Specialty Chemicals are needed for their end-use applications instead of their compositions, or what they can do. They’re blended using many base chemicals and then sold on the kind of quality or use that they have; often termed as high value, low volume chemicals differentiating them from commodity chemicals or basic chemicals.
As a result of this, they’re sold in bulk to companies who use them to add value to a range of finished products. Based on the end-uses, you’ve got the following sub-segments in the Specialty Chemicals Market In India.
Agro-chemicals, Colourants, Construction chemicals, Flavourings, Polymer & additives, Personal care & Fragrances, Surfactants, Textile chemicals, Water treatment chemicals.
What is the market size like?
Specialty chemicals involve lots of product research and innovation. The Asia-Pacific region is exhibiting increased growth owing to factors like availability of raw material and low-cost labour, and that you have many international players investing in these critical factors in emerging nations.
China was leading in this front but had lost its standing over controversies connected with environmental concerns, strict pollution norms that have slowed down the rate of production; a lot of companies here are shifting over to dedicated areas, or have had these restrictions placed on them. The end result is a higher manufacturing cost, and industry players that had preciously sourced from China are looking for alternatives, like India.
What the Indian Specialty Chemicals Market is like
India is the sixth-largest producer and consumer in this field. This industry here represented an INR 2,083.8 Bn in 2017, growing by ~10.7%, led by domestic consumption alone, and from the look of it will probably be higher in the upcoming years and
The market caters to the global and local markets, with its key specialties in the construction chemicals, agrochemicals, paints, fine chemicals, aroma, and personal care chemicals.
It is aided by the lowered cost of labor and extensive support from the government especially the ‘Make in India’ initiative and establishment of chemical hubs in the PCPI regions (Petroleum, Chemicals and Petrochemicals Investment.
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