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India: The Next Chemicals Manufacturing Hub

• Aug 18, 2023, 15:00
• Manufacturing

India is the 6th largest producer of chemicals in the world and 3rd in Asia, contributing 7% to India’s GDP. The chemicals industry in India covers more than 80,000 commercial products. India accounts for 2.5% of the world’s global chemical sales, exporting to more than 175 countries. The industry is expected to reach US$ 304 billion by 2025 at a CAGR of 9.3%, driven by rising demand in the end-user segments for speciality chemicals and petrochemicals segment. Over the last few years, the Indian chemicals sector has outperformed all shareholder expectations, surpassing not only the entire equities market but even the majority of its upstream and downstream industries. India’s chemical sector is currently estimated to be worth US$ 220 billion in 2022 and is anticipated to grow to US$ 300 billion by 2025 and US$ 1 trillion by 2040. During the global pandemic, the chemical industry was one of the few sectors that not only survived but also grew by leaps and bounds.

The general global dynamics have prompted major multinational corporations to shift their focus to downstream chemical potential, resulting in a greater emphasis on petrochemicals and speciality chemicals in India to increase self-sufficiency. India's desirability as a manufacturing destination has grown as a result of competitive labour prices, the capacity to establish manufacturing units at a lower cost than in the developed countries, and recent adjustments to corporation tax rates that have moulded a more friendly ecosystem.

Chemical Industry in India

The chemical industry is a knowledge intensive as well as capital-intensive industry. It is an essential component of the expanding Indian industry. It covers basic chemicals and their derivatives, petrochemicals, fertilizers, paints, varnishes, gases, soaps, fragrances, toiletries, and pharmaceuticals. Over eighty thousand commercial goods are included in the chemical industry's extensive diversification. This industry plays a critical role in satisfying fundamental requirements and increasing quality of life. The industry is the country's mainstay of industrial and agricultural development, providing building blocks for a variety of downstream sectors such as textiles, papers, paints, varnishes, soaps, detergents, pharmaceuticals, etc.

Growth Factors

• Rising domestic consumption

Over the next two decades, India is predicted to account for more than 20% of the increase in world chemical consumption. Domestic demand and consumption are anticipated to increase, going from US$ 170-180 billion in 2021 to US$ 850-1000 billion in 2040.

• Changing consumer preferences

The growing global demand for bio-friendly products may help India, as it is a major producer of many chemicals used in such products.

• Shifting supply chains

Firms are attempting to make their supply chains more resilient in response to the shifting geopolitical landscape and the drive to diversify away from the old core manufacturing markets. India could be a desirable destination because of its great value proposition.

Production of Chemicals

• In February 2023, major chemical production was 874.30 million metric tonnes (MMT), while petrochemical production was 1,773.74 MMT.
• Soda Ash: 250.87 MMT
• Caustic Soda: 269.17 MMT
• Liquid Chlorine: 201.48 MMT
• Formaldehyde: 19.13 MMT
• Pesticides and Insecticides: 17.01 MMT
• From April 2022-March 2023, exports of organic (US$ 9.64 billion) & inorganic (US$ 2.17 billion) chemicals were estimated at US$ 17.19 billion.
• Imports of organic (US$ 18.3 billion) and inorganic (US$ 9.34 billion) chemicals totalled US$ 29.58 billion from April 2022 to March 2023. 
• From April 2022-December 2022, imports of petroleum, crude and products stood at US$ 163.78 billion.
• Exports of petroleum products are 73.63 billion during April-December 2022.
• From April-March 2022, the export of agro-chemical was US$ 5.37 billion, dyes were US$ 2.04 billion and the other dye intermediates were US$ 183.49 million.
• The import of agro-chemical was US$ 1.79 billion, dyes were US$ 0.31 billion and the other dye intermediates were US$ 1.22 billion during April-March 2023.
• India exports to more than 175 countries in 2022. The major export destinations are USA, China and new destinations viz. Turkey, Russia and Northeast Asian Countries (China, Hongkong, Japan, Korea RP, Taiwan, Macao, Mongolia)

Petroleum, Chemical and Petrochemical Investment Regions (PCPIRS)

Under the PCPIR Policy, 2007, four Petroleum, Chemical, and Petrochemical Investment Regions (PCPIRs) are being implemented in the states of Andhra Pradesh (Vishakhapatnam), Gujarat (Dahej), Odisha (Paradeep), and Tamil Nadu (Cuddalore and Nagapanam) to promote investment and industrial development in these sectors. The PCPIR policy is being extensively revamped. The new PCPIR Policy 2020-35 aims to attract a total investment of US$ 142 billion (Rs. 10 lakh crore) by 2025, US$ 213 billion (Rs. 15 lakh crore) by 2030, and US$ 284 billion (Rs. 20 lakh crore) by 2035 in all PCPIRs across the country. The PCPIRs are designed in a cluster strategy to boost the petroleum, chemical, and petrochemical sectors on a big scale in an integrated and environmentally beneficial manner. The four PCPIRs are estimated to create jobs for around 33.83 lakh people. Around 4.21 lakh people have been employed in direct and indirect PCPIR-related activities. The Petroleum, Chemicals, and Petrochemicals Investment Regions (PCPIR) initiative will also attract an estimated US$ 276.46 billion (Rs. 20 lakh crore) investment by 2035.

Opportunities In India’s Chemical Sector

With a net trade surplus, the Specialty category is the most important pillar of India's chemicals business. The Specialty Chemicals segment is expected to be a main driver of this growth. Net exports are predicted to more than tenfold by 2040, from roughly US$ 2 billion in 2021 to US$ 21 billion. Almost 80% of the segment's exports would originate from four sub-sectors: agrochemicals, dyes and pigments, cosmetics and personal care, and food additive chemicals. It has the potential to contribute more than ten times the present figure of US$ 2 billion. In total, 16 speciality chemicals sub-segments perform well in terms of cost competitiveness and market attractiveness. These are two of these sub-segments:

• Agrochemicals: Agrochemicals are currently a US$ 5.5 billion market in India, expanding at an 8.3% CAGR. By 2040, it is predicted to account for about 40% of India's total chemical exports and nearly 13% of the worldwide ag-chem industry. Indian agrochemical businesses have a significant cost advantage over their worldwide rivals, owing to low raw material and manpower costs.
• Food and Feed Ingredient Chemicals: The market for this sub-segment, which consists of nutraceuticals, food and feed additives, and flavours and fragrances, is worth US$ 3 billion in India and is expanding at a CAGR of 7-9%.

The availability of feedstock is the segment's main determinant of production because inorganic chemicals require less processing than other products. However, it has a strong demand for several inorganic compounds, making it an appealing market. Six sub-segments appear as opportunities for creating an at-scale firm in the segment, underpinned by high growth rates of end-use industries and natural feedstock advantages. Exports in the inorganic sector will be propelled by carbon black, sodium, and titanium. Two of these are:

• Fluorine : Fluorine is predicted to be a US$ 4.2 billion market by 2040, growing at a CAGR of more than 10%. Its expansion will be fuelled by increased demand from two of its primary end-use industries: pharma and ag-chem.
• Sodium and Caustic : The CAGR for this sub-segment is predicted to be close to 10%. By 2040, sodium and caustic might be worth US$ 13 billion and US$ 11.5 billion, respectively.

Source: Mckinsey

Opportunities in petrochemicals are highly dependent on the scale and vertical integration capabilities of chemical businesses. For instance, bulk polymers (Polyethylene, Polypropylene, PVC, etc.) score highly on the market attractiveness and cost competitiveness indices thanks to backward integration at the cracker level. However, other businesses are better suited to concentrate on goods whose feedstock are freely accessible on the merchant market, such as C4, C6, and C8 derivatives. Exports in the segment will be led by C8 (Paraxylene) and C6 (Benzene) building blocks, as well as bulk polymers PP,LLDPE, and HDPE. In the Petchem industry, India has an abundance of feedstock for higher carbon building blocks (C4, C6, and C8). As a result, its combined surplus production of Butadiene (C4), Benzene (C6), Paraxylene (C8), and Orthoxylene (C8) is much larger than that of its competitors.

Government Initiatives

• Setting up of Plastic Parks

The programme intends to establish need-based plastic parks, an ecosystem with cutting-edge infrastructure, and common amenities through a cluster development model, in order to consolidate and synergize the capacities of the domestic downstream Plastic Processing Industry. The scheme's overarching goal is to support the economy by boosting sectoral investment, production, and exports while also creating jobs. Ten Plastic Parks have been authorised under the Scheme in the States of Madhya Pradesh (two), Odisha, Jharkhand, Tamil Nadu, Uttarakhand, Chhattisgarh, Assam, Uttar Pradesh, and Karnataka.

