Expandable modular
plants (EMPs) can be the future of the chemical
industry, especially in emerging markets. Using the relative position
of points on alternative NPV–time curves from the period of
10–20 years, we compare the economics of an expandable modular
TiO2 plant with that of a large-scale TiO2 plant
constructed fully on site (stick-built) and present scenarios where
the expandable modular approach is economically favorable over the
stick-built approach. To simplify the assessment of economic viability
between constructing an EMP and a stick-built plant, we introduce
a measure known as the flexibility feasibility ratioa certain ratio of unit installed capacity in an EMP to the nameplate
capacity of a stick-built plant at which the NPVs are equal at all
points on alternative NPV–time curves. We determine that a flexibility feasibility ratio of 0.25 is suitable
to install an expandable modular TiO2 plant in Nigeria,
relatively.