The demand for specialty chemicals and intermediates is likely to grow in double digits in the next 10 years due to rising consumption from high-end polymer industry and other user segments.
The Indian chemical industry is rated 6th in the world and 3rd in Asia in value added terms at constant prices. India is at the cusp of becoming the manufacturing hub for the world with government support and initiatives like Make in India. Business activities of all organizations are thus becoming more global and supply chains more complex. Experts believe that the Indian GDP is likely to cross $5 trillion in the next 10 years, with the steady pace growth and reforms like goods and services tax (GST) coming into play. “While the demand for specialty chemicals and intermediates will continue to grow in double digits during this time, the tipping point for consumption of high end polymers will occur once the per capita income exceeds $ 2,500,” experts deliberated at the Together for Sustainability (TfS) here on Tuesday.