By: ICN Bureau
Last updated : March 06, 2018 8:18 pm
Speciality chemical to grow to US $ 86.5 bn by 2025
Indian chemical industry which is currently estimated at US$155bn, that is about 3.4 per cent of the global chemical market, is expected to touch $240bn mark by 2021 with 9.6 per cent YoY growth, says a report released by Tata Strategic Management Group. This growth is primarily driven by the growth of the speciality chemical market which is estimated to grow to $86.5 bn with a CAGR of 12% by 2025, the report suggests. At present, the size of the specialty chemical market in India is estimated at $31.2 bn.
The sector contributes a little over 2 per cent to the country’s GDP. The latent demand in the industry is expected to create huge opportunities for businesses in the chemical sector in India as well as contributing towards economic, social and industrial activity within the country.