Asia will lead global ethylene capacity growth by 2024

According to a report from TABNI website Dubai, by 2024, the global annual ethylene production capacity will increase considerably. The annual ethylene production capacity may increase from 19154 million tons in 2019 to 28322 million tons in 2024, a total increase of 48%.

GlobalData, the world's leading data and analysis company, said that among all regions, Asia will lead the growth of global ethylene production capacity. The annual ethylene production capacity in Asia is expected to increase from 70.91 million tons in 2019 to 1204.5 million tons in 2024. The growth rate (AAGR) is 10.6%.

GlobalData's report entitled "Global Ethylene Industry Outlook to 2024-Capacity and Capital Expenditure Forecast, Including Details of All Production and Planned New Ethylene Plants" shows that by 2024, there will be approximately 123 planned and announced Of ethylene plants will be put into operation, mainly in Asia.

In Asia, China will increase its ethylene capacity by 27.48 million tons per year by 2024. China’s contribution to Asia’s new ethylene capacity is about 59.9%. The main new ethylene capacity will come from ExxonMobil’s Zhoushan Ethylene Plant in China and ExxonMobil’s Huizhou Ethylene Plant Phase I project. By 2024, The newly added ethylene capacity will reach 1.8 million tons and 1.6 million tons respectively.

GlobalData oil and gas analyst Dayanand Kharade said: "Asia will dominate the global ethylene market, mainly because China has the largest number of new projects and the largest scale of new absolute production capacity. By 2024, China will build about 33 ethylene projects. "

GlobalData determined that India will be the second highest country in Asia in terms of new ethylene capacity. Its annual ethylene capacity will increase from 7.38 million tons in 2019 to 14.33 million tons by 2024, and its AAGR is 13.3%. The main increase in ethylene capacity will come from Nayala Energy's Wadi Naar ethylene plant, whose annual ethylene capacity will reach 1.8 million tons by 2024.

South Korea will become the third highest newly added ethylene capacity in the Asia-Pacific region. Its annual production capacity will increase from 9.95 million tons in 2019 to 14.13 million tons in 2024, with an AAGR of 7%. The main increase in ethylene capacity will come from S-Oil's Ulsan Ethylene Plant Phase 2 project, whose annual ethylene capacity will reach 1.5 million tons by 2024.