4 Months agoChemicals to petrochemicals. Agro-chemicals to bio-industrial products. The industry is critical to India’s economy, sustaining a variety of downstream industries, from textiles to pharmaceuticals.
The Chemicals industry in India is an important contributor to the Indian economy sustaining a variety of downstream industries such as textiles and pharmaceuticals. The Indian chemicals industry with a market size of USD 145 billion is the seventh largest producer of chemicals worldwide and the third largest producer in Asia after China and Japan.
The industry consists of various segments such as chemicals, petrochemicals, agro-chemicals, specialty chemicals, colourant chemicals, bio- pharma, bio-agri, and bio-industrial products. Immense opportunities for growth exists in the fields of specialty chemicals, polymers and agro- chemicals industries as ‘Make in India’ initiative further facilitates growth and investment. Some facts from the field:
- Total production of the major chemicals including petrochemicals was 23.9 Million Tonnes (MT) during FY 2015-16 while production of polymers stood at around 9 MT.
- India is the third largest producer of agro chemicals globally.
- Specialty chemicals market has been growing at 14% over the last five years due to domestic consumption and the market size is expected to touch USD 70 billion by 2020.
- India produces around 16% of the world’s dyestuff and dye intermediates, particularly reactive acid and direct dyes
- The Indian colorant industry, valued at USD 6.8 billion, exports nearly 75% of its production.
- India exports around 50% of its agro-chemicals production.
- The share of chemical products in the overall exports for April-September 2016 stood at 12.07%. Exports of Chemical products was at INR 1,06,652.75 crore (Provisional) up by 2.86% in April-September 2016, as compared to INR 1,03,687.29 crore in April-September 2015.