Indian Chemical Industry


 Chemical IndustryINDIAN CHEMICAL INDUSTRY AT A GLANCE IN 2022 - 2023  Chemical Industry

India is the sixth-largest producer of chemicals in the world and the third in Asia. India ranks fourteenth position in the export of chemicals globally. India is the fourth-largest producer of agrochemicals after the United States, Japan and China. India accounts for 16-18% of the world production of dyestuffs and dye intermediates. Indian colorants industry has emerged as a key player with a global market share of about 15%.  The Indian Chemical Industry contributes 7% to India’s GDP.

India’s chemical industry is extremely diversified and can be broadly classified into bulk chemicals, specialty chemicals, agrochemicals, petrochemicals, polymers, and fertilisers. Indian manufactures about 80,000 chemicals.

2022-2023 Indian Chemical Industry
Market Size

The domestic chemicals sector's small and medium industries showcased 18-23% revenue growth in the current financial year. Domestic demand of chemicals is expected to rise from US$ 170 billion-US$ 180 billion in 2021 to US$ 850 billion-US$ 1,000 billion by 2040. The demand for chemicals is expected to expand by 9% per annum by 2025. The chemical industry is expected to contribute US$ 383 billion to India’s GDP by 2030.

Industry Investments

FDI inflows in the chemicals sector in India reached US$ 20.96 billion by December 2022. An investment of Rs. 8 lakh crore (US$ 107.38 billion) is estimated in the Indian chemicals and petrochemicals sector by 2025. Under the Union Budget 2023-24, the government allocated Rs. 173.45 crore (US$ 20.93 million) to the Department of Chemicals and Petrochemicals.

Indian Specialty Chemicals

The specialty chemicals constitute 22% of the total chemicals and petrochemicals market in India. The demand for specialty chemicals is rose at a 12% CAGR till 2022. The specialty chemicals market in India would grow faster, increasing its market share to 6% by 2026 from 3-4% in fiscal 2021. A shift in the global supply chain brought on by the China’s strategy and an increase in domestic end-user demand will fuel significant revenue growth of 18–20% in the current financial year.

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