China will dominate new petrochemical project starts in Asia, according to new analysis.
The country is likely to start operations of 410 petrochemical projects from 2023 to 2027, according to GlobalData.
GlobalData’s latest report, Petrochemicals New Build and Expansion Projects Analysis by Type, Development Stage, Key Countries, Region and Forecasts, 2023-2027, reveals that China will account for about half of petrochemical project starts in Asia by 2027.
Out of 410 projects that are expected to commence operations in the country, polypropylene projects lead with 48, followed by propylene projects at 42.
Bhargavi Gandham, oil and gas analyst at GlobalData, said: “China continues to add a significant number of petrochemical projects in order to meet ever-growing domestic industrial and consumer demand, and also to reduce imports. The upcoming projects are also part of China’s plans to achieve self-sufficiency in petrochemicals.”
Polypropylene projects would constitute around 12% of all petrochemical project starts in China during the period 2023 – 2027. Among upcoming polypropylene projects, North Huajin Refining and Petrochemical Liaoning Polypropylene Plant leads with a production capacity of 1.0 million tpy and is expected to commence operations by 2027.
Bhargavi added: “Among propylene projects, which are expected to come online from 2023 to 2027, Shandong Yulong Petrochemical Longkou Propylene Plant 1 leads with a production capacity of 2.30 million tpy. The project is presently under construction and is expected to start operations in 2025.”
China to dominate new petrochem projects in coming decade
