The installed capacity for polymer production is expected to reach 20 million tons per year in the seventh five-year development plan (2022-27).
Based on data from the Oil Ministry and the National Petrochemical Company, the current annual production capacity of 9 million tons will witness a 120% growth in the next five years, IRNA reported.
To diversify the basket of petrochemical products, plans are in place to add five new polymer items to the production list during this period.
Close to 500 polymer grades are produced in the petrochemical industry, some of which include polyethylene, polyethylene terephthalate, polypropylene, polyvinyl chloride, polystyrene and acrylonitrile butadiene styrene.
Iran ranks first in the export of polymer products to Armenia, second to the Republic of Azerbaijan and sixth to Pakistan.
The country currently exports plastic and polymer products to the Middle East and Asia-Pacific region and is planning to enter African markets. The Iranian Oil Ministry said it has a roadmap for getting a bigger share of the international polymer and plastic markets.
Given the comparative advantage of the energy sector, polymer and plastic industries have continued to expand in the past two decades.
Due to the growing need for an efficient economy, heavy materials such as glass and metals are being replaced by lighter variants, including polycarbonate, in the auto industry. As a result, the global polymer market is expected to increase from $533 billion in 2019 to $838 billion by 2030.
This is because PC and other polymers have excellent electrical, mechanical, insulating, optical and chemical properties, as well as a high strength-to-weight ratio and elasticity and corrosion resistance.
Currently, almost 30% of all automotive components are being made from polymers. And with the rising demand for electric vehicles, the polymer market is expected to grow further, as these materials are used to make lightweight battery packs.