A new study was conducted by Associated Chambers of Commerce and Industry of India (ASSOCHAM) on petrochemical sector of India. The country’s petrochemical sector is likely to reach US $ 100 billion. The “petrochemicals sector is one of the fastest growing segments with a growth rate of 13%, which is more than twice of growth of India's gross domestic product, and also the global growth rate in petrochemical space, which is stagnant at 6%," said DS Rawat, Secretary General, Assocham.
According to the study, petrochemicals currently contribute approximately 30% to India’s US$120 billion chemical industry, which is expected to grow by 11% over the next few years. On a global scale, petrochemicals account for around 40% of the chemicals sector, while in India this figure is approximately 25–30%.
