Mubasher: In terms of capacity growth in the petrochemical industry between 2019 and 2030, Asia is forecast to lead globally.

With new-build and expansion projects, Asia is expected to account for 50% of the global share, according to the report ‘H2 2019 Global Petrochemicals Capacity and Capital Expenditure Outlook – China Leads Global Petrochemical Capacity Additions’ by GlobalData, the data and analytics company.

The report further revealed that total petrochemical capacity of both new-build and expansion projects in Asia is expected to stand at 311.4 million tonnes per annum (mtpa) by 2030.

“Of this capacity addition, 292.3 mtpa will come from new-build projects and the remaining 19.1 mtpa will come from expansion projects,” GlobalData added.