According to TechSci Research report, “India Specialty Chemicals Market– By Region, Competition, Forecast and Opportunities, 2019-2029”, the India Specialty Chemicals Market stood at USD41.90 billion in 2023 and is anticipated to grow with a CAGR of 3.86% in the forecast period, 2024-2029. Initiatives taken by government based on specialty chemicals has led to favorable market conditions for the India Specialty Chemicals Market. Several factors contribute to the growth of various specialty chemicals products.
Historically, the government has established public-sector companies such as Hindustan Antibiotics Ltd. (HAL) and Indian Drugs and Pharmaceuticals (IDPL), both of which have played a crucial role in the development of the chemicals industry in India. These companies have contributed to the growth of the sector by producing essential pharmaceuticals and chemicals that cater to the healthcare and industrial needs of the nation.
In addition, the Chemical and Allied Export Promotion Council of India (CAPEXIL), a non-profit organization created by the government, has been actively involved in promoting India’s chemical trade on a global scale. CAPEXIL has been instrumental in facilitating export opportunities for Indian chemical manufacturers, ensuring their products reach international markets and enhancing India’s presence in the global chemical industry.
All these initiatives reflect the Indian government’s unwavering commitment to bolstering the specialty chemicals industry and driving its growth. With the support of these state-owned companies and trade promotion organizations like CAPEXIL, the sector is expected to witness substantial expansion and contribute significantly to India’s economic development in the coming years.
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Specialty chemicals play a critical and indispensable role in the textile industry. They are essential components used at various stages of textile production, starting from pre-treatment to finishing. These chemicals not only enhance the quality, durability, and aesthetic appeal of the final textile products but also contribute to their functionality and performance.
In the pre-treatment stage, specialty chemicals are used to prepare the textile fibers and fabrics for further processing. This includes processes like desizing, scouring, and bleaching, where enzymes, surfactants, and other chemical agents are employed to remove impurities, improve absorbency, and ensure uniform dye uptake.
During the dyeing and printing processes, specialty chemicals such as dyes and pigments are used to add vibrant and long-lasting colors to the textiles. These chemicals are carefully selected and formulated to achieve desired color fastness properties, ensuring that the colors remain vibrant and do not fade over time.
In the finishing stage, specialty chemicals like finishing agents are applied to give the textiles specific properties and desired finishes. This can include adding softness, wrinkle resistance, water repellency, flame retardancy, or antimicrobial properties to the fabrics. These finishing agents contribute to the overall performance and functionality of the textiles, making them more suitable for specific applications and market demands.
The increasing demand for high-quality textiles in both domestic and international markets has significantly fueled the need for specialty chemicals. Today’s consumers are more conscious about the textiles they purchase, seeking superior comfort, longevity, color fastness, and unique finishes. Achieving these attributes requires the utilization of specialty chemicals, which offer tailored solutions and impart specific properties to textiles
Overall, specialty chemicals are vital components in the textile industry, enabling manufacturers to produce textiles with enhanced quality, functionality, and aesthetics. They play a crucial role in meeting the evolving demands of consumers and ensuring the competitiveness of textile products in the market.
The India Specialty Chemicals Market is segmented into product type, regional distribution, and company
Based on its product type, the pharmaceutical segment held the largest market share in the forecast period. One of the key factors driving the pharmaceutical sector’s dominance in the specialty chemicals market is the robust domestic demand in India. With a large and growing population, the consumption of pharmaceutical products has witnessed a steady rise. This demand is further fueled by the rising prevalence of chronic diseases and an aging population, creating a need for effective pharmaceutical solutions.
India’s pharmaceutical industry, known for its high-quality yet cost-effective pharmaceutical products, has established itself as one of the largest suppliers of generic drugs worldwide. These products have found a substantial market not only in developed countries but also in developing nations, where affordable healthcare solutions are in high demand. The contribution of the Indian pharmaceutical industry to the country’s export earnings is significant, showcasing the global recognition and trust in the products manufactured in India.
Based on region, West India segment is expected to grow during the forecast period.
The presence of numerous well-established and state-of-the-art research and development facilities in the region has greatly contributed to fostering innovation in the specialty chemicals sector. These cutting-edge facilities provide a collaborative environment for companies to explore and develop advanced and sustainable solutions that address the evolving needs of various industries. By leveraging the expertise and resources available, companies are able to push the boundaries of chemical innovation, propelling the growth of the industry to new heights.
Major companies operating in India Specialty Chemicals Market are:
- SRF Limited
- Aarti Industries Limited
- Galaxy Surfactants Ltd
- Solvay Pharma India Limited
- Himadri Speciality Chemical Ltd
- Bodal Chemicals Ltd
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“Growing application of specialty chemicals in various end user industries are key drivers of the specialty chemicals market. Growth in competitive landscape and presence of well-established companies in the market who are dedicated to enhance their productivity of specialty chemicals with every passing year are anticipated to register an impressive growth to India Specialty Chemicals Market in the forecast period.,” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based management consulting firm.
“India Specialty Chemicals Market By Product Type (Pharmaceuticals, Colorant, Paints, Agrochemicals, Surfactants, Textile Chemicals, Personal Care, Others), By Region, By Competition Forecast & Opportunities, 2019-2029”, 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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