• Setting up of Centres of Excellence in Polymer Technology

The scheme's goal is to improve the country's existing petrochemical technology and research, as well as to encourage the development of new polymer and plastic applications. In phase-I of the Scheme, which was in place from 2013 to 2017, the Government of India provided financial support up to a maximum of 50% of the project's overall cost, subject to a cap of US$ 7,25,448 (Rs. 6 crore) over a period of three years. The Scheme was extended until 2020 with updated parameters in 2016-17, with the goal of fostering applied research and technology transfer from lab to industry. So far, 13 Centres of Excellence (CoE) have been approved and built within the facilities of prestigious educational/research institutes.

• Petrochemicals Research & Innovation Commendation Scheme 2023

The scheme for establishing Plastic Parks, the scheme for establishing Centres of Excellence, and the National Petrochemicals Awards Scheme have been reviewed/revised and renamed the Petrochemicals Research & Innovation Commendation Scheme with effect from January 2023. The Department's vision is to be realised through the promotion of R&D and human resource planning and development. The policy intends to institutionalise the Petrochemicals Research & Innovation Commendation Scheme in order to achieve this goal.

• Chemical Promotion & Development Schemes (CPDS)

Chemical Promotion Development Scheme (CPDS) has been implemented in DCPC's Chemical Division since 1997 under Plan Head of Account. The goal of CPDS is to facilitate the growth and development of the Chemicals and Petrochemicals industries through the creation of knowledge products such as studies, surveys, data banks, promotional material, and so on, as well as the dissemination of knowledge through seminars, conferences, and exhibitions. The Scheme also intends to encourage research and innovation by honouring excellent achievements in the field of chemicals and petrochemicals. The Scheme's goal is to provide financial assistance in the form of Grants-in-Aid (General) to various organizations/industry associations, etc. to conduct workshops, seminars, studies, and other activities that will allow the Department to form firm opinions on various policy issues affecting the Chemical and Petrochemical sectors.

The funds utilized under CPDS since 2018-19 are as follows:

The future of the Indian chemical business appears bright, and the country might become a driving force in the global chemical market's demand and supply. The chemical industry in India continues to be a desirable hub of opportunity and a steady value creator. With the stocks of several specialised companies expanding dramatically, the industry has historically generated great riches for investors. Strong demand across end-user sectors, driven by expanding domestic consumption, strong export growth, and increased import replacements, are likely to be the key growth drivers for the chemical sector. Growing local demand and expanded exports will drive the growth of the Indian speciality chemicals industry. Many Indian speciality chemical firms have developed specific competencies and built supply partnerships with worldwide networks. Due to the sector's strong performance, speciality chemical firms are increasing production capacity to satisfy rising demand for their goods.

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Chemical Industry

Chemical industry in India - statistics & facts

Base and specialty chemicals in india, indian agrochemical industry, key insights.

Detailed statistics

Chemicals export value from India FY 2023, by leading destination

Market share of specialty chemicals in India 2022, by end-use segment

Export volume of agrochemicals from India FY 2014-2021

Editor’s Picks Current statistics on this topic

Inorganic Chemistry

Major chemicals and petrochemicals production volume India FY 2015-2022

Net sales of the main commodity chemical companies in India 2022

Agricultural Chemistry

Net sales of the main fertilizer companies in India 2022

Further recommended statistics

• Premium Statistic Chemical consumption in selected countries worldwide 2022
• Premium Statistic Major chemicals and petrochemicals production volume India FY 2015-2022
• Basic Statistic Wholesale Price Index of chemicals and chemical products in India FY 2013-2023
• Basic Statistic Chemical import value India FY 2023, by type
• Basic Statistic Value of chemicals and related product exported from India FY 2024, by type
• Premium Statistic TRS compound annual growth rate for Indian chemical industry 2006-2019

Chemical consumption in selected countries worldwide 2022

Consumption of chemicals in selected countries in 2022 (in billion euros)

Production volume of basic major chemicals and petrochemicals in India from financial year 2015 to 2022 (in 1,000 metric tons)

Wholesale Price Index of chemicals and chemical products in India FY 2013-2023

Wholesale price index of chemicals and chemical products in India from financial year 2013 to 2023

Chemical import value India FY 2023, by type

Value of India's chemical imports in financial year 2023, by type (in billion Indian rupees)

Value of chemicals and related product exported from India FY 2024, by type

Export value of chemicals and related products from India in financial year 2024, by type (in million U.S. dollars)

TRS compound annual growth rate for Indian chemical industry 2006-2019

Total returns to shareholders (TRS) compound annual growth rate for Indian chemical industry from December 2006 to December 2019

Basic chemicals

• Basic Statistic Alkali chemicals production volume in India FY 2013-2022
• Basic Statistic Inorganic chemicals production volume in India FY 2013-2022
• Basic Statistic Organic chemicals production volume in India FY 2013-2022
• Basic Statistic Dyes and pigments production volume in India FY 2013-2022
• Basic Statistic Caustic soda production volume in India FY 2013-2022

Alkali chemicals production volume in India FY 2013-2022

Production volume of alkali chemicals in India from financial year 2013 to 2022 (in million metric tons)

Inorganic chemicals production volume in India FY 2013-2022

Production volume of inorganic chemicals in India from financial year 2013 to 2022 (in 1,000 metric tons)

Organic chemicals production volume in India FY 2013-2022

Production volume of organic chemicals in India from financial year 2013 to 2022 (in 1,000 metric tons)

Dyes and pigments production volume in India FY 2013-2022

Production volume of dyes and pigments in India from financial year 2013 to 2022 (in 1,000 metric tons)

Caustic soda production volume in India FY 2013-2022

Production volume of caustic soda in India from financial year 2013 to 2022 (in 1,000 metric tons)

Specialty chemicals

• Premium Statistic Market value of specialty chemicals industry in India 2021-2026
• Premium Statistic Market share of specialty chemicals in India 2022, by end-use segment
• Premium Statistic Paints and allied products trade value India FY 2016-2022
• Premium Statistic Revenue generated by specialty chemical sector of SRF FY 2018-2023
• Premium Statistic Revenue share of Aarti Industries FY 2011-2023, by segment

Market value of specialty chemicals industry in India 2021-2026

Market value of specialty chemicals industry in India in 2021, with an estimate for 2026 (in billion U.S. dollars)

Market share of specialty chemicals industry in India as of January 2022, by end-use segment

Paints and allied products trade value India FY 2016-2022

Export and import value of paints and allied products in India in financial year 2016 to 2022 (in billion Indian rupees)

Revenue generated by specialty chemical sector of SRF FY 2018-2023

Revenue generated by specialty chemical sector of SRF Limited from financial year 2018 to 2020 with estimates until 2023 (in billion Indian rupees)

Revenue share of Aarti Industries FY 2011-2023, by segment

Revenue share of Aarti Industries Limited from financial year 2011 to 2020, with estimates until 2023, by segment

Agrochemicals

• Basic Statistic Pesticides production volume in India FY 2015-2022
• Premium Statistic Pesticides and insecticides production in India FY 2021, by product
• Premium Statistic Market share of pesticide in India FY 2019, by type
• Premium Statistic Volume of total fertilizers produced in India FY 2018-2023
• Premium Statistic Fertilizer production growth rate India FY 2013-2023
• Premium Statistic Volume of urea produced in India FY 2002-2023
• Premium Statistic Volume of complex fertilizers produced in India FY 2002-2023

Pesticides production volume in India FY 2015-2022

Volume of pesticides produced across India from financial year 2015 to 2022 (in 1,000 metric tons)

Pesticides and insecticides production in India FY 2021, by product

Main pesticides and insecticides produced in India in financial year 2021, by product (in 1,000 metric tons)

Market share of pesticide in India FY 2019, by type

Market share of pesticide in India in financial year 2019, by type

Volume of total fertilizers produced in India FY 2018-2023

Volume of fertilizers produced in India from financial year 2018 to 2023 (in million metric tons)

Fertilizer production growth rate India FY 2013-2023

Annual growth rate of fertilizer production in India from financial year 2013 to 2023

Volume of urea produced in India FY 2002-2023

Volume of urea produced in India from financial year 2002 to 2023 (in million metric tons)

Volume of complex fertilizers produced in India FY 2002-2023

Volume of complex fertilizers produced in India from financial year 2002 to 2023 (in million metric tons)

Major players

• Premium Statistic Net sales of the main commodity chemical companies in India 2022
• Basic Statistic Net sales of the main specialty chemical companies in India 2024
• Basic Statistic Net sales of the main diversified chemicals companies in India 2024
• Premium Statistic Net sales of the main paint companies in India 2022
• Premium Statistic Net sales of the main fertilizer companies in India 2022
• Premium Statistic Net sales of the main pesticides and agrochemicals companies in India 202

