Petrochemicals Industry
Indian petrochemical industry is driven from its huge refining capacity & currently valued at $40 billion and will grow at 13-15% annually over the next few years
IDEX India Products for petrochemicals Industry
Market Drivers
- Refinery Upgradation: $ 40 Bn investment in refinery upgradation by Oil companies to meet BS VI standards
- Rising Demand for Polymers: Petrochemical demand growing at 9% since last 4 yrs. due to demand from polymers & plastics industry at 45 MMT.
- Major Refinery Investment: Indian refineries set to have major capacity expansion in future from investment by Reliance Jamnagar expansion & Saudi Aramco investing in India with refinery output majorly directed for petrochemical value-added products
- Import Substitution Policy: Government is targeting import substitution policy for petrochemicals products dependent on imports and supporting industry efforts towards local production
