India To Emerge As Next Petrochemicals Powerhouse With $37 Billion Capex Push: S&P

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India is poised to become the next major player in the global petrochemicals industry, backed by a planned capital expenditure of USD 37 billion aimed at boosting self-sufficiency, S&P Global Ratings said in a new report.

The report, 'First China, Now India: Self-Sufficiency Goals Will Add To Petrochemicals Supply', warns that India's aggressive capacity expansion - following similar moves by China - will intensify oversupply pressures in Asia's petrochemical sector.

India, the world's third-largest petrochemical consumer after China and the US, has historically relied on imports to meet domestic demand. But a shift toward self-sufficiency is unde