India to emerge as next petrochemicals powerhouse with $37 bn capex push: S&P

New Delhi, Oct 2 (PTI) 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 underway, and S&P expects India to account for a third of global capacity additions by 2030.

S&P Global Ratings, in the rep