India is set to emerge as a major player in the petrochemicals industry, according to a fresh report by S&P Global Ratings. The rating agency's report is titled 'First China, Now India: Self-Sufficiency Goals Will Add To Petrochemicals Supply.' It says that India's aggressive capacity expansion, coming hot on the heels of similar moves by China, will intensify oversupply pressures in Asia's petrochemical industry. India has long relied on petrochemical imports to meet domestic demand but is now shifting towards greater production at home, with S&P expecting the country to contribute a third of global capacity additions by 2030.

S&P expects major shakeup in coming years

According to the report, overcapacity in Asia-Pacific petrochemicals is unlikely to stop India from moving forward with

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