India: Haldia Petrochemicals Ltd (HPL) will invest over Rs. 28,700 crore (USD 4 bn) in setting up a mega petrochemical complex in Odisha, the state government dubbing the proposal as India’s largest domestic investment plan. The refinery will be set up near Subarnarekha Port in Balasore district. The port being built by Tata Steel in association with the state government. The HPL unit is planned to produce 1.6 million tonnes per annum (mtpa) of paraxylene and 2.5 mtpa of purified terepthalic acid (PTA), and light naphtha and petrol. This setting up the PTA unit will trigger investment in petrochemicals products and will catalyse growth of further downstream processing units along the value chain, driving economic growth in the region.
According to BlueWeave Consulting, Rising demand from several end-use industries as well as rising governmental support in emerging economies will contribute the major demand of petrochemicals products. In addition, shift towards the use of bio based chemicals is expected to hold the growth of global petrochemicals industry. Petrochemicals are vital resources for various industries like in automobile industry as Interior components and tires, in construction industry as Insulation materials, IT and household appliances as Computer, radio and television components and Health care Precision instruments and hospital equipment. Moreover, Petrochemicals a source of energy for domestic, industrial, transport sectors and as feedstock for fertilizers, synthetic fibers, synthetic rubbers, polymers, intermediates, explosives, agrochemicals, dyes, and paints etc. Oil is one of the most important petrochemical products since it is the main constituent of petrochemicals. Additionally, petrochemicals have many advantages for producing many everyday products like Synthetic, Wax, detergents, food-additives, dyes and plastic bottles.
According to BlueWeave Consulting‘s upcoming report, Titled-“ India Petrochemical Market, By Product Type (Ethylene, Propylene, Butadiene, Benzene, Xylene, Toluene, Vinyls, Styrene, Methanol)By Region, Size and Forecast 2018- 2025”-India Petrochemicals market is expected to grow with a significant rate in forecast period, 2018-2025 owing to its high demand as source in automotive, textile, construction, industrial, medical, pharmaceuticals, electronics and consumer goods industries. Moreover, Petrochemical such as ethylene, styrene, and butadiene have registered considerable amount of usage in rubber, plastics, and solvents production and huge development of the transport and electrical sectors are expected to give additional drive the India Petrochemical market over forecast period.