ABSTRACT
The petrochemical industry plays a crucial role in development and growth of an economy. Petrochemicals constitute a very important segment of world chemicals market, with a share of nearly 40%. Petrochemicals products are the building blocks of many industries including polymers, synthetic rubber, synthetic fibres, fibre intermediates, and basic chemicals. The investment requirement in this sector is huge, often running into millions of rupees. The Indian domestic petrochemical market is dominated by Polyolefins (Polyethylene and Polypropylene), which make up 73% of the commodity resins consumed in 2015–16. The future prospects for this industry depend on the upgrading in this sector. As the oil-producing countries of the Gulf integrate production downwards, they are likely to offer stiff competition to players in India.
