Petrochemicals play an important role in the global economy. It’s play an important role in our lives, even if we are unaware of them. So, Petrochemicals are very much part of our everyday lives – carpets to decorate our homes, plastic bottles, clothing, fertilizers used for growing crops, tires, paints, pharmaceuticals, cosmetics, etc., all contain some type of petrochemical. However, connect Petromart, the top Petrochemicals company in India.
Top Petrochemicals Company in India
It is compose of hydrocarbons that are produce by the downstream processing of crude oil and natural gas. Numerous industries use it, including agriculture, automotive, construction, plastic, packaging, and personal care. In volume terms, India’s petrochemical market account for 42.50 Mn Tons in 2022 and is expect to reach 49.62 Mn Tons by 2025. Between FY 2021 and FY 2025, it will grow at a compound annual growth rate of *6.14%.
What is Petrochemical
Petrochemicals have been one of India’s fastest-growing industries. India has experienced enviable growth in its petrochemical industry since its inception. Furthermore, this industry contributes significantly to the economy of the country and the growth and development of the manufacturing industry. Construction, packaging, pharmaceuticals, agriculture, textiles, and other manufacturing industries depend on it.
Petrochemicals in India are a highly concentrate and oligopolistic industry and, a few days ago, there were only four major players in the industry, viz. Gas Authority of India Ltd. (GAIL), Reliance Industries Ltd (RIL), and Haldia Petrochemicals Ltd. (HPL) dominated the industry to a large extent. As a result of IPCL’s merger with RIL, the industry has become even more concentrated, as they jointly control roughly 70% of the nation’s petrochemical capacity. The situation is somewhat different for the downstream petrochemical sector, which is highly fragment, with over 40 companies operating on the market. India’s petrochemical market ranked 42.50 Mn Tons in volume and is expected to reach 49.62 Mn Tons by 2025. Between FY 2021 and FY 2025, the industry is expected to thrive at a compound annual growth rate (CAGR) of *6.14%.
Petrochemicals in India are cyclical. Feedstock prices and sulky demand are dominant factors in this industry, not only in India but also globally. Petrochemical products are consume at one of the lowest rates in the world per capita in India. India consumes only 1.4 kg of polyester per capita compared to China’s 6.6 kg and the global average of 3.3 kg. Similarly, India consumes 4 kg of polymers per capita, while the average per capita consumption for the entire world is around 20 kg.
India’s Petrochemical Industry
It embodies Petromart’s top Petrochemicals company in India new aspirations – to broaden its horizons, conquer new heights, and infuse new-age dynamism into its workforce. It is a matrix of six cornerstones that together facilitate the Corporation’s efforts to become ‘The Energy of India’ and ‘A globally admired company’, which was adopted in the company’s Golden Jubilee year (2009). Moreover, the Vision is imbued with five core values: Care, Innovation, Passion, and Trust, which represent the corporate conscience and have helped the company succeed year after year.