Chemicals
The size of the Indian Chemical Industry is USD 108.4 Billion. It is the 6th largest in the world and 3rd largest in Asia. It accounts for ~3% of the global chemical industry. The total production of the sector during 2014-15 was approximately 21.2 MT. Its contribution to the economy’s GDP and manufacturing GDP stand at 2.11% and 15% respectively. During April-December 2015, the sector captured approx. 6.57% of the total FDI in India. It has generated employment for more than 5 million people.
It covers more than 80,000 commercial products and is the mainstay of industrial and agricultural development of the country, it also provides building blocks for several downstream industries, such as textiles, papers, paints, varnishes, soaps, detergents, pharmaceuticals, etc.
The sector has now moved from commodity based (sourcing of raw/refined chemicals) to need based (manufactured as per needs). The industry is collaborating with manufacturers to create value-based products.
India is an ideal destination for Chemical manufacturing. Development of strong Intellectual Property regime backed by R&D focus is picking up pace, development of infrastructure is being made to enable chemical and manufacturing industry – warehouses, waste management facilities, ports etc., Development of PCPIRs will mitigate the feedstock disadvantage. Currently, roughly 50% of the country’s demand for PVC is being met by imports. The current per capita consumption of chemicals is very low at 1/10th of global average. This is expected to increase in the coming decade with India’s expanding middle class creating an unparalleled end-user market.
It covers more than 80,000 commercial products and is the mainstay of industrial and agricultural development of the country, it also provides building blocks for several downstream industries, such as textiles, papers, paints, varnishes, soaps, detergents, pharmaceuticals, etc.
The sector has now moved from commodity based (sourcing of raw/refined chemicals) to need based (manufactured as per needs). The industry is collaborating with manufacturers to create value-based products.
India is an ideal destination for Chemical manufacturing. Development of strong Intellectual Property regime backed by R&D focus is picking up pace, development of infrastructure is being made to enable chemical and manufacturing industry – warehouses, waste management facilities, ports etc., Development of PCPIRs will mitigate the feedstock disadvantage. Currently, roughly 50% of the country’s demand for PVC is being met by imports. The current per capita consumption of chemicals is very low at 1/10th of global average. This is expected to increase in the coming decade with India’s expanding middle class creating an unparalleled end-user market.
No comments:
Post a Comment