Report: Global petrochemicals capacity to grow significantly by 2025

The global petrochemicals capacity is expected to grow significantly to 2,240.1 million tonnes per annum (mtpa) by 2025, compared to 1,896.9mtpa in 2016, according to a report by GlobalData.

Titled ‘H1 2017 Global Petrochemicals Capacity and Capital Expenditure Review’, the report reveals that China and US will lead the capacity additions globally.

A total of 886 planned and announced projects will come online over the nine-year period, contributed by capacity additions majorly in Asia, the Middle East and North America. Asia has the highest number of planned and announced projects at 425, led by China, which alone will add 227 projects worth $42.9bn by 2022.

The Chinese projects will add a total capacity of 86.6mtpa, with major additions being made by Zhejiang Petrochemical, China Petroleum & Chemical Corporation, and CNOOC.

The US will add 88 projects (planned and announced) with a total capacity of approximately 56.7mtpa by 2023, at an estimated total cost of $55.5bn. The majority of the projects are by Formosa Plastics Group, Badlands Ngls, and Sasol.

The top three companies by planned capacity additions over the next nine years are Zhejiang Petrochemical, China Petroleum & Chemical Corporation, and Petroliam Nasional Berhad.

The report further states that Russia in Former Soviet Union, Egypt in Africa, Belgium in Europe and Venezuela in South America will lead in their respective regions by planned and announced capacity additions.