China is set to drive capacity growth in the global acrylic acid industry from planned and announced projects between 2019 and 2023, contributing around 43 per cent of the global growth by 2023, according to a report by GlobalData, a leading data and analytics company.
The company’s report, ‘Global Acrylic Acid Industry Outlook to 2023 – Capacity and Capital Expenditure Forecasts with Details of All Active and Planned Plants’, reveals that China is expected to have a planned acrylic acid capacity of 0.47 million tonnes per annum (mtpa) by 2023.
The new-build projects account for the entire capacity additions in the country.
Sowmya Sivaji, oil and gas analyst at GlobalData, said: “China is expected to add three planned projects during the outlook period.”
“The upcoming projects, ‘ShengHong Holding Group Lianyungang Acrylic Acid Plant’, ‘Shenhua Yulin Acrylic Acid Plant’ and ‘Fujian Gulei Petrochemical Company Zhangzhou Acrylic Acid Plant’ account for the entire capacity additions in the country, with 0.30 mtpa, 0.15 mtpa, and 0.02 mtpa capacities, respectively,” Sivaji added.
GlobalData identified India as the second highest country in terms of capacity additions in the global acrylic acid industry. The country will add a capacity of 0.25 mtpa from two planned projects, ‘Bharat Petroleum Corporation Kochi Acrylic Acid Plant’ and ‘Indian Oil Corporation Vadodara Acrylic Acid Plant’, which are expected to come online by 2023.
South Korea stands third with an expansion of the existing acrylic acid plant, with a capacity of 0.18 mtpa by 2023.
The entire capacity addition will be from a planned project, ‘LG Chem Yeosu Acrylic Acid Plant 4’ which is expected to come online in 2021, it stated. – TradeArabia News Service