Indian petrochemical industry to touch $100 billion by 2020

Indian petrochemical industry to touch $100 billion by 2020

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 Petrochemicals industry in India is likely to touch US$ 100 billion by 2020, more than double the current size of about US$ 40 billion, according to a study by industry body Assocham. Petrochemicals industry contributes about 30 per cent to country’s US$ 120 billion worth chemical industry, which is likely to grow at an annual growth rate of 11 per cent over the next few years and touch US$ 250 billion by 2020, the study said. “Petrochemicals sector is one of the fastest growing segments with a growth rate of 13 per cent which is more than twice of growth of India’s gross domestic product (GDP) and also the global growth rate in petrochemical space which is stagnant at 6 per cent,” Assocham said. The domestic petrochemical industry is in the process of investing over $25 billion to meet the surging demand, the industry body said, while adding that mergers and acquisition (M&A) opportunities are among the key imperatives for the sector. The industry body said good opportunities exist in the segments like specialty chemicals and specialty polymers for catering to huge emerging domestic demand.