Leading commodity chemical companies in India as of 2022, by net sales (in billion Indian rupees)

Net sales of the main specialty chemical companies in India 2024

Leading specialty chemicals companies in India as of March 2024, based on net sales (in billion Indian rupees)

Net sales of the main diversified chemicals companies in India 2024

Leading diversified chemicals companies in India as of March 2024, based on net sales (in billion Indian rupees)

Net sales of the main paint companies in India 2022

Leading paint companies in India as of March 2024, based on net sales (in billion Indian rupees)

Leading fertilizer companies in India as of June 2022, based on net sales (in billion Indian rupees)

Net sales of the main pesticides and agrochemicals companies in India 202

Leading pesticides and agrochemicals companies in India as of June 2022, based on net sales (in billion Indian rupees)

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Chemicals value chain transition

The Indian Chemicals Industry is on a transformative path impacted by ESG, globalisation and innovation

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The Indian Chemicals Industry is one of the most diversified among other industrial sectors covering a multitude of commercial products and comprises of both small scale as well as large scale units. With linkages to several other sectors of the economy, it enjoys a position of paramount importance. It now stands in the midst of a transformative change - having to innovate in a digital landscape and strengthening its manufacturing prowess to become a global hub, all the while contending with growing sustainability imperatives. The country is witnessing extensive transformation that is turning local players global, with the country fast appearing as a global manufacturing hub. Burgeoning domestic consumption, increasing disposable incomes, and switching consumer preferences are quickening already strong demand, putting India on the forefront of global chemical manufacturing map and making it a hub for the world.

Sustainability - ESG factors have become increasingly important for companies in the chemical sector globally. Sustainability and responsible practices are becoming more important for investors and stakeholders, and they are increasingly considering ESG performance as a key factor in their investment decisions. It is important for stakeholders in the chemical sector to have a sustainability vision.

India as Chemicals Hub 2.0 - India is one of the largest consumers of chemicals in the world, but it is also heavily dependent on imports to meet its demand. Given the high import dependency, it is very critical for countries like India to ensure an uninterrupted global supply chain. Many chief executives now identify supply chain turmoil as the greatest threat to the sectoral growth which has a direct impact on national economies. Organisations need to re-imagine and manage their supply chain differently to ensure business continuity and growth for the future.

Innovating for brighter future for chemicals - Innovation is essential for the future of the chemical industry. There are several enablers that can help to sustain growth and innovation in the chemical industry.

These include:

• Government can play a crucial role by supporting innovation in the chemical industry by providing funding for research and development (R&D), creating tax breaks for R&D, and investing in infrastructure
• Collaboration between companies, universities, and government agencies can help to accelerate innovation
• Investment in new technologies and R&D is essential for sustaining growth and innovation
• Implementation of digital technologies to optimise processes and developing new materials with improved properties and bio-based materials

"The Rise of India's Chemical Industry: From Mission to Reality ."

Thank you for making the 17th annual india chemical industry outlook conference & exhibition, 2024 an unforgettable success.

We extend our sincerest gratitude to all our esteemed partners, distinguished speakers, and enthusiastic participants for their pivotal role in making the Conference & Exhibition a resounding success. Your unwavering support and invaluable contributions have enriched the conference, elevating it to new heights of knowledge sharing and collaboration.

Our heartfelt appreciation goes out to each partner for their commitment to excellence and their instrumental role in shaping the conference’s success. We are profoundly grateful for the thought-provoking insights and expertise shared by our esteemed speakers, who have left an indelible mark on our conference attendees. To our dedicated participants, your active engagement and passion for learning have been the driving force behind the vibrant atmosphere of knowledge exchange and networking.

 We look forward to continued collaboration and future endeavours as we work together to uphold the spirit of innovation and progress..

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The 17th Annual India Chemical Industry Outlook Conference organized by ICC  comes at a critical juncture of a very uncertain geopolitical scenario of two wars – the Russia-Ukraine war and the Middle East flare-up.

Major concerns across the world are Energy, Security, Food and Commodity Security, Supply Chain Disruption and Economic stability. Businesses globally are building geopolitical impacts in their business strategies.  Ocean politics, control and influence over major trade routes like the South China Sea and the Red Sea could pose a new set of challenges for Business and Trade.

Till last year, Climate Change and Sustainability were at the top of the agenda for business leaders – while they remain paramount, AI is fast emerging as a new tool of business.  As the world grapples with a multipolar world, India emerges in the sweet spot of healthy GDP growth and a pre-eminent position of influencing global opinion.

ICC along with McKinsey&Company brings to you in this conference all these complexities. The current trends are how businesses should adopt and take advantage of the new opportunities and how to mitigate risks and downsides.

The Conference also brings to the fore major areas of functional excellence like AI and Digitalization, De-Risking Procurement Focused R&D and a quicker Lab to Market Route Innovation and Start-Ups. These functional excellences help in building resilience and build growth opportunities.

In addition to the above, to involve government as a key stakeholder, there is a panel discussion with State governments discussing enablers for the growth of chemical industry, and a keynote on Country Partnerships.

And lastly, a whitepaper by   McKinsey&Company along the lines of securing competitiveness and protecting margins of the Indian Chemical Industry will be launched.

Top Reasons to Attend

Indo-uk forum for chemical partnerships.

Partnership between India and the UK to foster growth of the chemical industry.

Virtual Go & See for a Digital Lighthouse

Success stories from World Economic Forum’s push for Industry 4.0 technologies

International Partnerships

India - Japan Partnership | India - Belgium Partnership | India - UAE Partnership

State governments’ pitch for industry

Panel discussion with leading states on enablers to fuel growth for chemicals

Whitepaper launch by McKinsey & Company

Playbook for Indian players to secure competitiveness & protect their margins

Elevator pitch by nextgen startup founders

A platform for startups with bold, disruptive innovation to grow with industry support

Unravelling the potential of GenAI

Transformative power of GenAI use-cases for a manufacturing setup

A walk on ‘Moving to Net Zero’

Booth walkthrough on strategies supporting the decarbonization pathway

Meet our Keynote Speakers

Shraddha rane, dy. secretary general.

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B.K.K. KANNAN

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MRUDULA REDKAR

Accounts dept..

T : +91 22 61144000 / 22048043 E : [email protected] , [email protected]

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Chemicals Sector in India

One of India’s most vibrant and important industries, the chemicals sector considerably contributes to the nation’s economic expansion. It has become an important participant in India’s industrial scene thanks to its rich history, strong present performance, and bright future prospects. In this in-depth research, we will dig into the realm of the Indian chemicals industry, looking at its historical foundations, current state, potential for the future, and advantages of investing in this field. We’ll wrap things up with a thorough review.

Table of Content

• 1 History Of Chemicals Sector
• 2 List of Top 10 Chemical Stocks
• 3.1 1. Pidilite Industries Ltd
• 3.2 2. SRF Ltd
• 3.3 3. Linde India Ltd
• 3.4 4. Solar Industries India Ltd
• 3.5 5. Gujarat Fluorochemicals Ltd
• 3.6 6. Deepak Nitrite Ltd
• 3.7 7. Tata Chemicals Ltd
• 3.8 8. Godrej Industries Ltd
• 3.9 9. Atul Ltd.
• 3.10 10. Vinati Organics Ltd
• 4 Current Performance Of Chemicals Sector
• 5 Future Outlook Of Chemicals Sector
• 6 Advantages of Investing in the Chemicals Sector
• 7 Conclusion
• 8 Frequently Asked Questions (FAQs)

History Of Chemicals Sector

The historical journey of the chemicals industry in India is quite fascinating. It is marked by significant milestones that have propelled it forward. The origin of chemical manufacturing in India can be traced back to antiquity. In the Indus Valley Civilization, evidence of advanced metallurgical and dyeing processes has been unearthed. These ancient practices laid the foundation for what would evolve into a thriving chemicals industry.

The 19th century is a vital cog in the story of India’s chemical industry that witnessed the establishment of several chemical companies, primarily to serve the needs of the British Empire. This era marked the birth of several iconic chemical companies, some of which continue to thrive today.

Notable Events:

• Formation of Chemical Companies : Some of India’s most well-known chemical firms, like Tata Chemicals and UPL Limited (previously United Phosphorus Limited), were founded in the late 19th and early 20th centuries. These businesses have significantly shaped the sector.
• Post-Independence Growth : India’s chemicals industry experienced substantial growth post-independence. The establishment of several public-sector undertakings (PSUs) contributed to this expansion, with companies like Indian Oil Corporation (IOC) venturing into petrochemicals.
• Liberalisation and Globalisation : The 1990s marked a significant turning point with economic liberalisation policies. This period saw increased foreign investments, collaborations, and a surge in the industry’s global presence.
• Pharmaceutical Boom : India’s pharmaceutical sector, a subset of the chemicals industry, witnessed remarkable growth. The country earned the moniker “Pharmacy of the World” due to its expertise in pharmaceutical manufacturing and exports.

