Chemical industry operators are shifting their focus to specialty chemicals in an effort to increase margins in light of the current slowdown in the chemical sector. According to recent industry data, the chemical industry as a whole has experienced negative growth over the last three quarters. In contrast, the specialized chemicals industry has experienced expansion and performed admirably.
According to insiders in the business, even if the specialized chemical sector has tremendous growth potential, it must address issues with infrastructure, R&D, and long-term policymaking if it is to compete on the global stage.
Bulk chemicals, specialty chemicals, agrochemicals, petrochemicals, polymers, and fertilizers are some main categories under which the Indian chemical sector can be divided. More than 80,000 commercial products are covered. The specialized chemicals market in India accounts for 22% of the country’s overall chemicals and petrochemicals market, according to data compiled by the India Brand Equity Foundation, a trust formed by the Ministry of Commerce and Industry.
According to a recent CRISIL analysis, India’s specialty chemicals market would expand more quickly than China’s, boosting its market share from 3-4% in fiscal 2021 to 6% by 2026. The production of chemicals ranks India third in Asia and sixth overall in the globe, contributing 7% to the country’s GDP. The chemical industry in India is expected to increase from $ 220 billion in 2022 to $ 300 billion in 2025 and $ 1 trillion in 2040.
