The next wave of growth in specialty chemicals sector will be driven via innovation. Some key areas which will help drive such innovations are e-mobility, sustainability, digitalization and plastic waste. In order to address new age challenges, we need to look at investing in R&D and come up with cutting edge solutions to remain competitive said Mr. Krishnamohan Narayan, Managing Director, BASF India Ltd during ICC 2020 annual conference.
The outlook for chemical sector seems to be pretty dynamic and disruptive. Industry will see some major disruptions and companies with focus on innovation will grow faster. Demand for transport fuel will decline due to increased adoption of EV. The industry will also see evolution of oil & gas majors to chemical majors in future. About 70% of the crude processed will be chemicals with a much larger share in the material of the future said Dr. Partha P. Mitra, President - Strategy & Initiatives, Reliance Industries Limited during ICC 2020 annual conference.
Indian chemical sector needs to play a key role in adopting best practices for promoting sustainability. Globally the industry is focusing on reducing carbon footprint and going climate neutral seems to be the best way forward. As a responsible company, Lanxess has committed more than 100 million euros for cutting carbon emission and becoming a climate neutral organization by 2040 said Mr. Nilanjan Banerjee, Vice President & MD, Lanxess India Pvt Ltd during ICC annual conference 2020.
Indian chemical industry has outperformed both in the global as well Indian market. The global oil & gas majors are moving towards downstream opportunities & its very clear that their is going to be a focus on petrochemicals in India. The wave of consolidation and mergers in the chemical sector will continue and companies which are scaling will have larger opportunities of competing in the global markets said Mr. Avinash Goyal, Senior Partner, McKinsey & Company during ICC annual conference 2020.
Reducing Import dependency, attracting investments for production of quality products, use of cutting edge technologies, promoting clusters and sustainability are key objectives for the chemical industry to grow up the value chain. The chemical industry needs to attract investments both domestic as well as international and also encourage use & procurement of domestically produced goods said Mr. P. Raghavendra Rao, Secretary, Department of Chemicals & Petrochemicals, Government of India during ICC annual conference 2020.
Robotics & automated technologies have already been used globally by the chemical and petrochemical sectors and India also has started taking the lead in deploying robotic based tech to help automate their processes. We are an IIT Bombay alumni founded company having developed robotic based solutions for tank cleaning and inspection operations for Indian chemical and petrochemical companies says Mr. Romit V. Kalra, Country Head - India Business Development, Janyu Technologies Pvt. Ltd.
Through NicerGlobe initiative, we are trying to bring the Indian chemical industry to adopt safe transportation standards and processes and provide emergency response services during disasters. We have got an encouraging response from the industry for supporting the initiative and we already have several key Indian chemical manufacturers acting as our ambassadors to promote the initiative says Mr. Shanker Kuppuswamy, CEO - NicerGlobe, Indian Chemical Council.
Indian specialty chemical segment seems to be doing pretty well but still many of the intermediates are still coming from China, so manufacturing these intermediaries locally will help in boosting our exports. Our company Sud-Chemie has a joint venture with Clariant and we supply to catalysts to petrochemicals, refineries, pharma, fine chemicals etc says Mr. Sunder Parthasarathy, Deputy Manager - Mktg. & Technical Services, Sud-Chemie India Pvt. Ltd.
Indian chemical companies have been successfully raising capital and also looking at M&A as a viable means to grow forward. We have seen multiple success stories of Indian companies going public in the recent past and this trend shall continue as companies aggressively invests in R&D, facilities and sustainable practices says Mr. Ashim Bhuwania, Managing Director - Corporate Finance, Ambit Pvt. Ltd.
Currently one of the biggest challenge of chemical industry is the inability to control waste water pollution level within permissible limits using existing technologies. The industry needs solutions which are cost effective, fast and user friendly. We are an IIT alumni founded company working in the waste water treatment solutions segment. We are working with multiple companies in the chemical sector to help them minimize their waste water pollution levels by using cost effective solutions says Mr. Ambareesh Phadnavis, Director, Greyeast Technologies Pvt. Ltd.
Chemical industry world over is seeing a lot of consolidation and Indian companies need to explore opportunities of inorganic growth via M&A and partnerships to move up the value chain. We are working with organisations in Indian agrochemical and fine chemical sector on advising viable options of growth says Mr. Preet Mohan Singh, Lincoln International Advisors Pvt Ltd.
The chemical industry is not only leading already but is poised to lead India's industry growth and the manufacturing sectors growth. We believe that the role technology has to play is quite significant and we are investing in developing cutting edge technologies to help transform the chemical sector says Mr. Dilip Sawhney, Managing Director - India, Rockwell Automation Ltd.
The usage of agrochemicals has been picking up rapidly in India as well as Asia. We have been working on developing cutting edge technologies for securing farm crops both during pre & post harvest period. We believe that there's a positive co-relation b/w adoption of agrochemicals and increase in agricultural output in India & outside India says M. S. Ganesan, Vice President - Agri Policies & Outreach, UPL Ltd.
Cutting edge innovation, scale & efficiency, supply chain speed and governance & sustainability are few key critical success factors for India's chemical industry to reach $300 bn revenues by 2025. We plan to invest about 150 crores this year in a pilot plant & mini plant R&D centre at Tarapur, Maharashtra and Jhagadia, Gujarat says Mr. U. Shekhar, Chairman, Galaxy Surfactants Limited.
Sustainability is going to be a key parameter not only for chemical industry's success but also for survival. The company plans to invest about Rs. 100 crores in next two years for its Maharashtra and Gujarat projects says Mr. Bimal L. Goculdas, CEO, The Dharamsi Morarji Chemical Co. Ltd.
Indian chemical industry is self regulatory & we are imbibing all the regulation being laid down by the Government says Ankur Singh, Head Strategy - Chemicals Business, DCM Shriram Ltd.
LANXESS has been honored with the 2017 German Innovation Award for Climate and the Environment.
Andrew N. Liveris, executive chairman of DowDuPont, discusses the way manufacturing is being transformed by digitization.
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