[ 76 ] | OVERVIEW
WINNING IN INDIA’S PETROCHEMICAL MARKET
The market is projected to grow at around 8 per cent CAGR over the next 15 years and India will need more than 15 world-scale petrochemicals assets by 2035 to meet its domestic demand
T SUDEEP MAHESHWARI
SR. PRINCIPAL, KEARNEY, (MANAN SHAH AND NEIL MERCHANT)
The petrochemicals sector is projected to emerge as the primary driver of growth for the global oil and gas sector, accounting for more than a third of incremental oil and gas demand by 2030. This trend is being driven by the overall growth and profitability of petrochemical products and stagnating global demand for fuel. The global petrochemicals landscape has been facing significant uncertainties and volatility in the recent past — including the recent wave of global trade restrictions, growing environmental headwinds emerging
from the circular economy mega trend and rising ban on single-use plastic as well as COVID-19 led demand shock. Over the next decade, growing Asian capacity, coupled with the significant expansion plans of select players in the US and the Middle East, is projected to create excess supply across select key petrochemical chains. This evolving supply-demand landscape could potentially disrupt traditional petrochemicals trade routes and market setups. Amid this growing global volatility, India has emerged as an island of hope for petrochemicals. With significant
