ERJ staff report (PR)
Vadodara, India – The chemical industry in India is set to more than double in size to $224 billion (€164.7bn) by 2017 and become a major exporter, according to a Chemical Week report – citing figures presented by Inderjit Pal, secretary of India’s department of chemicals and petrochemicals.
Pal was addressing a 3 July meeting in Vadodara, Gujarat, to introduce the upcoming India Chem event, due to take place in Mumbai, 9-11 October. The chemicals and petrochemicals Industry event is being organised jointly by Pal’s department, the Government of India and FICCI (the Federation of Indian Chambers of Commerce and Industry.
India Chem 2014 will highlight investment, technology-transfer and other business opportunities within the country's chemical industry. The sector, say the organisers, is the sixth largest in the world and the third largest in Asia.
According to official figures, the Indian chemical industry was valued at around $110 billion in 2013 and is showing rapid growth. The speciality chemicals industry, for instance, has been growing rapidly at around 12 percent over the last five years and currently stands at around $21.5 billion.
In terms of domestic demand, meanwhile, government estimates show that the Indian speciality chemicals market has the potential to reach $60-70 billion by 2020.