The chemical industry is India’s industrial and agricultural development’s mainstay. The industry has witnessed a rapid rate of growth of 14% in the past 5 years. A majority of this growth comes from the petrochemicals segment that makes for 8-9% of the growth. Increase in disposable incomes, expansion of urbanisation, and a subsequent increase in the number of chemical companies in India have generated substantial growth in the chemical industry.
This is a knowledge, and capital-intensive sector for the growth of which highly ambitious targets have been set. These targets require a combination of policy intervention, company-level initiatives, industry-academic partnerships, wise investments, and greater international access to be fulfilled.
The role of the chemical industry as the key enabler of economic growth is well-established worldwide. Products ranging from the ubiquitous mobile phone, solar panels producing pollution-free energy, to LED lights offering efficient lighting — are all made possible by this crucial industry.
In India, the chemical industry occupies a pivotal position in meeting basic needs and improving the quality of life as well. It makes the building blocks for downstream industries like textile, paper, paints, soap, detergent, and pharmaceuticals, among others. Although we are still lagging in the area of conventional hydrocarbons, we have a well-established refining industry that provides several basic chemical industry feedstocks.
We are among the fastest growing economies in the world. The chemical industry is of immense importance to the growth of our economy. Its major sub-sectors and their growth potential, along with technology and policy measures are needed to drive sustainable growth.
Some of the most reputed and renowned chemical companies that lead globally in fine and specialty chemicals are from India. They comprise about 30%-80% of the total global capacity. We are at the 17th rank of chemicals in the world and hold rank 7 for imports of chemicals.
The chemical industry in India can provide high-quality products to the world market owing to the many efficient and top-rated manufacturing bases that create these products
Specialty chemicals are typically customized offerings, based on an in-depth understanding of the needs and problems of customers. The Indian specialty chemicals market is still in its infancy. The specialty chemicals business enjoys better margins than commodity chemicals. This varies upon a number of factors like the nature of the specialty, competition, technological complexity, and timing.Thermax’s chemical business manufactures and markets such specialty chemicals from a wide range that aid in improving processes and product performance for industries belonging to a broad spectrum. Learn more about Asia’s leading and most preferred manufacturer for chemical companies in India by visiting https://www.thermaxglobal.com/.