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Asia to account for half global petrochemical capacity additions by 2030
Asia is to account for half of global petrochemical capacity additions by 2030, according to the latest analysis from GlobalData.
Total petrochemical capacity additions in Asia are expected to reach 311.4mn t/y by 2030, of which 292.3mn t/y will come from newbuild projects and the remaining 19.1mn t/y from expansion projects.
Dayanand Kharade, Oil and Gas Analyst at GlobalData, explains: ‘Asia will continue to dominate the global petrochemicals market with both the biggest number of new projects and the largest absolute capacity expansion driven by growing economies in the region, ie China and India.’
The Middle East is expected to have the second highest petrochemical capacity additions globally, behind Asia, contributing about 121.2mn t/y by 2030. Of this, Iran will account for newbuild and expansion capacity additions of 75.9mn t/y.
North America stands third, with petrochemical capacity additions of 81.2mn t/y by 2030, coming primarily from newbuild projects.
Figure 1: Planned and announced petrochemical capacity additions by region, in mn t/y, 2030