Often referred to as the key source for the modern world’s economy, Chemical industry is the place where industrial chemicals are produced. Raw materials like oil, natural gas, water, air, metals and various minerals are being converted into approximately 70,000 different products at the Chemical industry.
As a sub-sectors, various professional divisions such as chemists, lab technicians and chemical engineers play a crucial role this revenue-generating mainstream platform, says business Astrologer and Astro strategist Hirav Shah
The Chemical industry in India
The chemical industry in India is extremely diversified and covers more than 80,000 commercial products such as fertilisers, polymers, petrochemicals, agrochemicals, speciality products.
Indian colourants industry has emerged as a key player with a global market share of approximately 15%. Coming to dyestuffs and dye intermediates, Indian’s contribution is close to 16% of the world’s mass chemical production.
In the scale sector, India’s proximity to the Middle East, the world’s source of petrochemicals is seeing significant growth. Different kinds of chemical products produced in India have good demand in the world market, says Hirav Shah.
Size of the Chemical industry market in India
As per the 2019 statistics, the Indian chemical industry stood at 178 billion doll
ars and is projected to reach 304 billion dollars target by 2025 with a growth in CACR of approximately 9.3%.
On the other hand, the demand for chemicals is going to expand by 9% per annum by the targeted year. Despite Covid lockdown effect, the production of key chemicals was 8,36,435 MT and petrochemicals was 17,26,502 MT, says official data released by the industry experts.
Out of total chemicals and petrochemicals market in India, the specialty chemicals constitute a share of 22% and the demand for these chemicals is expected to rise at 12% CAGR by 2022. Adding to it, the demand for petrochemicals is going to see a growth of 7.5% CAGR with a demand for polymers increasing by 8%.
The agrochemicals market is expected to witness 8% CAGR by 2022 and see revenue of approximately 4.7 billion dollars by 2025.
In October 2020, exports of organic and inorganic chemicals increased by 2% and reached close to 1,810 million dollars. In the petrochemicals sector, imports of petroleum and crude products registered decreased by 39%.
Progression and recent developments
In the month of November 2020, Hindustan Insecticides Limited ( HCL) signed a MOC with the department of Chemicals & PetroChemicals to achieve a revenue target of approximately 60 million dollars.
In the same month, Pidilite Industries bagged Huntsman Group’s Indian Subsidiary for ₹2,100 crores to strengthen adhesives and sealants portfolio.
Grasim Industries signed a definitive agreement with Lubrizol Advanced Materials to manufacture and supply chlorinated polyvinyl chloride and started up a plant in Gujarat.
Future of Chemical industry in India
Despite pandemic circumstances, the Indian chemical industry has witnessed numerous opportunities in 2020.
Considering the continuous failure in maintaining the Air-pollution measures in our neighbourhood country China will also create opportunities in specific segments in our country.
To experience the structural change in the domestic chemical industry, the future/new investments should focus on crude-to-chemicals complexes which help to increase the production of chemicals.
Considering the above-mentioned statistics, launching a new unit/product in the chemical industry will be a safe bet for the investors, who are new to this particular field. But before kick-starting the launch programme, consulting an Astrologer, who has good knowledge on the chemical industry statistics in India will be helpful in multiple ways like what is the appropriate time to launch the product and which place will be suitable to achieve quick results and many more revenue-generating methods, concludes business Astrologer and Astro strategist Hirav Shah.