Asia will lead the growth of global phenol production capacity

According to news on November 27th from Axioms, data analysis company GlobalData said that Asia will lead the growth of global phenol production capacity. It is estimated that Asia's phenol production capacity will increase from 7.82 million tons/year in 2019 to 9.76 million tons/year in 2024, with an average annual growth rate of 4.4%.

　　 GlobalData's latest research report shows that Asia is expected to build and expand 11 phenol projects before 2024, and the new phenol production capacity will reach 1.82 million tons per year. In Asia, China and India will lead the growth of phenol production capacity. By 2024, the phenol production capacity of the two countries will increase by 820,000 tons/year and 810,000 tons/year respectively. At the same time, global phenol production capacity will increase by 17% by 2024. Phenol production capacity may increase from 14.21 million tons/year in 2019 to 16.64 million tons/year in 2024.

GlobalData oil and gas analyst Krishna Teja Pappoppula said: "In Asia, phenol capacity growth will mainly come from China and India, accounting for about 89% of the region's new capacity. New projects account for most of the new capacity in all Asian countries. "

　　 In addition to China and India, Malaysia will become Asia’s third largest country with newly added phenol production capacity. Malaysia will add 200,000 tons of phenol production capacity per year by 2024. The increased production capacity will come from the Pengeran Phenol Plant under Petronas, which will have a capacity of 200,000 tons per year by 2024.