Global methanol capacity is set to grow at a considerable pace from 117.5 million tpy in 2015 to 184.4 million tpy by 2020, according to research and consulting firm GlobalData.
The company’s latest report states that 49 planned projects are slated to come online in the next five years, primarily in China and Iran, with 17 and 12 projects respectively. China’s methanol capital expenditure will total an estimated US$13.44 billion over the next five years, far higher than the next highest spender – the US – at US$6.44 billion.
China Petroleum & Chemical Corporation and Shenhua Group Corporation Limited are among the top companies by capacity addition globally, with 4.1 million tpy and 3.3 million tpy, respectively, expected to come onstream over the next five years.
In terms of the Middle East’s contribution, Iran has 12 planned methanol projects, due to add capacity of 18.9 million tpy by 2018. The country’s capital expenditure for these projects will be US$4.30 billion over the next five years. This puts Iran very high up in terms of methanol capacity production and planned projects globally. Kaveh Methanol Co. is the company accounting for most capacity addition in Iran.
However, the leading company for methanol capacity additions to 2020 will be GigaMethanol B.V, which is based in Mozambique, and projected to add 5.3 million tpy during the forecast period.
Mozambique is expected to spend around US$380 million to add capacity of around 7.0 million tpy, with projects expected to come onstream in 2016. This outstrips the whole of Europe, where methanol capacity additions are mainly centred in Russia, which has planned capacity additions of 1.1 million tpy by 2018, with US$230 million in capital expenditure over the next five years.
Adapted from press release by Rosalie Starling
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