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India to contribute 10% of global petchem demand growth: Puri


NEW DELHI: India, whose per capita consumption is significantly lower than developed economies, will contribute 10% to increased growth in global petrochemical demand, Oil Minister mine Hardeep Singh Puri said.
Petrochemicals, which turn oil and gas into all sorts of everyday products – such as plastics, fertilizers, packaging, clothing, digital devices, medical devices, cleaners or tires – is rapidly becoming the largest driver of oil consumption globally. According to the IEA, they will account for more than a third of oil demand growth by 2030 and nearly half by 2050, ahead of trucks, aviation and shipping.
India is poised to grow strongly from its current level of only 4% of global capacity to meet growing domestic demand.
“The size of the petrochemicals market in India is currently around $190 billion, while the per capita consumption of the petrochemical segments is significantly lower than that in developed economies. And approx. This way creates significant space for demand growth and investment opportunities,” peaceful speaking while speaking at the 7th plenary session Petrochemical Conference this.
India, the world’s third largest energy consumer, is also focusing on becoming a global hub for petrochemical production, he said.
“One of the most important factors driving the growth of the petrochemical industry is the growing demand for petrochemical products due to its growing population and rapidly expanding economy. India will contributes 10% to the incremental growth of global petrochemical demand,” Puri stated. according to a statement by the Indian Petroleum Corporation (IOC).
He said the government has established a number of policies to promote the sector and improve business facilitation, including allowing 100% foreign direct investment through an automatic route.
Speaking on this occasion, the Minister of Foreign Affairs Rameswar Petroleum and Natural Gas Teli said sectors like petrochemicals have contributed a lot to the GDP success story and will continue to add value going forward.
IOC President SM vaidya “Currently, petrochemical production accounts for nearly 14% and 8% of global demand for oil and gas, respectively. With the development of new technologies, especially from crude to chemical, the market is growing rapidly,” said Petrochemical production share is expected to grow to about 30 percent shortly.”
The statement added, the white paper on ‘India’s Petrochemical Futures – Sustainability and Aatmanirbhar’ was also published by Puri at the conference.

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