The global Chemicals & Petrochemicals market is projected to grow from US $4.6 trillion in 2021 to US $6 trillion by 2028 whereas India’s chemicals industry, currently valued at US $220 billion, has the potential to grow to US $304 billion by 2025 and reach US $1 trillion by 2040. The Indian chemicals and petrochemicals industry has to play a key role if India needs to achieve its ambitious US $5 trillion economy goal by 2025 and US $10 trillion goal by 2030.

In order to achieve the US $304 billion goal by 2025, the Indian chemical industry needs to tap attractive business opportunities in all segments of chemicals and petrochemicals in a big way. The chemicals and petrochemicals sector would require an investment of US $100 billion in the next ten years, skilled and competent manpower, proactive policies, strong regulatory framework and trade agreements, incentives, and sustainable growth to propel India into the league of preferred manufacturing destinations globally. Sustainable growth requires an integrated and 360-degree approach and it includes both environmental concerns and economic development.

The chemicals and petrochemicals industry plays a vital role in tackling major societal challenges such as climate change, global food supply shortages, and how we deal with plastic waste. Decarbonising the chemicals and petrochemicals industry and upping its sustainability quotient is one massive challenge ahead as the industry marches towards the promise of net-zero carbon footprint.

Sustainable growth would require a comprehensive approach in order to address both environmental concerns as well as industrial and economic growth and development. Carbon neutrality, green and alternative energy sources like hydrogen, bio-based energy, EVs, circular economy are new buzzwords. Incremental adoption of technology and digitalization will play a significant role in reducing pollution and enhancing the implementation of global best sustainable practices.