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 accounts for 28% of the global capacity additions, says GlobalData, a data and analytics company.
The companys 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.
GlobalData identifies India as the second-highest country in terms of capacity additions, with a 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 a 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.