As stated by GlobalData, global petrochemicals capacity will grow considerably over the next five years, increasing from 1464 million tpy in 2015 to 1708 million tpy by 2020.
The company’s latest report, Global Petrochemicals Capacity and Capital Expenditure Outlook – China, US and Iran Underpin Continuing Petrochemicals Expansion, states that approximately 647 planned projects are expected to come online in the next five years, driven primarily by China, the US, and Iran. Asia has over half of all planned projects, with China responsible for 176 projects with a total capacity of 64 million tpy by 2019.
China Petroleum & Chemical Corp., Shenhua Group Corp. Ltd and China Coal Energy Co. Ltd will be the top three companies behind major capacity additions in China during the forecast period, according to the report.
Additionally, petrochemical plant proposals across ten key countries would increase global capacity for petrochemicals by over 1000 million tpy by 2019.
These projects represent over US$140 billion of estimated capital expenditure.
Edited from press release by Angharad Lock
Read the article online at: https://www.hydrocarbonengineering.com/petrochemicals/23032016/globaldata-asia-to-drive-petrochemicals-capacity-additions-2283/