List of Top 10 Chemical Stocks

List of Top 10 Chemical Stocks – Expanded Overview

1. pidilite industries ltd.

With popular brands like Fevicol and Dr. Fixit, Pidilite Industries is a renowned name in the Indian chemical industry. It is known primarily for its adhesive and construction chemicals products The company has exhibited remarkable growth over the years, driven by its commitment to innovation and excellence. Pidilite’s wide distribution network ensures its products reach consumers across the country, making it a household name. With a history of consistent financial performance and a focus on research and development, Pidilite continues to be a leader in its segment.

SRF Ltd is a diversified chemical company with significant interests in technical textiles, chemicals, and packaging films. It stands out for its specialty chemicals and performance materials, which find applications in various industries. SRF has a noteworthy history of development fueled by innovation and strong financial performance. Key elements in the success of the business have been its dedication to sustainability and its quest of excellence in its product offerings.

Also Read: SRF Share Price

3. Linde India Ltd

Linde India, a subsidiary of the Linde Group, is a global leader in industrial gases and engineering. The company provides a wide range of industrial and medical gas solutions, serving diverse industries. Linde India is known for its cutting-edge technology, unwavering commitment to safety standards, and its role as a trusted partner for industries requiring industrial gases.

Also Read: Linde India Share Price

4. Solar Industries India Ltd

Solar Industries India Ltd is a well-known player in the explosives and explosives accessories sector. Its diverse product portfolio caters to the defence, mining, and infrastructure sectors. The company has consistently delivered strong financial performance and is recognized for its unyielding commitment to safety, making it a reliable choice in its niche market.

Also Read : Solar Industries India Share Price

5. Gujarat Fluorochemicals Ltd

Gujarat Fluorochemicals Ltd specializes in specialty chemicals, including refrigerants and fluoropolymers. With a global presence, the company has demonstrated resilience in a competitive market. Gujarat Fluorochemicals’ notable strengths include a strong focus on research and development, coupled with a dedicated commitment to sustainability, positioning it as a key player in the chemical industry.

6. Deepak Nitrite Ltd

Deepak Nitrite Ltd is a diversified chemical company with a large portfolio of chemicals, pharmaceuticals, and performance products. Since 2018, it has been the largest producer

of Phenol and Acetone in India. The company has demonstrated steady growth over the 50-odd years of its existence. Through its six manufacturing facilities in India, the company exports to over 45 countries across six continents. Deepak Nitrite has been at the forefront of sustainability initiatives that the company claims have positively impacted over 2 million lives.

7. Tata Chemicals Ltd

Tata is an Indian brand that needs no introduction. Tata Chemicals Ltd, a part of the Tata Group, is a well-established chemical company with a presence in both basic and specialty chemicals. It is recognized for iconic brands like Tata Salt and Tata Baking Soda. The company’s diverse product portfolio, combined with its commitment to sustainability, has contributed to its enduring success in the industry.

Also Read : Tata Chemicals Share Price

8. Godrej Industries Ltd

Another prominent Indian conglomerate is Godrej. Godrej Industries Ltd operates in the chemicals and consumer products sectors. The business, which is well-known for its oleochemicals and personal care items, has established a reputation for trust and quality. With an unrelenting dedication to perfection, it continues to have a significant presence in India and other markets abroad.

Also Read: Godrej Group

9. Atul Ltd.

Atul Ltd. holds the unique distinction of being the first private sector company of independent India, inaugurated by the country’s first Prime Minister. It is a diversified chemical company that deals with specialty chemicals, colours, and perfumery. The company has a global presence that serves over 4000 customers with over 900 products. Atul’s notable strengths lie in its extensive research and development capabilities, which drive its sustained growth and innovative solutions.

10. Vinati Organics Ltd

Vinati Organics Ltd specialises in the production of specialty chemicals, including aromatics and monomers. The company has consistently demonstrated impressive growth and is distinguished by its innovative solutions and customer-centric approach. With a proactive commitment to research and development, Vinati Organics continues to be a noteworthy player in the chemical industry.

Also Read: Vinati Organics Share Price

Current Performance Of Chemicals Sector

India’s chemicals industry has seen substantial development and expansion, making it one of the largest producers and consumers of chemicals in the world. This growth story is underpinned by impressive statistics. The industry (along with its several different sub-sectors such as petrochemicals, specialty chemicals, specialty chemicals, and medicines) has consistently demonstrated a compound annual growth rate (CAGR) exceeding 8%, a testament to its robust performance.

Noteworthy Achievements :

• Petrochemical Powerhouse : India has become a major force in the world of petrochemicals. The development of top-notch refineries and petrochemical complexes has transformed the nation into a significant manufacturer of vital petrochemical goods.
• Global Export Hub : India’s chemical exports have witnessed exponential growth, with pharmaceuticals and specialty chemicals leading the charge. Indian pharmaceutical companies have made a global impact by providing affordable, high-quality medicines to diverse markets.
• Government Support : The Indian government’s programmes, such “Make in India,” have been instrumental in luring international investment and promoting local manufacturing. The atmosphere has been established by these activities to support the expansion of the sector.

While the chemicals industry’s growth trajectory is impressive, it’s not devoid of challenges. The sector faces multifaceted challenges, including:

• Environmental Concerns : Growing environmental consciousness necessitates the adoption of green chemistry practices and sustainable manufacturing processes.
• Safety Regulations : Stringent safety regulations are paramount in an industry that deals with chemicals. Companies have to keep balancing production and growth while ensuring the safety of workers, communities, and the environment.
• Necessity for Innovation : There has never been a greater need for ongoing innovation and research than now, as global rivalry heats up. Staying ahead in terms of technology and product development is a perpetual challenge.

Future Outlook Of Chemicals Sector

The future of the chemicals industry in India appears promising:

• Innovation and Research : India is investing in research and development (R&D) to produce high-value chemicals and pharmaceuticals. Innovations in green chemistry and sustainable practices are expected to drive growth. Companies are increasingly focusing on biotechnology and nanotechnology applications in chemical research.
• Global Expansion : Indian chemical companies are expanding globally through acquisitions and collaborations. This not only provides access to new markets but also facilitates technology transfer. Strategic partnerships with global giants are poised to fuel innovation and strengthen India’s position in the global chemicals market.
• Regulatory Environment : Stringent environmental regulations are expected to shape the industry. Companies that prioritise sustainability, waste reduction, and responsible chemical management will have a competitive advantage. The “Green Chemistry Mission” launched by the government aims to promote sustainable chemical processes and technologies.

Advantages of Investing in the Chemicals Sector

Investors are drawn to the chemicals sector in India for several reasons:

• Steady Growth : The sector has exhibited consistent growth, with a CAGR exceeding 8% over the past few years. Increasing domestic consumption ensures a stable market.
• Diversification : The industry has a broad variety of sub-sectors, enabling sector diversification. Petrochemicals, speciality chemicals, agrochemicals, and medicines are just a few options available to investors.
• Global Reach : Indian chemical companies are expanding internationally, offering opportunities for global investors. Joint ventures, acquisitions, and collaborations provide access to emerging markets and cutting-edge technologies.
• Innovation : India’s skilled workforce and robust R&D infrastructure make it the perfect hub for innovation in the chemicals sector. High-value goods and services are a likely result from ongoing research and innovation initiatives.
• Government Support : The Indian government’s policies and initiatives, such as “Make in India” and the “National Chemical Policy,” promote investment in the chemicals sector. Incentives, tax benefits, and a conducive business environment attract both domestic and foreign investors.

The chemicals industry in India has evolved from ancient practices to become a global player. With a rich history, robust current performance, and promising future outlook, it offers significant opportunities for investors. While challenges exist, innovations, sustainable practices, and regulatory compliance are shaping the industry’s growth.

The chemicals industry is a key engine of advancement as India pursues economic growth and industrial development, highlighting the country’s dedication to innovation, sustainability, and global competitiveness.

Frequently Asked Questions (FAQs)

With a m-cap of over ₹ 1.23L Crores, Pidilite Industries Ltd is the largest company in the chemicals sector in India by far. In fact, it has almost twice the m-cap of SRF Ltd. that is placed next on the list.

The Indian chemicals industry comprises various sub-sectors, including petrochemicals, specialty chemicals, agrochemicals, and pharmaceuticals, each with its distinct characteristics and growth potential.

