"The self-sufficiency goals of China and India exacerbate structural overcapacity in the industry, particularly amid a lacklustre recovery in global demand and ongoing trade tensions," S&P analyst Shawn Park said. India is set to emerge as a major player in the petrochemicals industry, according to a fresh report by S&P Global Ratings. The rating agency's report is titled 'First China, Now India: Self-Sufficiency Goals Will Add To Petrochemicals Supply.' India follows similar sectoral growth in ChinaThe S&P report projects India to overtake the United States as the world's second-largest consumer of polyethylene, which is one of the most widely-used petrochemicals. "The self-sufficiency goals of China and India exacerbate structural overcapacity in the industry, particularly amid a lacklustre recovery in global demand and ongoing trade tensions," S&P analyst Shawn Park said.