China to contribute 28% of global petrochemical capacity additions by 2030, says GlobalData
The global petrochemical capacity is poised to see considerable growth by 2030, potentially increasing from 2,129.0 million tonnes per annum (mtpa) in 2019 to 3,029.1 mtpa in 2030, registering a total growth of 42%. China is expected to add 28% of the global capacity additions by 2030, says GlobalData, a leading data and analytics company.
The company’s report, ‘Global Petrochemical Capacity and Capital Expenditure Outlook, 2020-2030’ reveals that China accounts for the highest capacity additions with the capacity of 242.2 by 2030. Major capacity additions will be from the plant, Shandong Yulong Petrochemical Longkou Ethylene Plant 2 with a capacity of 5.20 mtpa by 2030.
Dayanand Kharade, Oil and Gas Analyst at GlobalData, says: “China’s drive towards self-sufficiency to stimulate large capacity additions, most of which are under-construction/commissioning i.e. in final stages of development.”
GlobalData identifies India as the second highest country in terms of capacity additions, with capacity of 148.3 by 2030. Major capacity additions will be from the plant, Reliance Industries Jamnagar Styrene-Butadiene Rubber (SBR) Plant, with a capacity of 6.50 mtpa by 2030.
Iran will be the third highest country in terms of capacity additions, with capacity of 90.1 by 2030. Major capacity additions will be from the plant, Kaveh Methanol Company Dayyer Methanol Plant, with a capacity of 2.31 mtpa by 2030.
Reliance Industries Ltd, China Petrochemical Corp and Indian Oil Corp Ltd will be the top three companies globally in terms of planned and announced capacity additions over the outlook period.