China to drive 60% of Asia’s petrochemical project starts by 2030, says GlobalData

Asia is set to dominate the global petrochemical project pipeline, accounting for nearly two-thirds of all projects expected to begin operations by 2030. China alone is projected to contribute more than 60% of these developments, according to GlobalData, a leading data and analytics firm.

In its latest report, “Petrochemicals New-Build and Expansion Projects Outlook by Key Commodities, Region and Development Stage to 2030,” GlobalData notes that Asia will see approximately 851 new petrochemical projects come online by the end of the decade. Of these, 534 projects will be based in China — 519 new builds and the remainder expansions.

“China continues to add significant petrochemical capacity driven by strong economic growth, rising demand from end-use industries such as packaging, automotive, medical, and construction, as well as strategic efforts to reduce import dependence,” said Bhargavi Gandham, Oil and Gas Analyst at GlobalData.

Approximately 76% of China’s upcoming petrochemical plants are already in the construction or commissioning phase, while the remaining 24% are in pre-construction stages, including feasibility studies, FEED, and approval.