India’s petrochemicals demand is expected to jump ten times by 2050, the president of India’s Chemicals and Petrochemicals Manufacturers’ Association (CPMA) said at the CPMA – Argus Petrochemical Online Forum on Wednesday. According to CPMA president Kamal Nanavaty, India’s demand for petrochemical products will double every nine years at an annual growth rate of 8 percent. The country’s demand for petrochemicals has been growing faster than the economy in recent years, and will rise more than GDP this year, too, Nanavaty said at the CPMA – Argus forum. Indian petrochemical manufacturers could benefit from the surge in demand by co-locating petrochemical production facilities together with refineries, the Indian executive said. The petrochemical-refinery clusters would allow petrochemical producers to cut capital expenditure (capex) by up to 30 percent and operating costs by up to 20 percent. After a COVID-induced slump, India’s petrochemical demand is expected to return to pre-pandemic levels […]