Asia is set to lead the global polyethylene terephthalate (PET) industry capacity additions with a share of 58% by 2026 from new-build and expansion projects between 2022 – 2026, forecasts GlobalData.
GlobalData’s latest report 'Polyethylene Terephthalate (PET) Industry Installed Capacity and Capital Expenditure (CapEx) Forecast by Region and Countries Including Details of All Active Plants, Planned and Announced Projects, 2021-2026', reveals that the total PET capacity of new-build and expansion projects in Asia is expected to reach 4.68 million tpy by 2026. The PET capacity additions are supported by increasing demand for the polymer in packaging in pharmaceuticals, food, and beverage industries.
Vinuthna Bidar, Oil and Gas Analyst at GlobalData, comments: “Asia is expected to add a capacity of 4.63 million tpy from five new build planned and announced projects, while the remaining capacity of 0.05 million tpy is anticipated to come from one planned expansion project.”
China and India will be the major contributors to PET capacity additions in Asia. A significant part of the capacity additions in China will be from the announced project, Zhejiang Petrochemical Daishan Polyethylene Terephthalate Plant 2, which is expected to come onstream by 2026 with a capacity of 2 million tpy.
Expected to begin operations in 2022, Henan Longyu Coal Chemical Luoyang Polyethylene Terephthalate (PET) Plant, which is a planned project, will add 0.4 million tpy to China’s PET capacity additions.
Vinuthna concludes: “India will see a significant capacity addition from Reliance Industries Dahej Polyethylene Terephthalate Plant 2, which is an announced project with a capacity of 1 million tpy. The planned project, Indo Rama Synthetics Nagpur Polyethylene Terephthalate Plant, will add a capacity of 0.23 million tpy to the PET capacity additions in the country. The projects are expected to come on stream by 2026 and 2022, respectively.”
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