Published on July 31, 2017
India is planning to build new petrochemical complexes to develop the country as a polymer hub like Houston, Jurong Island or Shanghai.
The government is planning to set up petrochemical clusters in Eastern, Western and Southern India to spur the growth of the sector with a view to meeting the increasing demand for polymers and specialty chemicals across diverse industrial segments.
As per market report, with additional refinery capacity, large quantities of refinery by-product naphtha used as building block in the petrochemical industry, have been freed up for value addition. With the synergy of feedstock availability, public sector oil and gas companies have invested in a big way in world-scale petrochemical complexes, and will continue to do so.
The petrochemicals market in India is expected to grow at a compounded annual growth rate of 1.5 times that of gross domestic product in the next 10 years.