Environmental sustainability is gaining importance in the industry. Companies are adopting green chemistry practices, reducing waste, and complying with stringent environmental regulations.

Yes, the Indian government has introduced policies and initiatives like “Make in India” to attract investment in the chemicals sector, offering incentives and a conducive business environment.

Challenges include environmental concerns, safety regulations, the need for innovation, and the adoption of sustainable practices. These factors drive companies to continuously evolve.

Foreign investors can participate through collaborations, joint ventures, acquisitions, or by setting up their manufacturing units in India, leveraging the country’s skilled workforce and infrastructure.

Research and development are critical for innovation, the development of high-value products, and staying competitive in the global market.

Investors can stay informed by following industry publications, monitoring stock performance, and keeping track of regulatory changes and market trends. Additionally, consulting with financial advisors is advisable for personalised guidance.

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Securing competitiveness in India’s chemical industry

For a decade, the Indian chemical industry has been a global outperformer in demand growth and shareholder wealth creation. However, global headwinds have recently interrupted this momentum. Chemical companies in India could navigate these challenges and enhance their future prospects by boosting their competitiveness.

Indian chemical industry: Interrupted momentum

About the authors.

This report is a collaborative effort by Avinash Goyal , Chantal Lorbeer , Nitika Nathani, Obi Ezekoye , Rupali Jain, Ulrich Weihe , and Yashaswi Gautam, with Chahat Gupta and Sanchay Vaidya, representing views from McKinsey’s Chemicals Practice.

Indian chemical companies performed better than their global counterparts with strong total shareholder returns (TSR) growing at an annual rate of 20 percent between 2014 and 2023, compared to the global average of 6 percent. This changed, however, between 2020 and 2023, when average TSR growth for Indian chemical companies dipped to 9 percent due to falling margins. While the chemical industry also used to deliver better returns than the associated upstream and downstream segments in the value chain in India, this trend, too, has seen a downturn in the past three years. 1 TSR analysis based on data from Corporate Performance Analytics by McKinsey.

The effect of global headwinds

Multiple factors explain the declining competitiveness of Indian chemical companies. The first two are the fallout of stalling global demand and of overcapacity in key export markets. In the past two years, the chemical industry has faced a widening trade deficit with exports declining 4 percent annually. 2 UN Comtrade, ITC Trade Map. Year-on-year (y-o-y) growth of India’s chemical exports to North America dropped significantly, from 21 percent (between 2019 and 2021) to 2 percent (from 2021 to 2023). Europe and Asia–Pacific (APAC), which accounted for about half of India’s chemical exports, also saw steep dips in y-o-y market growth (from 11 percent to 1 percent in Europe, and from 10 percent to 4 percent in APAC). 3 UN Comtrade, ITC Trade Map.

Overcapacity in Europe could drag utilization below 70 percent by 2030 for several products, as capacity remains high at home and demand stalls abroad. 4 IHS-Markit, WTS-HIS-Markit, McKinsey Economics Analytics Platform. Declining demand in APAC could lower utilization and prompt oversupply till 2025, driven by the current demand-supply dynamics in China. 5 Chemical Insights by McKinsey. In the near term, China is expected to become a net exporter of petrochemicals while it has so far been a net importer. Over the past year, Chinese consumption has declined by nearly 15 percent. The consequent cut in export prices is pressuring chemical companies in India.

The third factor is commodity price volatility. Geographical unrest, global overcapacity for a few chemicals, and demand-supply dynamics in China have caused and aggravated market volatility. For example, over the past two years, petrochemical margins dropped due to rising feedstock prices and falling capacity utilization. These challenges could intensify with continuing oversupply.

While the headwinds are a common backdrop, the performance of all companies has not been uniform. The global economic outlook has turned volatile, but some companies have differentiated themselves through building their resilience and competitiveness.

Focus areas for India’s chemical leaders

Over the past few years, chemical companies in India have emphasized growth and capital excellence. However, securing a competitive advantage in a volatile market could require a broader approach that builds in functional excellence and streamlines margin expansion. In this context, company leaders could focus on five proposed priorities:

• Building functional excellence in every pocket of the organization: Indian chemical companies can build this muscle, especially through digital and analytics-based performance improvement that could increase their annual EBITDA by 400 to 500 basis points.
• Internationalization and becoming truly global: In a macroenvironment of stalling global demand, Indian companies could still seek out new value pools. Toward this, they could build or acquire a suite of institutional capabilities such as global business development, customer access channels, local legal entities, supply chain infrastructure (warehouses, depots, et cetera), application development setups, and deep regional regulatory understanding. Doing so could help companies increase overall annual revenue by 10 to 30 percent.
• Accelerating innovation: As they globalize, Indian chemical companies could focus on both application-based innovation and new product development, particularly import substitution. This could also potentially increase annual revenue by around 5 to 10 percent. 6 Mehdi Miremadi, Chris Musso, and Jonas Oxgaard, “ Chemical innovation: An investment for the ages ,” McKinsey, May 1, 2013. A sharp focus on innovation and research has helped incumbent chemical companies create differentiation between them and their competitors.
• Sustainability as a dual play—defense and offense: As the industry accelerates toward decarbonization to meet stricter regulatory requirements and changing customer expectations, companies could proactively develop an offense play where they build green alternatives based on green feedstock and formulations while also investing in bio-based opportunities.
• Deepening and globalizing their talent pool: Companies could equip themselves with the right skill set and capabilities across functions such as research and development, technical sales, and shop-floor operations.

Of these, the first two, improving functional excellence using digital tools, and adopting truly global strategies, could help to enhance margins in the near term. The remaining ideas could ensure the continued relevance and competitiveness of these companies. Such priorities could help the Indian chemical industry to shape the future of chemical companies and potentially meet the ambition of a US $1 trillion chemicals market by 2040. 7 “ India: The next chemicals manufacturing hub ,” McKinsey, February 28, 2023.

Avinash Goyal is a senior partner in McKinsey’s Mumbai office, Yashaswi Gautam is a senior partner in the Boston office, Ulrich Weihe is a senior partner in the Frankfurt office, Chantal Lorbeer is a partner in the New York office, Nitika Nathani is a partner in the Delhi office, where Sanchay Vaidya is a consultant, Rupali Jain is a partner in the Kolkata office, Obi Ezekoye is a partner in the Minneapolis office, and Chahat Gupta is a consultant in the Chennai office.

The authors wish to thank Anamika Mukharji, Ayush Sirothia, Bharti Sachdeva, Fatema Nulwala, Sankalpa Venkatraghavan, and Sanyam Gupta for their contributions to this report.

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• December 2018

India’s Expanding Chemical Industry

The chemical industry is the backbone of India’s industrial and agricultural development. Achieving the industry’s ambitious growth targets will require a combination of policy intervention, company-level initiatives, industry-academic partnerships, wise investments, and greater international access.

The chemical industry’s role as the key enabler of economic growth is well-established worldwide. From the ubiquitous cellphone, to solar panels producing carbon-free energy, to LED lights providing efficient lighting — all are made possible by chemical industry products. In India, the chemical industry occupies a pivotal position in meeting basic needs and improving quality of life as well. Although India is severely deficient in conventional hydrocarbons, the country has a well-developed refining industry that provides several basic chemical industry feedstocks.

The chemical sector, which is knowledge- and capital-intensive, is the mainstay of industrial and agricultural development, and provides building blocks for downstream industries such as textiles, papers, paints, soaps, detergents, and pharmaceuticals, among others. The fertilizer and agrochemical industries ensure food security, and are thus vital to India’s developing and agrarian economy. Likewise, the synthetic fiber industry is crucial to providing affordable clothing, and the pharmaceutical industry gives the country’s vast population access to low-cost drugs.

▲ Figure 1. India is the seventh-largest country by area, with petrochemical, refining, fertilizer, and pharmaceutical plants located throughout its 29 states. Plants run by small and medium enterprises are mainly located in the states of Gujarat and Maharashtra.

One of the world’s fastest growing economies, India is a federation of 29 states and seven union territories ( Figure 1 ). This article traces the development of India’s chemical industry, its importance to the Indian economy, its major sub-sectors and their growth potential, and the technology and policy measures needed to drive sustainable growth.

Historical development

The development of the chemical industry in India can be traced to the indigenous efforts of P. C. Ray, a professor of chemistry at Calcutta Univ. Ray established the pharmaceutical company Bengal Chemicals and Pharmaceutical Works in 1892; it was incorporated nine years later. This was followed by the founding of Alembic Chemical Works at Baroda (now Vadodara) in Gujarat, by B. D. Amin (1) .

