India needs to significantly expand its petrochemical production to meet future demand and reduce reliance on China, according to Vikram Sampat, Senior VP at Reliance Industries. Speaking at an industry conference, he warned that China is rapidly taking over the global petrochemical market.
While some Chinese refiners convert 40–50% of their output to petrochemicals, India averages just 20%. With domestic fuel demand expected to peak in the coming years, Sampat said Indian refiners must shift focus to petrochemicals to maintain profitability.
He projected that 30–50% of gasoline and up to 70% of diesel yields could be redirected for petrochemical use. India’s economy is growing rapidly, and rising consumption will drive the need for greater self-reliance in chemicals.
“If we don’t act now, China will continue to dominate,” Sampat cautioned.
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