Reference
·Supporting source
Thai ethylene cracker capacity utilisation (2020-2024)
~78% (2024)
Thai ethylene cracker complexes operated at an estimated 75-80% utilisation through 2024, compressed from 90%+ pre-COVID levels per IHS/S&P Global Chemicals analytics and operator quarterly disclosures. The de-rating reflects Chinese olefin oversupply (China added 11+ Mt/yr ethylene capacity 2022-2024), weak downstream polyolefin pricing, and selective Thai producer turnarounds and rate-cuts to manage spreads. PTTGC's Map Ta Phut crackers and SCGC's Long Son cracker (Vietnam) both run below nameplate. Operators are managing through cracker turnaround timing and feedstock optimisation rather than mothballing capacity.
Figure in context
Thai ethylene cracker complexes operated at an estimated 75-80% utilisation through 2024, compressed from 90%+ pre-COVID levels per IHS/S&P Global Chemicals analytics and operator quarterly disclosures. The de-rating reflects Chinese olefin oversupply (China added 11+ Mt/yr ethylene capacity 2022-2024), weak downstream polyolefin pricing, and selective Thai producer turnarounds and rate-cuts to manage spreads. PTTGC's Map Ta Phut crackers and SCGC's Long Son cracker (Vietnam) both run below nameplate. Operators are managing through cracker turnaround timing and feedstock optimisation rather than mothballing capacity.
Interpretation notes
What this tells you
Thai ethylene cracker complexes operated at an estimated 75-80% utilisation through 2024, compressed from 90%+ pre-COVID levels per IHS/S&P Global Chemicals analytics and operator quarterly disclosures. The de-rating reflects Chinese olefin oversupply (China added 11+ Mt/yr ethylene capacity 2022-2024), weak downstream polyolefin pricing, and selective Thai producer turnarounds and rate-cuts to manage spreads. PTTGC's Map Ta Phut crackers and SCGC's Long Son cracker (Vietnam) both run below nameplate. Operators are managing through cracker turnaround timing and feedstock optimisation rather than mothballing capacity.
What not to do with it
Values in percent of nameplate ethylene cracking capacity. Utilisation is industry-weighted across Map Ta Phut and adjacent complexes; individual cracker rates vary.
Related figures
Adjacent numbers that add context without drowning the value.
Thai chemical and petrochemical sector revenue (2020-2024)
FTI Petrochemical Industry Club, NESDC National Accounts, PTTGC/IRPC/IVL/SCGC annual reports
PTT Global Chemical (PTTGC) revenue (2020-2024)
PTTGC, SET annual filings, Allnex acquisition disclosures
Indorama Ventures (IVL) EBITDA (2020-2024)
Indorama Ventures, IVL quarterly earnings releases, Bloomberg Intelligence chemicals coverage
China ethylene capacity at structural closure risk
S&P Global Chemicals, IHS Markit Olefins Outlook, PTTGC FY2024 investor presentation, SCGC FY2024 deck
EU CBAM Phase 2 Thai polymer exposure
European Commission CBAM regulation EU 2023/956, Thai Customs export statistics, IVL/PTTGC/SCGC investor disclosures, FTI Petrochemical Industry Club
SCGC Long Son Petrochemicals (LSP) Vietnam operating loss
SCG, SCGC investor presentation, Bangkok Post petrochemical coverage
Report context
Atlas actors in this figure's reports
Profiles covered in the report that cite this number.