With the growing challenges like environmental sustainability, climate change and trade flow restrictions and trade wars, the Indian Chemical Industry is bringing in meaningful solutions in order to address these multifaceted challenges. Indian Chemical Council, the apex national body dedicated for the growth and development of chemical industry, outlined vision 2025 for the chemical industry. The key trends identified were digitalisation, global mergers and acquisitions, and focus on downstream speciality chemicals.
The chemical industry is an industry-of-industries with a combined turnover of USD 160 billion growing at 100 basis points faster than India’s GDP, making it an important sector to propel the growth of the nation’s economy. Being one of the most diversified industries, the chemical industry in India covers more than 80,000 commercial products and is expected to double its size at USD 300 billion by 2025.
Speaking at the conference, Vijay Sankar, President, Indian Chemical Council, said, “The use of chemicals in our modern life is indispensable, now more than ever, with most modern industries being deeply dependent on the chemical industry, ranging from soaps to automobiles. It is one of the most diversified industries, and India has observed high growth in the past decade while holding substantial potential for future growth as well.”
He adds, “Sustainability and safety are the key focus areas ICC has been advocating through its ‘nicer globe and responsible care’ initiatives. It is now imperative to create a new ecosystem for the Indian chemical industry moving closer to customer needs with collaboration and convergence as the new mantra of growth.”