Million metric ton per annum (MMTPA) for the Indian petrochemicals market is likely to grow at 7-8% annually until 2030. Today, per capita consumption of polymers in India is 11 Kg while global average is 30-35 Kg and western countries at ~50Kg. This indicates significant headroom for India domestically. Moreover, India currently imports 5 - 6 MMTPA of petrochemicals. This will grow with domestic demand growth, suggesting significant potential for import substitution - expansion can help narrow the gap. Indeed, multiple new capacities have announced by existing (e.g., BPCL, HMEL) and upcoming players (e.g., HPCL, Adani-BASF, Nayara). Consolidation, on the other hand, should help improve economics.Downstream integration can help boost profitability for refiners. India is not the most competitive producer of petrochemicals but also is not the highest cost producer. Indian players can leverage this position along with large and growing domestic demand and deficit to grow their business. Further, Indian players should focus on C4 and C6 (Aromatics) chains where differential with global players is much lower due to naphtha being key feedstock for India.