Staff Reporter
Petroleum Minister Hardeep Puri today asserted that the market size of the Indian chemicals and petrochemicals sector is expected to grow to approximately 300 billion dollars by 2025. The current market size of the sector is 220 billion dollars. The Minister was addressing the ‘Roundtable on Petrochemicals’ during India Chem 2024 in Delhi today.
Mr. Puri highlighted the vast potential of India’s petrochemical sector. With annual consumption between 25 and 30 million metric tonnes, India stands as Asia’s third-largest economy, exhibiting a per capita consumption significantly lower than developed nations. The minister said this gap presents ample opportunities for demand growth and investment.
As the sixth-largest chemicals producer globally and third in Asia, India exports chemicals to over 175 countries, accounting for 15 percent of its total exports.