The NextGen Chemicals & Petrochemicals Summit 2024, held on July 11-12 in Mumbai, focused on the roadmap for the Indian chemical industry to achieve a market size of US$ 2 trillion by 2047. Experts at the summit emphasized the critical need for a circular economy in chemical waste management, highlighting the importance of minimizing waste and enhancing recycling efforts. Sachin D. Watarkar from Re Sustainability Limited pointed out that India is the third-largest plastic consumer, producing 50% of its consumption, yet only 9% of plastics produced from 1950 to 2015 have been recycled [5850284c].
The summit also addressed the challenges posed by plastic waste, with Jayesh K. Rambhia arguing that plastic waste in oceans constitutes less than 0.06% of total pollutants. This discussion underscored the necessity for innovative solutions and collaborative efforts among industry stakeholders to tackle environmental issues effectively [5850284c].
In addition to sustainability discussions, the summit highlighted the importance of government policies, manufacturing and R&D infrastructure, raw material availability, and skilled manpower. The panel discussions emphasized the need for special incentives to promote sustainable solutions and the use of hydrogen and CO2 as feedstock. Challenges in environmental assessment and discharge policies were also discussed, along with the importance of import substitution, domestic manufacturing, infrastructure development, collaboration, financial support, data analytics, and digital transformation in achieving the industry's goals [bf6b38aa].
The global chemical industry is currently valued at approximately $5 trillion, with India being the fifth-largest chemical producer. Over the past five years, India's chemical sector has experienced a strong compound annual growth rate (CAGR) of about 11.7%. This growth rate highlights the substantial growth opportunities and long-term returns that the Indian chemical industry offers to investors. The NextGen Chemicals & Petrochemicals Summit aims to explore these opportunities and discuss strategies to further boost the industry's growth [0824df99].
The summit was supported by various partners, including DCM Shriram Chemicals and Somaiya Vidyavihar University, and featured gold partners such as Epsilon Carbon, Forbes Marshall, Gharda Chemicals, Indofil Industries, Ingenero, IPCO, Jaaji Technologies, Moglix, PIP, and Port of Antwerp - Bruges [0824df99]. India aims to transform into a $2 trillion chemical economy by 2047, requiring significant investment, innovation, and collaboration. Experts emphasized the importance of cooperation among government, industry, and investors to achieve this ambitious goal. The chemical industry is considered hazardous but essential, and partnerships between industry, academia, and government are crucial for growth and the creation of Indian multinational companies. Private capital is available for chemical SMEs, and funding criteria include evaluating the founder's vision, leadership skills, and readiness to work with investors [fce76bc9].