APIC ’23: India to see wave of new capacities through to 2030 – CPMA chief

NEW DELHI (ICIS)–India will see a wave of new petrochemical production capacities through to 2030 as it seeks to meet growing domestic demand amid strong economic growth, the president of India’s Chemicals & Petrochemicals Manufacturers’ Association (CPMA) said on 19 May.

In 2023, India added 1.25m tonnes/year of new polyethylene (PE) capacity and 0.5m tonnes/year of polypropylene (PP) capacity, Kamal Nanavaty told delegates of the Asia Petrochemical Industry Conference (APIC) in New Delhi, India.

Another 1m tonnes/year of new PE and PP capacities will be added in 2024, he said.

“By 2030, India is expected to add 7m tonnes/year of polyethylene (PE), 4.5m tonnes/year of polypropylene (PP) and 2.5m tonnes/year of polyvinyl chloride (PVC) capacities,” Nanavaty said.

India’s economic growth is expected to hit 7% this year, he said, adding that the country’s exports of merchandise and services is “on course to touch $1tr soon”.

“The COVID-19 pandemic kept us away in 2020, 2021 and 2022. It is indeed a welcome relief to see that, hopefully, the pandemic is history and we march towards a steady economic growth,” Nanavaty said.

CIRCULAR ECONOMY KEY TO GROWTH
The petrochemicals industry will need to press on with sustainable solutions to production and distribution processes, said Nanavaty, who is also president of strategy development in India’s Reliance Industries.

This is to satisfy increased societal awareness about the need to avert any permanent damage to the planet, he added.

“Today, India recycles over 90% of the polyethylene terephthalate (PET) bottles produced in the country into value-added articles,” Nanavaty said.

The APIC runs from 18-19 May and the conference’s theme is Ushering in a Sustainable Future.

Focus article by Nurluqman Suratman