“As more citizens enter the middle class, demand for a wide range of products, many of which are derived from petrochemicals, will increase significantly,” Puri said at the India Chem 2024 event in Mumbai.
He said India’s per capita consumption of petrochemicals is far below that of developed countries, offering opportunities for greater investment in the sector.
India consumes 25 to 30 million metric tons of petrochemicals annually, and the chemical and petrochemical sector, currently valued at $220 billion, is expected to grow to $300 billion by 2025, Puri said.
India, China and the Middle East have been developing domestic petrochemical production to power decades of oil refining, even as the world seeks to shift to cleaner energy sources.
Indian state-owned and private oil companies such as Nayara Energy and Haldia Petrochemicals have already announced plans to increase production.
Puri said companies like Haldia, ONGC and BPCL have committed investments of $45 billion and an additional $100 billion is projected to meet the growing demand and align the country’s transition towards a low-carbon future.
He did not specify a timeline for the projected investment.
India’s petrochemical production is projected to rise from 29.62 million tonnes to 46 million tonnes by 2030, it said.
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