Asia will contribute 49% of global petrochemical capacity additions by 2030, according to a report from GlobalData. Asia is forecast to be the major contributor to the growth of the global petrochemical industry by 2030, accounting for around 49% of the global planned and announced petrochemical capacity additions.

Around 1,320 planned and announced plants are scheduled to come online, predominantly in Asia and the Middle East. Within Asia, China plans to add a total capacity of approximately 152.4 million tonnes per annum (mtpa) with the help of 305 planned and announced petrochemical plants. The country is expected to spend a capital expenditure (capex) of $91.5 billion during the period.

“Asia will continue to dominate the global petrochemicals market in the mid-term with both the biggest number of new projects and the largest absolute capacity expansion driven by economic growth of China, India and other Asian countries,” says Dayanand Kharade, oil and gas analyst.

The Middle East is reportedly the second-largest region in terms of capacity additions. Iran will have 152 planned and announced petrochemical plants, adding capacity of around 73.3 mtpa by 2030. The country is expected to spend a total of $51.1 billion.

In North America, the majority of capacity additions will be from the U.S., with planned and announced capacity additions of roughly 66.4 mtpa by 2030 and it is expected to spend a capex of around $61.6 billion.

For more information, visit www.globaldata.com.