India is set to significantly grow its petrochemicals portfolio in the next four years to meet growing demand and account for 34% of Asian projects.
That’s according to a study from GlobalData, which reveals the country is likely to start the operations of 281 petrochemicals projects until 2025.
The heavy boost to petrochemicals is to account for its growing demand in industries such as construction and pharmaceuticals.
The projects are set to vary across polypropylene, propylene and ethylene.
Oil and Gas Analyst at GlobalData, Bhargavi Gandham, said: “India is one of the largest consumers of petrochemicals globally.
“Petrochemicals demand in India is outpacing supply due to consistent economic growth. Petrochemcials are one of the fastest growing industries in Indian economy as it supports other growing industries such as construction, pharmaceuticals, etcetera.”