As per a McKinsey report titled “India: The next chemicals manufacturing hub," India is expected to grow by 7-10% during 2027-40, boosting its global market share by three times by 2040. Tap to check the growth drivers contributing to the Indian chemical industry.
At present, India consumes 70% of chemical production domestically, which is expected to increase by 20% in the next two decades.
A sustainable lifestyle has given rise to demand for eco-friendly products. And India is one of the leading producers of the chemicals required for sustainable products.
Govt. schemes, incentives and policy reforms like RoDTEP, PLI, and PCPIRs are contributing to the Indian chemical industry.
Indian chemical manufacturers and suppliers are effectively adapting to the changing global landscape to improve their efficiency and emerge as a trusted partner.
An ample skilled workforce and availability of natural resources help in bringing down the chemical manufacturing cost, which provides an advantage in the global market.