During World War II (1939–1945), foreign drug supplies decreased and several Indian pharmaceutical companies opened, including Unichem, Chemo Pharmaceuticals, Zandu Pharmaceutical Works, Chemical Industrial and Pharmaceutical Laboratories (CIPLA), and East India Pharmaceutical Works. The Indian government later established five public-sector companies. Two of them— Hindustan Antibiotics Ltd. (HAL) in 1954 and Indian Drugs and Pharmaceuticals Ltd. (IDPL) in 1961 — played particularly important roles.

During the first two decades after India’s independence from British rule in 1947, several industrial units were established to make basic chemicals, dyes and textile auxiliaries, and fertilizers ( Table 1 ). By the 1960s, India had also developed a sizeable alcohol-based chemical industry that used ethanol as feedstock (2) . A recommendation that “molasses-based alcohol be totally reserved for industrial use,” rather than used as an energy source (3), and stricter controls on sugarcane molasses as well as alcohol prices and allocations played a role in this development.

Synthetics and Chemicals Ltd. (Bareilly, Uttar Pradesh) was one of several companies to begin using alcohol as feedstock for butadiene and styrene-butadiene latex production. Other units, located in sugar-producing states, manufactured acetic acid, acetone, butanol, ethyl acetate, ethylene, monoethylene glycol, and polyethylene at various times over the years. Removing alcohol price controls in the early 1990s, and its diversion as a gasoline additive after a 2015 policy shift, has made most alcohol-based chemical units unviable. Today, only a handful operate and produce few chemicals, including ethyl acetate and monoethylene glycol.

In the 1960s, Union Carbide set up the first ethylene cracker in Mumbai with alcohol as feedstock, later switching to naphtha from an adjacent oil-refinery pipeline. In 1964, National Organic Chemicals Industries Ltd. (NOCIL), today a leading Indian manufacturer and supplier of rubber chemicals, entered into technical collaboration agreements with Royal Dutch/Shell to build a naphtha cracker and downstream plants in Navi Mumbai.

The petrochemical industry continued to grow in the 1970s, with Indian Petrochemicals Corp. Ltd. (IPCL) building its first integrated naphtha-based cracker in Vadodara. Again, the decision was aided by experts’ recommendations that naphtha — which was already in surplus in the country — be used preferentially for petrochemical production and made available free of taxes and duties to improve the petrochemical industry’s competitiveness. IPCL was also the first large Indian company to start R&D before production began. The company’s R&D director was a full-time member of the Board of Directors — a trend subsequently followed in other public-sector companies, including Engineers India Ltd. (EIL) and Indian Oil Corporation Ltd. (IOCL).

In the 1980s and 1990s, the petrochemical industry expanded rapidly with the development of integrated naphtha and gas crackers, along with related downstream plants for polymers, synthetic fibers, aromatics, and other chemicals. After an early-1980s Ministry of Petroleum and Natural Gas policy decision to separate ethane from natural gas, IPCL established gas-based crackers at Nagothane (Maharashtra) and Gandhar (Gujarat); GAIL India Ltd. developed a unit at Pata (Uttar Pradesh). A 2016 policy decision to separate ethane from imported liquefied natural gas (LNG) led ONGC Petro Additions Ltd. (OPaL) to use LNG for ethylene production at Dahej (Gujarat).

Petrochemical demand, which was suppressed by inadequate supply and high import tariffs, rapidly expanded when private-sector companies entered the industry. Of particular importance were the Reliance Industries Ltd. facilities at Patalganga (Maharashtra), Hazira (Gujarat), and Jamnagar (Gujarat). Integrated petroleum and petrochemical refining offered enhanced competitiveness, as did the significantly larger scale of operations. This is exemplified in the polyester business, where Reliance Industries integrated its value chain from crude oil, refinery, and aromatics, to p -xylene, purified terephthalic acid, and polyethylene terephthalate resin. They used the new materials to make polyester fiber, filament, and bottles.

The Council of Scientific and Industrial Research (CSIR) was established in 1942 with the mission to provide scientific and industrial research and development to maximize economic, environmental, and societal benefits for the people of India. Three laboratories were created under CSIR to serve the chemical sciences: Central Drug Research Institute (CDRI), National Chemical Laboratory (NCL), and Indian Institute of Chemical Technology (IICT), previously known as Regional Research Laboratory (RRL).

The Indian Chemical Manufacturers Association, now called Indian Chemical Council (ICC), was founded in 1938 by P. C. Ray, Rajmitra B. D. Amin, and a group of industrialists who strived to promote the nascent chemical industry’s interests. Over the years, ICC became the industry’s representative body and celebrated its achievements, including those in indigenous technology development, through coveted and prestigious annual awards.

Importance to the Indian economy

▲ Figure 2. Bulk and petrochemicals accounted for almost half of India’s chemical product sales of US$147 billion from 2014–2015.

From 2014 to 2015, India’s chemical industry was valued at US$137 billion, with overall chemical and chemical product sales of US$147 billion. Bulk chemicals, petrochemicals, and specialty chemicals accounted for 65% of total sales ( Figure 2 ) (4). The fertilizer and agrochemical industries represent important nationwide industry segments, which is not surprising given the agrarian nature of India’s economy.

Despite its apparently large size and significant contribution to gross domestic product (GDP), the Indian chemical industry accounts for 3% of the worldwide chemical market, valued at US$4.3 trillion. Excluding pharmaceutical products, it ranks 14th in chemical exports and eighth in imports.

International trade

▲ Figure 3. In 2015–2016, India remained a net importer of chemicals and related products (top), and the value of exports of some products, such as colorants, surpassed the value of imports (bottom).

India’s chemical industry accounts for about 10% of the country’s manufactured exports. This has remained relatively constant over the last four years. The industry remains a net importer of chemicals, although in certain product categories, such as drugs, agrochemicals, and dyes and pigments, the trade surplus is positive ( Figure 3 ). The share of chemical imports, relative to total imports, has increased from 7.9% in 2012–2013 to 10.5% in 2015–2016.

Petrochemicals

▲ Figure 4. India’s per capita petrochemical consumption is lower than global averages and will likely grow as the country prospers.

Petrochemicals play a vital role in almost all key economic sectors, including agriculture, infrastructure, healthcare, textiles, and consumer durables. India’s low per capita consumption of most petrochemicals, compared to global averages, points to the growth possibilities that will arise as the country becomes more prosperous ( Figure 4 ). India’s demographics also favor growth. More than 70% of Indians are under the age of 40 and the majority are in the working and consumer classes. This cohort will continue to drive consumption of goods and services for a very long time.

Sectors driving demand for petrochemicals include packaging, construction, automobiles, and agriculture. Sustained government investments in infrastructure upgrades, including low-cost housing, will provide strong stimulus for polymer demand. In the short term, low oil prices are expected to help the petrochemical industry, both directly through access to low-cost feedstock, and indirectly, by providing consumers with additional disposable income.

▲ Figure 5. Sectors driving the increase in petrochemical demand include packaging, construction, automobiles, and agriculture. Aggregated petrochemical demand is expected to reach 41 MMmt in 2017–18 (Source: CPMA).

According to the Chemical and Petrochemicals Manufacturers Association (CPMA), aggregated demand for petrochemicals increased 5% in 2014–2015 to 32 million metric tons (MMmt) and to 35 MMmt in 2015–2016 (11% year-on-year growth). Demand is estimated to have reached 38 MMmt in 2016–2017 and to 41 MMmt in 2017–2018 ( Figure 5 ) (5) .

The Indian polymer market is dominated by polyethylene (PE) and polypropylene (PP), which represented 73% of all commodity resins consumed in 2015–2016. After experiencing subdued growth in 2013–2014, polymer growth rose to 7% in 2014–2015, and about 14% in 2015–2016. The market is expected to grow an estimated 11% in 2016–2017.

India’s petrochemical capacity is currently where South Korea’s and China’s stood about 15 years ago. Even if India’s consumption rises at a pace of about 1.2 to 1.5 times GDP, as expected, its petrochemical industry will still only be slightly larger than South Korea’s and about a quarter of China’s in 2025 (6) .

On the demand side, there are also strong grounds for supporting petrochemical investments. India’s ethylene deficit could range from 4 MMmt/yr to 8 MMmt/yr by 2025, and propylene’s could be anywhere from 1 MMmt/yr to 3 MMmt/yr. Butadiene, an important olefin for copolymers and synthetic rubbers, is also expected to exceed supply until 2025. While benzene is expected to remain in surplus, this should not be a cause for concern. Several value chains in which there is now no domestic production can be built, leading to significant offtake of the aromatic.

Even considering speculative capacity, an additional 4 MMmt/yr of PE and about 3 MMmt/yr of PP capacity could be justified by 2025. Investment opportunities also exist in several other C2 and C3 value chains.

