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Petrochemicals Capacity Set To Surge By 2025
The next seven years are going to prove crucial in the petrochemicals industry, after a report revealed capacity is expected to grow to 2,240.1 million tonnes per annum (mtpa) by 2025.
Global Data recently released its findings in its H1 2017 Global Petrochemicals Capacity and Capital Expenditure Review, which predicted figures will far overshadow the 1,896.9 mtpa capacity that was reported in 2016.
The report stated: “More than 800 planned and unannounced petrochemicals projects are expected to come online, primarily in Asia, North America and the Middle East over the next nine years.”
It is thought that the US and China will play major parts in this growth, and Zhejiang Petrochemical Co Ltd and China Petroleum & Chemical Corporation are helping the Chinese projects achieve total capacity of 86.6 mtpa during this period. China alone is planning 227 projects, estimated to be worth $42.9 billion (£32.1 billion) by 2022.
Indeed, China seems to be making headways in the industry after it was revealed that the UBS global chemical equity research team has been using satellite and unmanned aerials to assess China’s air quality and gain an advantage in petrochemical markets, ICIS Chemical Business reported.
However, its targets are below that of Asia’s, which has the greatest number of projects in the pipeline over the next few years at 425. America will also contribute 88 planned and unannounced projects by 2023, totalling approximately $55.5 billion.
Regarding other areas of the world, Russia, Egypt, Venezuela and Belgium will play big parts in leading their regions’ planned and unannounced capacity additions by 2025.
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