By 2024, the annual capacity of global ethylene will increase significantly. The annual capacity of ethylene may increase from 191.54 million tons in 2019 to 283.22 million tons in 2024, with a total increase of 48%.
Global data, the world's leading data and analysis company, said that among all regions, Asia will lead the global ethylene capacity growth. The annual ethylene production capacity in Asia is expected to increase from 70.91 million tons in 2019 to 120.4 million tons in 2024, with an average annual growth rate (AAGR) of 10.6%.
According to the report entitled "global outlook for the ethylene industry up to 2024 - capacity and capital expenditure forecast, including details of all ethylene plants put into operation and planned to be built", by 2024, about 123 planned and announced ethylene plants will be put into operation, mainly in Asia.
In Asia, China will increase its ethylene production capacity by 27.48 million tons per year by 2024. China's contribution to Asia's new ethylene production capacity is about 59.9%. The main new ethylene production capacity will come from ExxonMobil's Zhoushan ethylene plant in China and ExxonMobil's Huizhou Ethylene Plant Phase 1 project. By 2024, the new ethylene production capacity will reach 1.8 million tons and 1.6 million tons respectively.
Dayan and kharade, oil and gas analyst at global data, said: "Asia will dominate the global ethylene market, mainly because China has the largest number of new projects and new absolute capacity. About 33 ethylene projects will be built in China by 2024. "
Global data determined that India will be the second highest country in Asia in terms of new ethylene production capacity. Its annual ethylene production 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 nayara energy's waddinar ethylene plant, which will have an annual ethylene capacity of 1.8 million tons by 2024.
South Korea will become the third largest new ethylene production capacity in the Asia Pacific region. Its annual capacity will increase from 9.95 million tons in 2019 to 14.13 million tons in 2024, with an AAGR of 7%. The main new ethylene production capacity will come from the second phase project of Weishan ethylene plant of S-oil company, and its annual ethylene production capacity will reach 1.5 million tons by 2024.