Asia is forecast to lead the global refinery fluid catalytic cracking units’ (FCCU) capacity growth, contributing approximately 45 per cent of the total global capacity growth by 2024, according GlobalData.
GlobalData’s recent report, Global Refinery Fluid Catalytic Cracking Units (FCCU) Outlook to 2024 – Capacity and Capital Expenditure Outlook with Details of All Operating and Planned Fluid Catalytic Cracking Units, notes that the region is anticipated to add 542 thousand barrels per day (mbd) of FCCU capacity by 2024.
Oil and Gas Analyst at GlobalData, Haseeb Ahmed, detailed that of Asia’s total FCCU capacity additions of 542 mbd by 2024, 151 mbd is likely to be from active expansion projects while new-build projects are expected to contribute the rest of about 391 mbd by 2024.
“In the region, China accounts for most of the capacity additions with a combined total of nearly 481 mbd by 2024.”
Global FCCU capacity is expected to increase by 1.2 million barrels per day (mmbd), from 21.2 mmbd in 2020 to roughly 22.4 mmbd in 2024.
Of the total capacity additions, 1 mmbd is expected to come from new-build planned and announced projects while the remaining 0.2 mmbd is likely to come from the expansions of active projects.
Moreover, GlobalData expects Africa to occupy the second place in terms of FCCU capacity additions by 2024. The region is expected to contribute about 27 per cent of the global FCCU capacity growth, with total capacity additions of 323 mbd by 2024.
In Africa, Nigeria accounts for most of the capacity additions with 247 mbd.
The Middle East is slated to be the third-highest region globally with 150 mbd capacity addition by 2024. Kuwait and Iraq are the only contributors in the region with capacities of 98 mbd and 52 mbd, respectively.