Petrochemicals: The story ahead

Petrochemicals: The story ahead

8:03 AM, 13th July 2017
Editorial of Chemical Today magazine, July 2017

Editorial of Chemical Today magazine


Petrochemicals play a vital role in shouldering the growth of any economy by being the backbone to some of the crucial industries including agriculture, infrastructure, healthcare, textiles and consumer durables. The exuberant growth of the Indian economy cannot be spoken without mentioning the role that petrochemical industry has and is expected to play in this journey.

The petrochemical industry has its own growth story to tell. This industry contributes about 30 percent to India's chemical industry which is likely to become $250 billion by 2020. In this journey, the petrochemicals industry itself is expected to reach $100 billion by 2020 growing at a compounded annual growth rate (CAGR) of about 14 percent, according to a study by the ASSOCHAM.

With the rise in buying capacity, the demand for petrochemical is also on a roll. Petrochemical products cover the entire spectrum of daily use items ranging from clothing, housing, construction, furniture, automobiles, household items, toys, agriculture, horticulture, irrigation, and packaging to medical appliances. This has given polymers the much-needed impetus in the country. While on one hand, the per capita consumption of polymer has reached its saturation level in US, India is expected to maintain high economic growth propelling India’s polymer consumption.

Further, considering petrochemical and oil & gas processes, the digital solutions implementation by the industry has suggested a low index (market industry studies) for the Industrial Internet Of Things (IIOT). One of the reasons for low adoption has been the lack of successful business cases. The other most important issue which is a top priority for the industry is managing cybersecurity. These issues continue to be a concern for the process industries.

As we focus on the petrochemical and oil & gas sectors for this month, we touch upon the various trends and market dynamics in the country.

Also as one of the landmark moves in India, the Goods and Services Tax (GST) came into effect on 1 July and the industry is busy preparing for one of the biggest tax overhauls in history. In the long term, the GST is said to bring good news for the chemical industry. The effects of the implementation are something that the industry will wait and see how it pans out.

To connect and to give us a bouquet or brickbats, write to editorial@worldofchemicals.com


By Shivani Mody, 

Editor In Chief.


© Chemical Today Magazine

See the Editorial in Chemical Today magazine

https://www.worldofchemicals.com/digitalissue/chemical-today-july-2017/21

View the magazine on Mobile, download the Chemical Today magazine app

http://bit.ly/21W5H0z

http://apple.co/1ZwID77

0 Comments

Login

Your Comments (Up to 2000 characters)
Please respect our community and the integrity of its participants. WOC reserves the right to moderate and approve your comment.

Related News


DSM launches new range of baking enzymes

DELFT, NETHERLANDS: Royal DSM has launched a new range of baking enzymes that enable bakeries and bread-makers to deliver a better eating ex ...

Read more
Braskem selects Linde for new polypropylene production line

LA PORTE/ PHILADELPHIA US: Braskem (BAK) said that it has selected The Linde Group, as the lead engineering, procurement, and construction (EPC) contr ...

Read more
Enterprise, Navigator Gas to develop ethylene marine export terminal

HOUSTON, US/ LONDON, UK: Enterprise Products Partners LP (EPD) and Navigator Holdings Ltd (NVGS) announced the execution of a letter of intent to join ...

Read more
Praxair starts up new air separation plant at Samsung's Tangjeong site

DANBURY, US: Praxair Inc (PX) announced the start-up of a new air separation plant, to supply 700 tonnes per day of nitrogen to Samsung’s displa ...

Read more
Shell sells upstream interests in Ireland for $1.23 billion

THE HAGUE, NETHERLANDS: Royal Dutch Shell plc (Shell) said that it has agreed to sell its shares in Shell E&P Ireland Limited, that holds 45 perce ...

Read more
Sumitomo Chemical, Bayer to collaborate on new fungicidal mixtures

OSAKA, JAPAN/ LEVERKUSEN, GERMANY: Sumitomo Chemical Co Ltd and Bayer AG have reached an agreement on the development of fungicidal mixture products a ...

Read more
www.worldofchemicals.com uses cookies to ensure that we give you the best experience on our website. By using this site, you agree to our Privacy Policy and our Terms of Use. X