News // Asia
Asia will contribute 49% of global petrochemical capacity additions by 2030
22 March 2019 , 16:07Neftegaz.RU1088
London, March 22 - Neftegaz.RU. Asia is forecast to be the major contributor to the growth of the global petrochemical industry by 2030, accounting for around 49% of the global planned and announced petrochemical capacity additions, according to GlobalData.
The company’s report: ‘H1 2019 Global petrochemicals capacity and capex outlook – Asia and the Middle East to lead global petrochemical capacity additions’ reveals that around 1,320 planned and announced plants are scheduled to come online, predominantly in Asia and the Middle East.
Within Asia, China plans to add a total capacity of approximately 152.4 million tonnes per annum (mtpa) with the help of 305 planned and announced petrochemical plants. The country is expected to spend a capital expenditure (capex) of $91.5bn during the period. Hengli Petrochemical and China Petrochemical are the top 2 companies accounting for the major capacity additions in China.
Dayanand Kharade, Oil & Gas Analyst at GlobalData, explains: «Asia will continue to dominate the global petrochemicals market in the mid-term with both the biggest number of new projects and the largest absolute capacity expansion driven by economic growth of China, India and other Asian countries.»
GlobalData identifies the Middle East as the 2nd largest region in terms of capacity additions. Iran will have 152 planned and announced petrochemical plants, adding capacity of around 73.3 mtpa by 2030. The country is expected to spend a total of $51.1bn. The National Petrochemical, Badr-e-Shargh Petrochemical and Sepehr Makran Iran are the top companies accounting for the major capacity additions in Iran.
Kharade adds: «The Middle East will add 20% of global capacity additions, with Iran accounting for around two thirds (67%) of the region’s capacity additions.»
Hengli Petrochemical, Rosneft and Zhejiang Rongsheng Holding Group will be the top 3 companies by planned capacity additions globally over the outlook period.
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