Indian oil executives - Indian petrochemical demand in 2040 may reach 80 million tons

An executive at India's largest refiner, the Indian Oil Corporation, said India's annual petrochemical consumption would nearly triple to 80 million tonnes
by 2040.
This will force the country to either increase petrochemical imports or invest in new petrochemical production facilities
.

A.
A.
Smith, Executive Director of Petrochemicals Business of Indian Oil Corporation S.
Sahney said India's population growth, social development and economic expansion will increase the demand for
petrochemicals.
These developments in India are also driving the increased demand for petrochemicals in the country
.

As the third largest economy in Asia, India currently consumes 25 million ~ 30 million tons of petrochemical products
every year.
Per capita consumption of petrochemicals in India is about 1/3
of the global average.
Traditionally, Indian refiners have focused on maximizing gasoline and diesel production
.
Currently, Indian refiners are investing $1 billion to boost petrochemical capacity to hedge against slowing long-term demand growth for conventional fuels and move India out of its status as
a net importer of petrochemicals, Sahney said.