Asia leads the phenol capacity additions, which is expected to increase from 7.82 million tons per annum (mtpa) in 2019 to 9.76 mtpa in 2024, at an average annual growth rate (AAGR) of 4.4%, says GlobalData, leading data and analytics company.
GlobalData’s report, ' Global Phenol Industry Outlook to 2024 - Capacity and Capital Expenditure Forecasts with Details of All Active and Planned Plants', reveals that Asia is expected to have a new-build and expansion phenol capacity of 1.82 mtpa from 11 new-build and expansion projects.
Within Asia, China and India lead in terms of capacity additions, with capacity increase of 0.82 mtpa and 0. 81 mtpa, respectively by 2024.
Meanwhile, the global phenol capacity is poised to see considerable growth by registering a total growth rate of 17% by 2024.The phenol capacity is likely to potentially increase from 14.21 mtpa in 2019 to 16.64 mtpa in 2024.
Krishna Teja Pappoppula, Oil and Gas Analyst at GlobalData, says: "In Asia, the capacity growth of phenol will be mainly from China and India, which account for around 89% of the regions’ capacity additions.The new-build projects account for most of these capacity additions in all the Asian countries. "
Malaysia will be the third highest country in terms of capacity additions, with 0.20 mtpa by 2024. The capacity additions will be from the PETRONAS Pengerang Phenol Plant.