India Specialty Chemicals Market Estimated at $ 31.8 Billion
Increasing demand for
specialty chemicals from various end-user industries to drive growth of India
specialty chemicals market
According to
TechSci Research report, “India
Specialty Chemicals Market By Product Type, Competition Forecast
& Opportunities, 2024” the India specialty chemicals
market is expected to grow during the forecast period driven by growth of
domestic end use segments as well as exports. Moreover, low cost labor and easy
availability of raw materials are further driving the market. Chemicals plant
shutdown in China and Europe have created opportunities for companies to
consider India as an important market. However, rising environmental concerns
and economic downturn are likely to hamper the growth of the market during
forecast period.
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The
country’s specialty chemicals market is estimated to have reached $ 31.8
billion in 2018. The India specialty chemicals market is segmented based on product,
function, region and company. Based on product, the market can be fragmented
into Pharmaceuticals, Colorant, Paints, Agrochemicals, Flavors & Fragrance,
Surfactants, Textile Chemicals, Personal care and others (water treatment,
automotive, etc.). The pharmaceuticals & agrochemicals are anticipated to garner
the largest market share during the forecast period on account of increasing
applications of specialty chemicals. Moreover, pharmaceuticals and colorant
sectors are anticipated to grow at the fastest pace during the forecast period
owing to the rapid growth in cosmetics and personal care sectors.
SRF,
Aarti, Galaxy Surfactants, Solvay, Himadri, Sudarshan Chemicals, Vinati, Atul,
Bodal, NOCIL, Meghmani, Navin Fluoro Chemicals, Camlin Fine Sciences, Indofil,
and Clariant. and others are some of the leading players operating in India specialty
chemicals market. Companies operating in the market are using organic
strategies such as product launches, mergers and collaborations to boost their
share.
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“India is one of
the fastest growing and largest markets in the APAC region and is expected to
create huge opportunities for the specialty chemicals market. Additionally, the
closure of plants in China owing to environmental concerns has opened doors for
Indian manufacturers to invest further in specialty chemicals, thereby further
fueling growth in the market.” said Mr. Karan
Chechi, Research Director with TechSci Research, a research based global
management consulting firm.
“India Specialty Chemicals Market By Product
Type, Competition Forecast & Opportunities,
2024” has evaluated the future growth
potential of India specialty chemicals market and provides statistics & information
on market size, structure and future market growth. The report intends to
provide cutting-edge market intelligence and help decision makers take sound
investment decisions. Besides, the report also identifies and analyzes the
emerging trends along with essential drivers, challenges and opportunities in India
specialty chemicals market.
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