China to add around 61% of total methanol capacity additions in APAC through 2026, finds GlobalData
China is expected to play a significant role by adding a capacity of 21.58 mtpa of methanol capacity additions by 2026 among Asia-pacific (APAC) countries. It contributes around 61% of the total capacity additions in the APAC region by 2026, 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 China is likely to witness start of operation of 14 planned and announced projects by 2026, adding a capacity of 21.58 mtpa. Of these, 20.78 mtpa would be from planned projects while the rest of the additions is from one announced project.
Bhargavi Gandham, Oil and Gas Analyst at GlobalData, comments: “In China, Ningxia Baofeng Energy Group Yinchuan Methanol Plant 3 leads in terms of capacity additions, with a capacity of 2.38 mtpa. It is expected to commence production of methanol in 2023, and is operated by Ningxia Baofeng Energy Group Co Ltd.”
Shenhua Baotou Coal Chemical Company Baotou Methanol Plant 2, and Sinopec Great Wall Energy Chemical Ordos Methanol Plant are the second highest contributors in terms of capacity additions, with a capacity of 2.0 mtpa, each by 2026.
JM Davy Methanol Technology is the technology provider for both Ningxia Baofeng Energy Group Yinchuan Methanol Plant 3 and Shenhua Baotou Coal Chemical Company Baotou Methanol Plant 2.
Source: Global Data