Mumbai, Oct 24 (IANS) The chemicals and petrochemicals sector needs to grow from its current market size of about $220 billion to about $1 trillion by 2040, and further to around $1.6 trillion by 2047, Union Minister JP Nadda said on Saturday. 

The Chemical and Petrochemical industry is a sunrise sector, and it has huge potential to grow and contribute towards economic development, said Nadda, adding that for the country to achieve the ambition of Viksit Bharat by 2047, this sector has to play an indispensable role.

He was speaking at the three-day ‘India Chem-2026’ which concluded in Mumbai.

Japan, with whom India shares a robust trade relationship, particularly in the chemical and petrochemical sector, was the partner country for the event.

The CEOs Forum, presided by Nadda, focused on strengthening industry, competitiveness and advancing India’s ambition to emerge as a globally competitive chemicals and petrochemical hub.

Industry leaders from across the globe discussed the opportunities and challenges of the Indian chemical industry.

During the brainstorming sessions under India-Japan, India-US and India-EU Chemicals and Petrochemicals Forum, representatives and industry leaders explored opportunities for deeper collaboration in trade, investment and technology related to sector, according to an official statement.

The event witnessed international participation from number of countries including Japan, the US, Canada, the UK, countries across the European Union, Latin America, Republic of Korea and ASEAN nations, with a footfall over more than 5,000 visitors across three days.

The event, organised jointly by the Department of Chemicals and Petrochemicals and FICCI, provided a platform for brainstorming discussions amongst industry leaders and Government representatives on specific topics of relevance to the sector, facilitating dialogue on investment prospects, regulatory frameworks, and strategic challenges.

Held under the theme “Advantage Bharat : An Emerging Global Chemicals Hub,” the event witnessed several roundtables like Specialty Chemicals, Infrastructure for Chemicals and Petrochemicals, Agrochemicals, Environment Issues, Plant Machinery, Pumps and Valves which are contemporary challenges for the rapid growth of the sector.

--IANS