The former includes products such as ethylene oxide (EO); monoethylene glycol (MEG); polyvinyl chloride (PVC) and its raw materials ethylene dichloride (EDC) and vinyl chloride monomer (VCM); vinyl acetate monomer (VAM); styrene monomer; and ethylene vinyl acetate copolymers (EVA).

All of these are expected to experience 6–12% annual demand growth, which will justify investments in one or more world-scale plants. For example, PVC demand is now in excess of 3 MMmt/yr, with more than half covered by imports. Styrene monomer demand is over 700,000 MMmt and fully met by imports.

Rough calculations show that by 2025 India will need about 30 world-scale plants in the ethylene value chain, including 23 facilities in the vinyl chain, four for EO/MEG, and two for styrene monomer

The propylene (C3) value chain is even more barren, with about 95% of all propylene converted to PP. The opportunities expected to arise include acrylic acid and esters, phenol and acetone, oxo-alcohols (butanol, 2-ethylhexanol), propylene oxide and glycol, and acrylonitrile. If expected demand growth is maintained, at least nine worldscale plants can be built by 2025: three each in the acrylic acid, cumene/phenol/acetone, and oxo-alcohol value chains. Other investment opportunities include methyl methacrylate and polycarbonate resin.

Fine and specialty chemicals

Specialty chemicals are often customized offerings, based on an in-depth understanding of customer needs and problems. While plant capital costs are lower than those for commodity chemicals, the business requires significant application development and R&D investments to stay relevant. Products are sold based on their functionality in the intended application, rather than on their chemical identity. Companies often take strong intellectual property positions such as patented formulations and registered trade names.

Several Indian companies now hold leading positions globally in fine and specialty chemicals, at times with 30–80% of global capacity.

Conventional wisdom holds that the specialty chemicals business enjoys better margins than commodity chemicals. But that is not always true — the realities in India depend on many factors, including the nature of the specialty, competition, technological complexity, and timing (7) .

The Indian specialty chemicals market is still in its infancy. While size estimates vary, US$20 billion is not far off the mark ( Table 2 ). Of the 1,000 specialty chemical companies, most are home-grown, with a few major international companies. The industry is fragmented by several companies constrained by capital, technology, and managerial bandwidth. These companies are little more than imitators that offer low-quality products made without sufficient regard to environmental standards and safety.

While the overall Indian chemical industry has grown 10–12% annually, the specialty chemicals business has grown at about 14%. This figure, however, camouflages some challenges. For instance, company performance in sectors such as textile dyes, pigments, and leather chemicals has been impacted in the past few years by issues in their end-use segments. In contrast, segments such as construction chemicals, personal care ingredients, and water treatment chemicals have grown up to 20% in the same time period.

Indian specialty chemical companies also face product stewardship challenges. Many chemicals have come under the regulatory microscope, especially in Europe. The European chemical legislation — Registration, Evaluation and Authorisation of Chemicals (REACH) — is rewriting chemical safety rules for certain chemicals suspected to be dangerous to human health and the environment.

These include chemicals used in fire retardants, surfactants such as nonylphenol ethoxylates, and plasticizers such as dioctyl phthalate. All these substances could face restrictions or even outright bans. While these moves will first impact companies exporting chemicals and other goods to Europe, it may not be long before Indian regulators seek similar legislation.

Feedstock options for India’s chemical industry

Naphtha. India has little access to the inexpensive gas that fuels Middle Eastern and North American petrochemical production. This situation is unlikely to change, because imported LNG will always be burdened with high handling and transportation costs. India, however, has refining capacity in excess of domestic requirements, and large quantities of naphtha are now being exported. Naphtha export volumes have risen almost every year since 2009, when India became a net naphtha exporter. This surplus is expected to increase as new refining capacity is built. In 2015, naphtha exports were close to 7 MMmt and sufficient to serve at least two worldscale ethylene crackers.

Cheap oil has brought back naphtha as a competitive feedstock for petrochemical production. Its price has almost halved from the peak attained when crude oil prices soared above $140 per barrel and significantly narrowed the cost advantage enjoyed by Middle Eastern and North American gas-based producers.

India’s crude oil refining companies are seeking to integrate downstream into petrochemicals, to improve margins and cater to underserved markets. Naphtha production is scattered across the country, which presents challenges for petrochemical producers eyeing it as feedstock. Much naphtha capacity (about 12.5 MMmt/yr) is concentrated in the west, and petrochemical production is best located in this part of the country.

The most critical aspect of naphtha cracking will be gainful and complete utilization of all coproducts, particularly heavier olefins (C4s and C5s). Their contribution to operating margins will be significant, provided cracking is done at scale and in a comprehensive manner.

Biomass. India is well positioned to make use of biomass, thanks to its strong agricultural base. Sugarcane biomass is the most well developed and available in significant quantities at a single site. Its separation into cellulose, hemicellulose, and lignin can provide raw materials for further valorization. Efforts by private companies, aided by government funds, have provided some breakthroughs.

Publicly and privately funded organizations have developed second-generation ethanol technologies and established pilot- and demonstration-scale projects. Commercial plants could be online in about two years.

India has 600 m.t. of extra biomass with an average agricultural growth rate of 10 m.t./ha-yr. Scientists have proven an enhanced growth rate of 100 m.t./ha-yr, and ongoing experiments aim to take it further, to 150 m.t./ha-yr. The principal biomass conversion technologies are biomethanation, thermal pyrolysis, and gasification. Biomethane production will remain restricted to the transport sector and household cooking. Pyrolysis must be followed by biorefinery processing and gasification by Fischer-Tropsch reaction.

India has attractive biomethanation economics. However, the country needs to develop reliable, economical technologies for pyrolysis and gasification.

Pharmaceuticals

The Indian pharmaceutical industry is considered a global success story, and its technology development is progressing well. Its success, however, hides somedisturbing trends. The industry relies heavily on imports of active pharmaceutical ingredients (APIs) and intermediates, mostly from China. APIs and advanced intermediates imports increased from US$800 million in 2004 to US$3,461 million in 2013, with China’s share rising from 39% to 58% during that time. In volume terms, China’s dominance is even more glaring: In 2014, Chinese imports accounted for 75% of API and intermediates tonnage. For most of India’s ten largest pharmaceutical companies, Chinese imports accounted for 30–50% of total imported raw materials, with some companies importing more than half their needs. Inexpensive Chinese imports have rendered penicillin manufacture unviable in India, forcing the closure of four production units.

Even for APIs where India has a formidable global presence, dependence on imports for intermediates is a matter of concern. For example, India is the leading producer of paracetamol (a commonly used analgesic/antipyretic) and manufactures over 30,000 MMmt/yr. Most paracetamol is produced from the intermediate para -aminophenol, nearly 30,000 tons of which was imported from China in 2015.

Promoting domestic manufacture of APIs and their intermediates will require a balancing act that does not jeopardize the hard-won global competitiveness of the Indian formulations industry. The latter does have a legitimate right to access raw materials — including APIs — in the manner that makes the most commercial sense.

Creating a welcoming investment environment will strengthen the backbone of India’s pharmaceutical industry. The Katoch Committee, appointed in 2013 to recommend steps to encourage domestic production, stressed the need to establish several “API Parks” with shared facilities, including common effluent treatment plants, testing facilities, captive power plants, and services such as storage, testing laboratories, and intellectual property rights management. The committee recommended creation of fee-based special-purpose vehicles to offer these services to park participants. It also suggested several fiscal and financial supports for investors, and strengthening industry-academia collaborations (8) . The committee’s recommendations are key to augmenting India’s API and intermediates manufacturing capabilities and an important step toward ensuring holistic development.

Agrochemicals

Agriculture is critical to the Indian economy and food security, accounting for 15% of gross value added. About 60% of rural households rely on farming for their livelihood.

Indian agriculture faces many challenges and must adapt to doing more with less. A growing population, urbanization, and industrialization are shrinking farmlands, and demands from an increasingly affluent population — including in rural India — are rising. Water availability for irrigation has become a source of contention, leading to disputes with neighboring countries and between states. Groundwater depletion has reached alarming levels, especially in areas at the forefront of the Green Revolution, which turned India from an importer of food grains to an exporter.

Increasing agricultural productivity is important and will require diverse approaches to consolidation of land holdings. Consolidation will yield economies of scale, mechanized farming, and wider adoption of high-yielding seeds, including those genetically modified. Better nutrient management, including balanced fertilizer usage, more efficient water management, and integrated pest management (IPM), combining chemical and biological approaches, will also be beneficial.

