The specialty chemicals sector is anticipated to be the key driver of growth in the chemicals industry, propelled by a growing emphasis on sustainability and emerging segments like renewable energy, electric vehicles, and green hydrogen. Currently, the Indian chemicals industry holds a three percent share, which is valued at approximately $185 billion of the global chemical market. Substantial growth prospects are anticipated for the next two decades.
The trajectory of the specialty chemicals domain could unfold in two directions. Firstly, global corporations may establish their presence in India. Alternatively, there is a significant opportunity to foster the development of new technologies within the country through robust collaboration between industry and academia.
Given the heightened significance of sustainability, and India’s ambitious targets in renewable energy, as well as associated sectors like electric batteries, battery storage, and hydrogen, the Indian chemical industry stands to gain substantial technology-related opportunities. As reported by businessline, with the electric vehicle battery sector entering a new technological phase, chemical companies can play pivotal roles in driving the transformation towards electrification.
