Asia to lead global methanol capacity additions through 2026, says GlobalData
Asia is likely to lead the global methanol capacity additions with a capacity of 35.54 million tons per annum (mtpa) by 2026. Among the countries, China is expected to lead the methanol capacity additions in Asia by 2026, accounting 61% of the region’s capacity additions, says GlobalData, a leading data and analytics company.
GlobalData’s report, ‘Methanol 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 Asia has 25 planned and announced projects with 24.94 mtpa from planned, and 10.60 mtpa from announced projects.
Bhargavi Gandham, Oil and Gas Analyst at GlobalData, says: “In Asia, Reliance Industries Jamnagar Methanol Plant leads the capacity additions with a capacity of 3.60 mtpa by 2026. It is expected to commence production of methanol in 2025, and is operated by Reliance O2C Ltd.”
GlobalData identifies the Middle East as the second highest region in terms of capacity additions with a capacity of 27.51 mtpa by 2026. In the Middle East, Iran accounts for over 97% of the region’s capacity additions. Mahan Chemical Zagros Petrochemical Eslamabad-e-Gharb Methanol Plant leads in terms of capacity additions. It is expected to commence production of chlorine in 2024.
The FSU will be the third highest region in terms of capacity additions with the capacity of 24.35 mtpa by 2026. Ricoal Rostov-on-Don Methanol Plant, with the capacity of 1.90 mtpa will lead the capacity additions in the country by 2026. It is expected to come online in 2025.
Tianjin Bohai Chemical Industry Co Ltd, China Petrochemical Corp, and Reliance Industries Ltd will be the top three companies globally in terms of planned and announced capacity additions over the outlook period.
Source: Global Data