Petrochemicals industry in India forecast to more than double by 2020

27-Apr-15

Petrochemicals industry in India is likely to touch US$100 bln by 2020, more than double the current size of about US$40 bln, according to a study by industry body Assocham. This industry contributes about 30% to country's US$120 bln worth chemical industry, which is likely to grow at an annual growth rate of 11% over the next few years and touch US$250 bln by 2020. Petrochemicals sector is one of the fastest growing segments with a growth rate of 13%, more than twice of growth of India's gross domestic product (GDP). The country’s per capita consumption of polymers, at 5.2 kg, is still in a nascent stage as compared to developed markets like the US and China which is about 30 kg. India’s total consumption of polymers is about 6.2 mln tons, around 3% of global consumption of 200 mt.