In addition to innovations, investments make a decisive contribution toward achieving our ambitious growth and climate protection goals. We use targeted acquisitions to supplement our organic growth. Our focus is on innovation-driven growth areas and sustainable technologies.
By investing in our plants, we create the conditions for the profitable growth we strive for and continuously improve the efficiency of existing production processes. Investments in new technologies and in the transformation of our energy supply will help to achieve our growth targets and our ambitious climate targets. For the period from 2022 to 2026, we are planning capital expenditures (capex)1 totaling €25.6 billion, including €12.9 billion for our major growth projects.2
With a world market share of over 45%, China is already the largest chemical market and will drive growth in global chemical production to an even greater extent in the future. We expect China’s share to increase to over 50% by 2030. To further strengthen our position in Asia, we plan to build a new integrated Verbund site in Zhanjiang in the southern Chinese province of Guangdong. The first plants started construction in 2020, and we made further progress on these in 2021. They are scheduled for startup in 2022. We will also expand the Verbund site we operate together with Sinopec in Nanjing, China, by 2023.
1 Additions to property, plant and equipment excluding acquisitions, restoration obligations, IT investments and right-of-use assets arising from leases
2 Major growth projects are the construction of our future Verbund site in Zhanjiang, China, as well as our battery materials activities.