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China may account for highest petrochemical capacity additions by 2030

China may account for highest petrochemical capacity additions by 2030

Mubasher: The global petrochemical capacity is set to witness a 42% growth by 2030, potentially increasing from 2,129.0 million tonnes per annum (mtpa) in 2019 to 3,029.1 mtpa in 2030.

China is predicted to add 28% of the global capacity additions by 2030, according to a recent report by GlobalData, a leading data and analytics company.

The company’s report, ‘Global Petrochemical Capacity and Capital Expenditure Outlook, 2020-2030’, indicates that China accounts for the highest capacity additions, with a capacity of 242.2 by 2030.

In this regard, Oil and Gas Analyst at GlobalData, Dayanand Kharade, said: “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.”

According to GlobalData, India will be the second-highest country in terms of capacity additions, with a capacity of 148.3 by 2030, followed by Iran with a capacity of 90.1 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, GlobalData noted.