New Delhi: India is gearing up to emerge as a major player in the global petrochemical landscape, a move analysts say could further tilt the supply balance in Asia’s already crowded market. As per the recent report by S&P Global Ratings, the country’s large-scale capacity expansion mirrors what China did earlier in its formative years. The strategy was followed by China earlier to achieve self-reliance in key chemical products used in everyday goods such as plastics, packaging materials, and automobile components

“India’s capacity additions in petrochemicals, which follow those of China, will intensify competition within the Asian industry over the coming years,” said Ker Liang Chan, credit analyst at S&P Global Ratings.

The report titled “First China, Now India: Self-Sufficiency Goals

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