India’s chemical industry is usually regarded as a catalyst for economic growth and is a crucial enabler driving other sectors like textiles, pharmaceuticals, cosmetics, paints, etc.
India is the sixth-largest producer of chemicals globally. However, the country ranks 14th in chemical exports, excluding pharmaceuticals, contributing merely 2.5% to global chemical sales.
Fortunately, the picture appears to be changing. In FY22, India clocked $24.3Bn in chemical exports, the highest since FY15, and witnessed 39% Y-o-Y growth in value and a 14% Y-o-Y growth in volume.
Recent studies suggest the global specialty chemicals market is expected to witness a CAGR of 5.1% from 2023 to 2030, with the Indian exports of specialty chemicals likely to scale 10 times.
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