Unlike other agro-based economies, India is fortunate to have a vibrant agrochemicals industry — the fourth-largest in the world after the U.S., Japan, and China. The industry produces mostly generic (off-patent) products for the local market and, increasingly, for export. India has become the dominant producer of products such as synthetic pyrethroids and isoproturon (the latter made without using phosgene). In 2015–2016, the industry’s output was valued at about US$4.3 billion, divided roughly equally between domestic sales and exports. The overall market is expected to grow at 10–12% annually to about US$7 billion by 2019. Exports are expected to grow faster (12–14% compound annual growth rate) than the domestic market (7–9% CAGR) (9) .

While India’s agrochemicals industry has made considerable progress, it does have vulnerabilities. The market is skewed toward insecticides, which is not surprising given India’s tropical climate, and fungicides and herbicides shares are small. Distribution, however, is slowly becoming more balanced. The introduction of pest-resistant genetically modified cotton (Bt-cotton) has dramatically reduced insecticide use but not eliminated it. The evolution of the agricultural basket — with a larger proportion of horticultural products, fruits, and vegetables, at the expense of food grains and cotton — is increasing fungicide use. A labor shortage, surprising for such a populous country, is driving greater herbicide usage, as mechanical weed removal gives way to chemical approaches.

Much of the industry is focused on making and marketing older-generation products that could be edged out by newer patented products that are more efficacious, targeted, and safer for human health and the environment.

Indian agrochemical companies are not likely to invest in research for new molecules, given the limitations posed by individual and collective size. Continued company success will hinge on their ability to adopt one of four broad business strategies: going global, forging marketing alliances, entering into toll and contract manufacturing arrangements, or focusing on formulation development. Several companies are already adopting one or more of these approaches.

The agrochemicals business is changing dramatically. The industry is now viewed holistically, with a portfolio of seed and biotech capabilities that complement the traditional chemicals business. The global business landscape is also undergoing reorganization, with several mega deals in the making, including the Dow-DuPont merger, Chem China’s acquisition of Syngenta, and Bayer’s purchase of Monsanto. These dynamics will play out directly in the Indian market, where all of the multinationals have a presence. They could also impact existing relationships with Indian vendors and force realignment of marketing strategies.

Education and research

The specialty chemicals sector’s capital and operating expenditures are comparable, or in some cases lower than, global standards. Costs can be reduced by as much as 50% via process intensification techniques, which could also increase production to US$100 billion per year. India has adequate research and education infrastructure to support process intensification work, with 90,000 masters and 6,000 PhD chemistry graduates and 1,000 masters and 300 PhD chemical engineering graduates each year. Considerable work is still needed to generate the appropriate skills to meet the needs of specialty chemicals manufacturing and research.

Concluding thoughts

There is broad consensus that India can achieve and maintain 7% GDP growth for a reasonable period of time. The Confederation of Indian Industry (CII) has set a target to triple the size of the Indian chemical industry between 2015 and 2025, which, if achieved, will take the industry to about US$430 billion by 2025. This ambitious target will not be achieved if business runs as usual. It will require a coordinated blend of policy interventions and company-level initiatives plus greater international market access.

The industry will need to recognize paradigm shifts in technology and markets that will have consequences for Indian companies (10) . In fine chemicals, for example, a transition from batch to continuous processing is well underway, offering the benefits of safety, quality, scale, and investment.

The recent replacement of multiple indirect taxes by a single goods and services tax (GST) will positively impact manufacturing. With long value chains, the chemical industry will be a significant beneficiary, as taxes impact pricing of products and services, supply chain optimization, IT, accounting and tax compliance systems, and more (11) .

While the chemical industry will continue to be dependent on oil and gas for the near future, it is prudent to look at alternative feedstock options. Biomass and coal come to mind, and a more comprehensive and coordinated approach is needed to exploit both. India had a thriving alcohol-based chemicals industry that was decimated by the diversion of ethanol as a gasoline additive. While coal is making a comeback for fertilizer production, using it for chemicals such as methanol, olefins, and derivatives, which seems to have worked well in China, need to be carefully evaluated in the Indian context. Integrated gasification combined cycle (IGCC) plants to burn even low-grade coal efficiently and cleanly for power generation need to be pursued further.

Unlike many other countries with significant chemical industries, India still lacks a national inventory that identifies chemicals in commerce and the risks and hazards they pose in their value chains. This should become a priority project with clear timelines for the phase-out of harmful products and support for innovation of safer substitutes.

The industry will also have to decouple its past growth models and reexamine available opportunities. Many leading global companies are reeevaluating their portfolios through the lens of sustainability, and there are lessons for Indian companies here as well.

India has a proven track record of entrepreneurship. The country also has some strengths in technology development that have not been fully leveraged. Its chemical industry has a long way to go in forging intercompany and academic partnerships to drive innovation, although some pharmaceutical companies have nurtured internal capacities to meet their own business requirements. Long-term research is still lacking and even companies that like to be counted in global rankings have only made tentative forays.

India must make wise investment choices, and fine and specialty chemicals hold particular promise because they do not expose the economy’s weaknesses ( e.g ., high cost of capital, lack of access to hydrocarbons, and high energy costs) while leveraging strengths ( e.g ., high technical skills, and low-cost innovation capabilities). Developing a fine and specialty chemicals business will provide significant opportunities for India’s chemical companies. However, the business will not thrive without the backing of a robust and broad-based industry. Finally, industry must have access to enough workers with the right skill sets and motivations. Given the industry’s poor image among the country’s youth, this is no small challenge.

Literature Cited

• Rama Rao, A.V., “Indian Organic Chemical Industry: Decades of Struggle and Achievements,” Indian Journal of History of Science, 49 (4), pp. 399–412 (2014).
• de Sousa, J. P., “History of the Chemical Industry in India,” Technical Press Publications, Bombay, India (1961).
• Committees and Commissions in India, “1977 Report — Committee to Conduct Study and Make Recommendations for the Development of Industries Based on Ethyl Alcohol,” 15 (A) (1977).
• TATA Strategic Management Group, “Handbook on Indian Chemical Industry,” https://fenix.tecnico.ulisboa.pt/download-File/1407993358852239/Roland_Berger_India_Chem_20101109.pdf . (2016).
• Chemicals & Petrochemicals Manufacturers’ Association, “Indian Petrochemical Industry: Review of 2015–16 and Outlook for 2016–17,” APIC Conference Proceedings, Charlotte, NC (2016).
• Raghavan, R., “Leveraging Naphtha for Petrochemicals: Opportunities and Challenges,” Chemical Weekly , pp. 135–136 (Aug. 8, 2017).
• Confederation of Indian Industry, “CII Report on Key Feedstock for Speciality Chemicals” (Mar. 2016).
• Katoch, V. M., “Committee Report on Active Pharmaceutical Ingredients: Recommendations,” Ministry of Chemicals and Fertilizers (Feb. 2015).
• Raghavan, R., “Indian Agrochemicals Industry: On the Throes of Change,” Chemical Weekly , pp. 135–136 (Dec. 20, 2016).
• Raghavan, R., “Achieving 3X Growth in the Indian Chemical Industry: What Will It Take?” Chemical Weekly , pp. 135–136 (Dec. 6, 2016).
• Raghavan, R., “GST — A Welcome Measure with Wide-Ranging Implications for Manufacturing,” Chemical Weekly , pp. 135–136 (Aug. 16, 2016).

Acknowledgments

The authors are grateful to Professor M. M. Sharma, Former Director, Institute of Chemical Technology, for his valuable guidance and suggestions.

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The Indian Chemical industry has a huge role to play to make India a US $30 trillion economy by 2047 by contributing around US $1 trillion by 2040. The industry is currently pegged at US $220 billion and is growing at a CAGR of 9.3%. As the sector plays a significant role in enabling the growth of the Indian economy, the country needs to build a competitive landscape for the chemical industry.

Be it China-Plus-One strategy that seeks to develop alternate manufacturing hub, and India is pitted to be its biggest beneficiary, countries, and companies are seeking to diversify and de-risk their supply chains, changing geopolitics, trade war, increasingly stringent environmental norms, and increasing compliance and labour costs for manufacturers in China, or demand driven by growth in domestic chemical consumption in India, the Indian Chemical industry is in massive tailwind for unprecedented growth in the coming years.

Besides, the critical growth support that Chemical industry extends to a vast number of other industries helping produce almost 100,000 products, strengthens sector’s untapped potential and massive growth opportunity in India in the coming years. The sector will be integral to Government’s aspiration of developing an ‘Aatmanirbhar Bharat’ as well as growth aspirations of making India a US $30 Trillion economy by 2047.

Chemical Industry Outlook 2024

The fourth edition of Indian Chemical News (ICN) Compendium titled “Chemicals Industry Outlook 2024,”an exclusive collection of premium content for CXOs in the chemicals, petrochemicals and energy sector, will highlight the role of the industry and its contribution to the Indian economy.

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