India’s growth story will remain incomplete without the mention of petrochemicals which play a significant role in the economy. With the growth in the industry and new joint ventures taking place, the industry is set to take the global demand in its stride.
Petrochemical industry is the backbone to some of the crucial industries which include agriculture, healthcare, textiles, and infrastructure and consumer durables.
India is the sixth largest manufacturing industry in the world and it has grown fasted in 2015-16 than earlier. Petrochemical has its own story to tell in the growth story of the Indian economy. The petrochemical industry contributes about 30 percent of raw material to the chemical industry which is expected to reach $250 billion by 2020. The petrochemical industry itself is expected to reach $100 billion by 2020 at a CAGR of 14%. The main focus of the industry is to plan capacity addition and meet the domestic as well as export demand. When the three major public sector oil companies, Bharat Petroleum Corp Ltd, Hindustan Petroleum Corp. Ltd and Indian Oil Corp Ltd joined hands in June, it led to one of the world’s largest integrated refinery complex in Maharashtra. The refinery complex will be built at a cost of $40 billion and will be commissioned by 2022. It is designed to produce Euro-VI and above grade fuels for transportation and will have an in built flexibility for processing heavy crude oil with blending techniques. The government has also finalised a 55 million tonne refinery expansion at the existing refineries and a new unit planned at Barmer, Rajasthan.
The major products of the petrochemical industry are crude oil and its derivatives. The derivatives of crude oil include:
I. a. naphtha or gas cracker plants produce ethylene, propylene etc. b. Aromatic complexes to produce: Benzene, Toluene and xylene.
II. a. Polymers, styrene etc.
b. Synthetic fibre
c. Elastomers like butyl rubber, SBR, PBR etc.
d. Surfactant intermediates
e. Other petrochemicals like solvents etc.
III. Synthetic fibres.
IV. Polymers & plastic materials etc.
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