• According to the IEA, it is set to account for more than a third of the growth in oil demand by 2030 and nearly half by 2050, ahead of trucks, aviation and shipping
Oil Minister Hardeep Singh Puri said that India will contribute 10 per cent of the growth in global petrochemical demand. He said that the per capita consumption of the country is very low as compared to the developed economies.
Petrochemicals turn oil and gas into all kinds of everyday products -- such as plastics, fertilizers, packaging, clothing, digital devices, medical devices, detergents or tires are fast becoming the biggest driver of global oil consumption.
According to the IEA, it is set to account for more than a third of the growth in oil demand by 2030 and nearly half by 2050, ahead of trucks, aviation and shipping.
India is set to grow strongly from its current level of only 4 per cent of global capacity to meet growing domestic demand.
“The petrochemical market size in India is currently around $190 billion, while the per capita consumption of the petrochemical segment is very low compared to developed economies. And this gap provides ample space for demand growth and investment opportunities,” Puri he said. Plenary session at 7th Petrochemical Conclave.
He said that India, the world's third largest energy consumer, is also focusing on becoming a global petrochemical manufacturing hub.
"One of the most important factors driving the growth of the petrochemical industry is the growing demand for petrochemical products from a growing population and a rapidly growing economy. India will contribute 10 per cent of the incremental growth in global petrochemical demand," Puri said. According to a statement issued by the Indian Oil Corporation (IOC).
He said the government has formulated several policies to boost the sector and ease of doing business, including allowing 100 per cent foreign direct investment through the automatic route.
Speaking on the occasion, Minister of State for Petroleum and Natural Gas Rameshwar Teli said that sectors like petrochemicals have contributed immensely to the GDP success story and will continue to add value in future.
"At present, petrochemical production accounts for about 14 per cent and 8 per cent of the global demand for oil and gas. St shortly," said IOC President SM Vaidya
A white paper on 'India's Petrochemical Future - Sustainable and Atmanirbhar' was also released by Puri at the conference, the statement said.
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