The Indian Chemical Council (ICC), the apex national body of the Indian chemical industry, is organising the 18th Annual India Chemical Industry Outlook Conference and Exhibition at JW Marriott Hotel, Mumbai on 4thto 5th March 2025.
Themed ‘Engineering the Future: Reinventing the India Chemicals Sector for Enhanced Resilience,’ the event provides a key platform for policymakers, industry leaders, and investors. As India’s chemical industry, currently valued at $220 billion, gears up to exceed $1 trillion by 2040, the country is positioning itself as a global chemical powerhouse.
McKinsey & Company Releases Whitepaper on Industry Growth
During the conference, McKinsey & Company unveiled a whitepaper titled ‘Building Resilience for Global Leadership: The Path Forward for India’s Chemicals Industry’. The report outlines a transformative era for the global chemical industry, highlighting India’s potential for high growth and resilience. It also charts a strategic roadmap for Indian chemical companies to navigate challenges and capitalize on emerging opportunities.
Leaders Emphasize India’s Competitive Edge
Dr. Kartik Bharat Ram, President of ICC and Joint Managing Director of SRF Ltd, welcomed more than 700 delegates and delivered the keynote address. He highlighted the exponential growth of the conference and its role in shaping the future of India’s chemical industry.
“With increasing domestic consumption, shifting supply chains, and competitive costs, our sector is on the brink of remarkable expansion. Government initiatives and technological advancements further fuel this momentum. ICC, representing over 80% of the industry, recently received the 2024 OPCW Hague Award for its dedication to chemical safety and security. Now, we must focus on positioning India as a global leader in the chemical industry,” he said.
Government Accelerates R&D and Industry-Academia Collaboration
Nivedita Shukla Verma, Secretary, Department of Chemicals and Petrochemicals, Ministry of Chemicals and Fertilizers, addressed the event virtually. She stressed the importance of increased investments, R&D, and integration into global value chains to achieve India’s Viksit Bharat 2047 vision.
Nivedita Shukla announced the approval of five new Centres of Excellence (CoE) and plans for three more. She also introduced a dedicated portal connecting 1,000 industries with 50 research institutions. This initiative fosters industry-academia collaboration, driving innovation and sustainability. She also highlighted policies promoting renewable resources and cleaner technologies to balance economic growth with environmental responsibility.
India’s Chemical Sector at the Forefront of Economic Growth
Deepankar Aron, Joint Secretary, Department of Chemicals and Petrochemicals, underscored the role of the chemical industry in India’s economic transformation. He emphasized that achieving Viksit Bharat 2047, requires rapid economic expansion, targeting a $26 trillion economy with a per capita income exceeding $14,000.
He highlighted initiatives like Atmanirbhar Bharat, Make in India, and PM Gati Shakti, which aim to strengthen domestic manufacturing, attract global investments, and integrate India into international supply chains. With chemical exports accounting for 7% of India’s merchandise exports ($45 billion last year) and FDI inflows nearing $20 billion over the past two decades, the sector remains a critical driver of economic growth. Aron reiterated India’s commitment to INDOVATION—a strategy focused on affordable, accessible, and sustainable innovation with Indian characteristics.
Global Experts Recognize India’s Rising Influence
Marco Mensink, Director General of CEFIC, Brussels, delivered a keynote address on global geopolitical shifts. He highlighted the resulting opportunities for India’s chemical industry.
AI, Sustainability, and Digital Transformation Reshape the Industry
The conference highlighted how artificial intelligence, digital transformation, and sustainability are reshaping India’s chemical industry. Experts presented case studies on net-zero initiatives, carbon capture, process automation, and sustainable feedstocks. Discussions also covered hydrogen-based production for reducing carbon footprints and government-backed R&D incentives for energy-efficient processes.
As the world moves toward climate-conscious production, India is emerging as a leader in eco-friendly specialty chemicals. Investments in blockchain-backed supply chains, AI-driven quality control, and smart manufacturing are revolutionizing the industry, enhancing its long-term competitiveness.
The Road Ahead
The 18th ICC Conference served as a crucial platform for driving AI adoption, sustainable practices, and technological innovation. As India strengthens its global footprint, the chemical sector remains integral to the nation’s ecological and economic ambitions.
As per the press release, India is embracing innovation, sustainability, and digital transformation. This approach positions the country to challenge global leaders. It also helps solidify India’s role as a dominant force in the chemical industry.
