Global PVC production capacity is set to increase significantly by 17 per cent from 56.13m tonnes/year in 2019 to 65.6 m tonnes/year in 2024, GlobalData said recently. China will account for half of the world's new capacity. The company's report, Global PVC Industry Outlook to 2024 - Production capacity and Capital expenditure projections and Details of all plants under construction and planning, shows that China will add the most capacity during the forecast period, increasing from 24.37 million tons/year in 2019 to 28.37 million tons/year in 2024. The largest increase in production capacity will come from tianjin PVC plant of Tianjin Bohai Chemical Development Company, which will increase production capacity by 800,000 tons/year by 2024.
China's PVC demand growth will come from construction and other major sectors. To meet the growing demand, China will continue to expand its PVC production capacity. GlobalData reports that India is set to become the second largest country in terms of new capacity, with its production capacity increasing from 1.58 million tonnes/year in 2019 to 4.27 million tonnes/year in 2024. The main increase in capacity will come from The Kakinada PVC plant of Heldya Petrochemical Co., LTD., with an additional capacity of 600,000 tons/year by 2024. In addition, Thailand will be the third largest country to add capacity, with capacity increasing from 1.09 million tons/year in 2019 to 1.65 million tons/year in 2024. The main increase will come from Vinethai's PVC plant in Mata province, which will increase capacity by 560,000 tons/year by 2024.