New Delhi, Oct. 4 -- India is set to become the next major force in the petrochemicals industry, a move that could intensify supply imbalances already troubling Asia, according to a press release citing recent reports by S&P Global Ratings.

The research points out that India's plans to expand its petrochemical production mirror the earlier steps taken by China, which is already reshaping the global market. This shift comes as both countries, with China being the world's largest consumer and India the third, look to reduce their dependence on imports for essential chemicals used in everyday products such as plastics, packaging, and auto components.

"India's capacity additions in petrochemicals, which follows those of China, will increase...