Chemical Industry: A Growing Industry in India

by Ravi Tandon Chemicals, Industril

In today’s liberalized economy, chemical companies in India has graduated from manufacturing principle chemicals in a highly regulated market to being a mature industry over the last fifteen years. Indian Chemical industry has a promising future and is among the fastest growing ones in India. The chemical companies in India are considered among those industries that began working immediately after the country’s independence 1947 and that is the reason why it is one of the oldest contributor in Indian Economy.

In such a globalised world, there is no scarcity of options for industries and across the world numerous industries thrive and develop on the innumerable options that this globalised and fast world has provided them. With the increasing demand in several different segments of chemical industry such as inorganic chemicals, fine and specialties, agrochemicals, bulk drugs, paints, dyes, organic chemicals and pharmaceuticals, chemical industry across the world becomes one of the fastest growing industries globally.

In the last two decades, the Indian Chemical industry has been receiving important investment intentions and it seems quite an achievement for the Indian industry who had struggled since independence to catch the market dynamics. During these years this industry sector has grown from small scale to multi- dimensional sector and presently the average annual growth rate of the industry is approx 12.5 percent.

India had a closed economy until 1991 however, in 1991 the adoption of liberal policy benefited most of the industries and Indian chemical industry is one of them. Over the years, the industry has gained recognition in the global economy and currently in terms of production size, it ranks 12th in the world with the 13 percent contribution towards the total export from India at present. It’s a fact that industry is growing rapidly and it has been estimated that in coming years, the industry is going to attain around the worth of 100 billion US dollars. However to complete this estimation, some areas need improvement such as:

• Some of the entrepreneurs required to drive the industry on the expected growth path.
• Implement the use of information technology in the industry.
• Direct employment increment within the industry.
• Need improvement in health and safety standard.
• Give stress on knowledge and specialty regarding chemical manufacturing.
• Increase growth of the overseas sales network so that Indian chemical manufacturer easily finds the international buyers.

Chemicals in India is produced in bulk which comprise either upstream products or intermediates, which are used into a variety of manufacturing process such as textiles, pharmaceuticals, agrochemicals, paints and dyes, plastics and fertilizers etc.

In terms of chemical suppliers and trading industry, Indian chemical companies are considered to be an unavoidable trade destination as it becomes the top notch chemical suppliers, traders, manufacturer and importer as well globally. Today industry helps a lot to fulfill the needs of industrial chemical activities and domestic purpose too. If anyone is looking to place an industry among major contributors, considering the growth trends in different sections of the Indian chemical industry is recommendable choice.

Universal Oil Field Chemical Companies India is started mineral exploration in 1993 in Gandhidham, Gujrat India. As Chemical Companies India we have emerged as a key player in Oil Drilling Chemicals, Industrial minerals and Specialty chemicals.