India to contribute 10% to the incremental growth of global petrochemical demand, says Minister
There is substantial space for demand growth and investment opportunities in the US$190 billion Indian petrochemical market given the lower per capita consumption compared to that in the developed economies, Petroleum Minister Hardeep Singh Puri said at the Plenary Session of the 7th Petrochemical Conclave held in New Delhi on 17 Dec 2022.
“Petrochemical market size is currently in India about US$190 billion, whereas the per capita consumption of petrochemical segments is significantly lower, compared to that in developed economies. And this gap offers substantial space for demand growth and investment opportunities.”
He also pointed out that petrochemicals sector supports the initiative of Make In India and Make for the World and can transform India into a global manufacturing hub.
“One of the most important factors driving the growth of petrochemical industry is the increasing demand for petrochemical products from a growing population and a rapidly expanding economy,” said Puri.
India would contribute 10% to the incremental growth of global petrochemical demand, he added.
He elaborated on several Government instituted policies to boost the sector and improve the ease of doing business including 100% foreign direct investment through the automatic route.
“The exuberant growth of the Indian economy cannot be spoken of without mentioning the role that the petrochemical industry has and is expected to play in this journey,” added Minister of State for Petroleum and Natural Gas, Rameswar Teli.
“Sectors like Petrochemicals have contributed a lot to the GDP success story and shall continue to add in the future,” he told delegates at the conclave.
“Currently, petrochemical production accounts for nearly 14% and 8% of the global demand for oil and gas, respectively,” said IndianOil Chairman S M Vaidya in his welcome address to dignitaries to a special plenary session.
“With the evolution of new technologies, especially in crude to chemicals, petrochemical production share is expected to increase to about 30% shortly.”
A White Paper on “India’s Petrochemical Future – Sustainable and Aatmanirbhar” was also released by Puri at the Conclave.
Delegates deliberated on a wide range of topics at the conclave, attended by thought-leaders from the Government, the World Bank, Toho Titanium, the Royal Commission for Jubail and Yanbu, prominent consultants like Chemical Market Analytics, Kearney, S&P Global, EIL, KPMG, Wood Mackenzie and BASF.
The conclave also saw participation from leading technology providers of the industry like Lummus Technologies, UOP Honeywell, Linde, Oerlikon Barmag, Johnson Matthey, KBR, Thyssenkrupp Industrial Solutions, Milliken Chemical & Textile and many more. fiinews.com
