The business of chemicals, essential to our everyday lives is almost $4.73 trillion global industry today. Most of the growth in the sector in the past two decades has been driven by Asia, which owns half of the global chemical sales. Chemicals industry in India is highly diversified, incorporating production of nearly 80,000 commercial products. The industry is broadly classified into Bulk chemicals, Specialty chemicals, Agrochemicals, Petrochemicals, Polymers and Fertilizers.
The industry in India stands at a market size of $178 billion, ranks 11th in the World Exports of Chemicals (excluding pharmaceutical products) and 6th in the World Imports of Chemicals (excluding pharmaceutical products). The industry provides employment to more than 2 million. Indian Chemical Industry ranks at the 6th position in the world and 4th in Asia in terms of size. 100% FDI is allowed under the automatic route in the Chemical industry, except in the case of hazardous chemicals.
As India expands to become the third largest economy by 2030, its chemical sector will be a key enabler supporting diverse industries to meet the increasing demands of a growing economy and add to the growth momentum of the country. The Chemical and Petrochemical industry in India has a vision to make India a sustainable global manufacturing hub by giving high priority and importance to sustainable manufacturing and circular economy. Investment in sustainability and safety should not be undermined and should be on the top priority to witness growth in the industry.
The business of chemicals, essential to our everyday lives is almost $4.73 trillion global industry today. Most of the growth in the sector in the past two decades has been driven by Asia, which owns half of the global chemical sales. Chemicals industry in India is highly diversified, incorporating production of nearly 80,000 commercial products. The industry is broadly classified into Bulk chemicals, Specialty chemicals, Agrochemicals, Petrochemicals, Polymers and Fertilizers.
The industry in India stands at a market size of $178 billion, ranks 11th in the World Exports of ...