India’s Petrochemical Market is Likely to Surge to USD300 Billion in the year 2025: Plastindia 2022
22 July 2021: India exported Plastics Goods worth about US $ 9 billion during the Financial year 2020-21. On account of favorable market conditions and increasing demand from US, Europe and other countries. With further government support the Plastic Exports from the country during the current fiscal year 2021-22 are all set to grow 20-25 % to US $ 12 Billion .
To further boost the Petrochemical industry in the country and improve Exports of Plastics Goods and meet the growing domestic demand, a five day International Plastics Exhibition & Conference “Plastindia 2022” is being organized at the newly redeveloped Pragati Maidan from 17-21 February 2022.
“A triennial event, Plastindia Exhibition is one of the largest Plastics shows in the world and is being organized by Plastindia Foundation with the support of the Ministry of Chemicals & Fertilizers. It will showcase India as the global hub for sourcing of plastics raw materials, products, machinery, and technologies. The global expo is renowned for showcasing world class innovations from the Indian and international Plastics Industry” said Jigish Doshi, PlastIndia Foundation, President.
“During the ongoing Covid19 pandemic Plastic Industry has played a major role helping conquer the pandemic. The Plastic Industry ramped up the N95 mask making capacity of the country by an astounding 57 times between March-June 2020. Besides masks, Plastics have played a key role in PPE’s, food packaging, vaccination and covid safety goods. Plastics, as a material, and India as a producer both have come out as true warriors in this period and have played a pivotal role in this fight against COVID-19! This is something that the world acknowledges & respects.” Said Doshi
“The fantastic vision of our Honourable Prime Minister Shri Narendrabhai Modiji of “Make in India” and “Atmanirbhar Bharat” will be given major thrust through Plastindia Exhibitions and play major role in helping the country to make the dream of self-reliance come true “ said Doshi.
“With Projects worth USD 87 bln in the petrochemical sector under consideration for India, of which over 10 projects worth USD 17 bln scheduled to be completed by 2024, India would still need one new world scale cracker every year to meet the growing demand. India’s petrochemical market is likely to surge to USD 300 bln in 2025 from USD 178 bln in the year 2020.Till 2025 petrochemical industry will also provide additional direct employment of over One lakh and add 150 bps to the GDP of India” said Ajay Shah, Chairman, National Executive Council, Plastindia 2022
“Pragati Maidan is all set to host Plastindia 2022 in the all new state of the art exhibition and convention area as well as the existing old exhibition halls all set to be ready by the end of this year . The newly redeveloped Pragati Maidan will be the largest expo centre in India. Comprehensive traffic solutions have been worked out with signal free traffic flow on both Mathura and Bhairon road with flawless entry into Pragati Maidan” said L. C.Goyal, CMD, Indian Trade Promotion Organization (ITPO).