The Middle East is expected to have the second highest petrochemical capacity additions globally, behind Asia, between 2019 and 2030, according to a report.
The region will contribute about 121.2 mtpa of the total global new-build and expansion petrochemical capacity additions by 2030, according to GlobalData, a leading data and analytics company.
Major capacity additions for the Middle East will be from Iran, with a new-build and expansion capacity additions of 75.9 mtpa by 2030, it said.
Asia is expected to lead the global petrochemical industry capacity growth from new-build and expansion projects between 2019 and 2030 with 50% share.
GlobalData's report ‘H2 2019 Global Petrochemicals Capacity and Capital Expenditure Outlook – China Leads Global Petrochemical Capacity Additions’ reveals that the total petrochemical capacity of new-build and expansion projects in Asia is expected to be 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.
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 i.e., China and India.”
North America stands third, with new-build and expansion petrochemical capacity of 81.2 mtpa by 2030. Of these, most of the petrochemical capacity additions will come from new-build projects.