Source: GlobalData
Asian countries are set to drive the global polyolefins capacity additions, occupying a share of 57% by 2030, as demand from various sectors is expected to result in capacity expansions in the region, according to GlobalData, a leading data and analytics company.
GlobalData’s latest report “Polyolefins Market Analysis and Forecast by Products, Capacity Additions, Top Countries and Active and Upcoming Projects to 2030”, reveals that the total polyolefins capacity of new-build and expansion projects in Asia is expected to be 78.4 million tonnes per annum (mtpa) by 2030.
Bhargavi Gandham, Oil and Gas Analyst at GlobalData, comments: “Expanding population in countries such as India and China, higher incomes, and rising consumption of consumer goods are expected to drive capacity expansions in the region. Growing demand from the packaging, automotive, and electronics industries will drive capacity additions in the region.”
Among the Asian countries, China is expected to see major polyolefins capacity additions. This can be attributed to increasing disposable incomes and the growth of packaging in various industries, such as convenience foods, e-commerce, and retail, among others.
China is boosting its supply to meet the growing domestic demand for polyolefins and decrease its reliance on imports. North Huajin Refining and Petrochemical Liaoning Polypropylene Plant, Jinzhou Petrochemical Company Jinzhou Polypropylene Plant 3, and Fujian Eversun New Material Putian Polypropylene Plant are some of the major polyolefins projects with capacities of 1.0 mtpa, 0.9 mtpa, and 0.8 mtpa, respectively. The three plants are expected to become operational by 2030.
Bhargavi concludes: “India and Indonesia are the other two leading countries in Asia in terms of polyolefins capacity additions. India will contribute a capacity addition of 26.9 mtpa from 48 projects, while Indonesia will add a capacity of 7.8 mtpa from 19 projects.”
