Investments are an essential building block for driving our growth and at the same time, achieving our climate targets. That is why we make targeted investments in modern and more sustainable technologies and processes. Our major growth projects help us to reach this goal. We are continuously optimizing our portfolio through targeted acquisitions and divestitures.
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 2023 to 2027, we are planning capital expenditures (capex)1 totaling €28.8 billion, including €13.6 billion for our major growth projects.2
We continued to drive forward our major growth projects in 2022 and further expanded our position in our three key regions: Europe, Asia Pacific and North America. The Asia Pacific region and China in particular, which is expected to expand its share of the global chemical market to well over 50% by 2030, will continue to play a key role here. To serve the increasing needs of various growth industries in this region, we are continuously expanding our market position in China, for example, with the construction of our new smart Verbund site in Zhanjiang in the southern Chinese province of Guangdong. In North America, we further expanded our production capacities in the isocyanates value chain in 2022, for example. We also continued to invest in Europe, especially in our battery materials business in Schwarzheide, Germany, and Harjavalta, Finland.
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.