July 13, 2023
(press release)
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Asia is set to lead the global polyethylene terephthalate (PET) industry capacity additions with a share of 61.8% by 2027, by gaining capacities from new-build and expansion projects between 2023 and 2027, according to GlobalData, a leading data and analytics company. GlobalData’s latest report, ‘Polyethylene Terephthalate (PET) Industry Installed Capacity and Capital Expenditure (CapEx) Forecasts by Region and Countries including details of All Active Plants, Planned and Announced Projects, 2023-2027’ reveals that the total PET capacity of new-build and expansion projects in Asia is expected to be 5.21 million tonnes per annum (mtpa) by 2027. Increased usage of plastic in end use industry segments such as food and beverages, FMCG and pharmaceuticals are the key factors for PET industry growth in Asia. Nivedita Roy, Oil and Gas Analyst at GlobalData, comments: “For the upcoming new build projects, the region is expected to add a capacity of 5.13 mtpa from six planned and announced projects, whereas, for the expansion of the existing PET projects, the region is expected to add a capacity of 0.08 mtpa from two announced and planned projects.” China and India are the key countries in Asia in terms of PET capacity additions. The main capacity addition in China will be from an announced project, Zhejiang Petrochemical Daishan Polyethylene Terephthalate Plant 2, with a capacity of 2 mtpa. It is expected to commence production of PET in 2026. Nivedita concludes: “In India, the main capacity will be from Reliance Industries Dahej Polyethylene Terephthalate Plant 2, with a capacity of 1 mtpa. It is expected to come online in 2026.”
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