The industry’s growth is closely tied to India's refining capacity, which is expected to increase from 257 MMTPA to 310 MMTPA by 2028, bolstering cost competitiveness. Petrochemicals play a crucial role in the Indian economy, serving as key raw materials for diverse downstream industries.

Key Drivers of Growth

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• Population Growth and Rising Demand : Increased population, government initiatives, and the growing need for products like fertilizers and electronics are driving industry expansion.
• Investment : Significant investments of nearly USD 45 billion are being made by the government, public sector units (PSUs), and private players to develop petrochemical projects.
• Export Strength : As a major global chemicals producer, India exports to over 175 countries, showcasing its competitive edge in the global market.
• Innovation and Sustainability : Companies are adopting advanced technologies to reduce carbon footprints, improve operational efficiency, and promote sustainable growth. Initiatives like Petroleum, Chemicals, and Petrochemicals Investment Regions (PCPIRs) are fostering a cleaner, greener industry.
• Demand for Plastics and Polymers : Rising consumption across sectors such as packaging, automotive, construction, and healthcare has fueled demand for petrochemicals, particularly plastics, synthetic fibers, and polymers.
• Industrialization : The rapid growth of manufacturing, automotive, and consumer goods sectors has increased the need for petrochemical products.
• Urbanization and Changing Lifestyles : Accelerated urbanization and evolving consumer lifestyles are driving demand for goods, packaging, and infrastructure materials derived from petrochemicals.

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