for the entire capacity additions in China.

North America has one planned polyethene terephthalate plant, of which the US has it with a total capacity of 1.10 mtpa by 2024. The CapEx for the plant is $0.09bn by 2024.

Full Apex Holdings Ltd, Far Eastern Group, and Zhejiang Zhengkai Group Co Ltd are the top three companies by planned capacity additions globally over the upcoming years.