China is set to register the highest polyethylene terephthalate (PET) capacity additions in Asia between 2022 and 2026, contributing about 51% of the region’s capacity additions by 2026, as growing packaging, electricals, and electronics sectors will create an increased demand for PET in the country, says GlobalData, a leading data and analytics company.
GlobalData’s latest report on ’polyethylene perephthalate (PET) industry installed capacity and capital expenditure (CapEx) forecast by region and countries including details of all active plants, planned and announced projects, 2021-2026’ reveals that China will lead the capacity additions by gaining a capacity of 2.4 million tonnes per annum (mtpa) from two planned and announced projects.
Vinuthna Bidar, oil and gas analyst at GlobalData comments, “In China, the main capacity addition will be from an announced project, Zhejiang Petrochemical Daishan polyethylene terephthalate plant-2 with a capacity of 2 mtpa. The project is expected to commence the production of PET in 2026.” Henan Longyu Coal Chemical Luoyang polyethylene terephthalate plant, a planned project, follows next with a capacity addition of 0.4 mtpa by 2026. The plant is expected to commence operations by 2022.