Indian Chemical News is organising a panel discussion on “Future of Petrochemicals” during ‘NextGen Chemicals & Petrochemicals Summit 2024’ on July 11, 2024.

The 4th Edition of NextGen Chemicals & Petrochemicals Summit 2024 will be held on July 11-12, 2024 at the Novotel Mumbai International Airport, Mumbai. The theme of this year’s Summit-cum-Conference is "Transforming India into a Global Manufacturing Hub.”

Please register for the Summit by clicking on the link (https://www.indianchemicalnews.com/nextgen-chemical-and-petrochemical-summit-2024/register.php).

Speakers for the Future of Petrochemicals during the 4th Edition of NextGen Chemicals & Petrochemicals Summit, organised by Indian Chemical News, India's No. 1 news portal on Chemical, Petrochemical and Energy, are: Dr. Partha P. Maitra, President - Strategy & Initiatives, RIL; P. V. Ravitej, Executive Director, BPCL; Saugata Chaudhuri, Head – Petrochemicals, HPCL; Sanjay Kumar Papneja, Chief General Manager - Petrochemical Projects, IOCL; and Bimlesh Gupta, CGM - Technical Services, NRL. The moderator of the session is Udeep Agarwal, Principal, Kearney.

Points to be covered during Future of Petrochemicals session are: Growing domestic demand; Expansion of production capacities; Focus on value-added products; Making net zero petrochemicals; Bio-based petrochemicals; Recycling of existing plastics; Oil to Chemicals (O2C); and Making petrochemicals which does not make waste. 

The petrochemicals industry in India plays a pivotal role in the country's economy, serving as a critical link in the manufacturing value chain and contributing significantly to industrial growth and employment generation. The domestic demand presents a compelling opportunity for industry stakeholders to expand production capacities, enhance product portfolios and cater to diverse market segments.

The Indian petrochemicals industry is currently among the fastest-growing in the world with a market size of around US$ 40 billion. The sector is projected to grow at about 11 per cent per annum to reach US$ 100 billion in 2027, and will continue to grow at a similar rate to reach US$ 350 - $370 billion in 2040, as per a report by McKinsey & Company.

Given its significant import dependence, India could potentially need more than 15 world-scale petrochemicals assets by 2035 to meet domestic demand. Presently, there are 11 Naphtha or dual feed cracker complexes in operation with combined Ethylene capacity of about 7.05 million tonnes per annum. In addition, there are six aromatic complexes in operation with a combined Xylene capacity of about 5.5 million tonnes. Demand for plastics in India is expected to reach from 24 million tonnes by FY 2022-23 to 35 million tonnes by FY 2027-28.

The global petrochemical capacity is predicted to increase from over 2,200 mtpa in 2020 to more than 3,100 mtpa by 2030, registering a total growth of 40%. For 'planned and announced' capacity addition, at over 158 mtpa, India is expected to account for 20% of the global petrochemicals capacity additions and almost 33% of Asian capacity, forecasts GlobalData.

So, what would it take for the Indian petrochemicals industry and the stakeholders to successfully ride the petrochemicals wave in positioning India as a major global hub in this sector and also for NextGen petrochemical products?

Leveraged adequately, the petrochemicals sector has the potential to alter India's manufacturing and industrial landscape across every possible industry, from agriculture, healthcare, textiles, automobiles, FMCG, infrastructure and consumer durables.

The Summit is supported by DCM Shriram Chemicals as principal partner, Somaiya Vidyavihar University as academia partner, Cadmatic as platinum partner and Andhra Pradesh Economic Development Board (APEDB), Govt. of Andhra Pradesh as state partner. 

Gold partners for NextGen Chemicals & Petrochemicals are: Epsilon Carbon, Forbes Marshall, Gharda Chemicals, Indofil Industries, Ingenero, IPCO, Jaaji Technologies, Moglix, PIP, Port of Antwerp - Bruges, RIECO and Re Sustainability. Associate Partners are: HPCL and Nuberg EPC. Supporting partners are: Aarayaa Advisory Services, Archroma, India Glycols and Tata Steel Special Economic Zone and industry association partners are: ACFI, AMAI, CropLife India, Gujarat Chemical Association and PMFAI.