Company News
Ethylene And Methanol 'To Lead Global Petchem Growth'
Friday 13th October 2017
Ethylene and methanol are set to drive an anticipated boom for the global petrochemicals industry.
This is according to a fresh market report titled 'Global Petrochemicals Capacity and Capital Expenditure Outlook: Ethylene And Methanol Spearhead The Petrochemicals Industry Expansion'.
The report covers all aspects of growth catalysts including industrial trends, worldwide analysis and other data such as rate of expansion, market shares and the effect of growth.
It sets out that the global capacity for petrochemicals will experience "considerable growth" in the coming nine years from 1.447.9 metric tons per year in 2016 to 1,619.3 metric tons per year by 2025.
NW Innovation Works, Janus Methanol and Petroliam Nasional Berhad are the top three companies with significant capacity expansions due to come online in the next nine years and China, Iran and the US are expected to be home to the biggest expansions.
The report estimated that the global petrochemicals sector is expected to spend in the region of $243.1 billion (£183.7 billion) by 2025 for upcoming projects.
Currently, China, the US and Russia are expected to be the top three countries by capital expenditure for petrochemicals projects within the coming nine years.
Growth in these regions is welcome news, as a recent report from the University of Edinburgh revealed the Scottish oil sector and the wider British oil industry could be entering its final decade of production, which could mean all future British oil and gas could be imported in order to meet domestic demand.
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