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Asia will lead the acrylic acid production capacity growth, which is expected to increase from 5.44 million tons / year in 2019 to 7 million tons / year in 2024, with an average annual growth rate of 5.1%.
Global data’s report “global acrylic industry outlook 2024 – capacity and capital expenditure forecasts for all plants under construction and planning” shows that 12 new and expanded projects in Asia are expected to have acrylic capacity of 1.57 million tons / year.
“In Asia, China accounts for 66 per cent of the region’s new capacity,” said Krishna teja pappopula, an oil and gas analyst at global data. Of the 12 new and expansion projects in the region, there are six in China. ”
Global data ranked India as the second largest country to increase production capacity, reaching 260000 tons by 2024. The capacity of Kochi acrylic acid plant of Bharat oil company in India will reach 160000 tons / year.
South Korea will be the country with the third largest capacity increase, reaching 180000 tons / year by 2024. These new capacities will come from LG Chem Yeosu acrylic acid plant 4.
At the same time, by 2024, there will be considerable growth in global acrylic capacity, with a total growth rate of 19%. Acrylic acid production capacity may increase from 8.7 million tons / year in 2019 to 10.35 million tons / year in 2024.