The latest report by GlobalData, a leading analytics and data company, reveals that the total PET capacity of new-build and expansion projects in Asia is expected to be 5.21m tonnes per annum (mtpa) by 2027.
The 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’, asserts that this will be achieved by gaining capacities from new-build and expansion projects between 2023 and 2027.
Additionally, increased plastic usage in end-use industry segments such as food and beverages, FMCG and pharmaceuticals are also key factors for PET industry growth in Asia, which is forecasted to have a 61.8% share of the industry by 2027.
What are the new-build construction projects in the region?
GlobalData Oil and Gas analyst Nivedita Roy comments: “For 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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GlobalData analysis recently found India to be a leader in polyvinyl chloride capacity additions in Asia by 2027.
The push for PET materials is a global effort, with PET packaging making up one-quarter of consumer packaging (bottles and trays) in Europe. Western countries will be looking to Asia to supply this demand in the coming years.