April 2022

Trends and Resources

Industry Perspectives: 1Q project announcements this year down vs. 1Q 2021

New capital project announcements are down 27% in 1Q 2022 vs. 1Q 2021.

Nichols, Lee, Hydrocarbon Processing Staff

New capital project announcements are down 27% in 1Q 2022 vs. 1Q 2021. Gulf Energy Information’s Global Energy Infrastructure database counted 48 new project announcements in 1Q 2021. This year, 1Q capital project announcements globally have dropped to 35. Where are these projects? Most new capital projects this year are in the Asia-Pacific region, which accounted for 46% market share in new project announcements. This is an increase of 11% vs. 1Q 2021. Most new project announcements in Asia are petrochemical capacity additions in China and India. These two nations are investing heavily in new petrochemical capacity to satisfy future demand. The Asia-Pacific also accounts for the largest

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