Indian Chemical News (ICN) is organising a Session on Speciality Chemicals: Driving the Growth during its Third Edition of the NextGen Chemicals & Petrochemicals Summit on July 13-14, 2023 at Hotel Novotel, Mumbai International Airport, Mumbai. The main theme of the Summit is "Innovation, Self-reliance & Sustainability”.

Specialty Chemicals session will be held on July 14, 2023 and will be moderated by Pravin Prashant, Editor, Indian Chemical News; Radhesh R. Welling, Managing Director, Navin Fluorine International; Sunil Chari, MD & Co-Founder, Rossari Biotech; Anjani Prasad, Managing Director – India, Nepal & Sri Lanka, Archroma; Nitin Sharma, CEO & GM, Clariant IGL Speciality Chemicals; and Raj Shroff, Founder & Director, Aarayaa Advisory Services.

Specialty chemicals are high value-added chemicals that are manufactured for specific purposes and applications. These chemicals are used in a wide range of industrial and consumer products, such as adhesives, coatings, flavors, fragrances, and pharmaceuticals. In recent years, the specialty chemical sector in India has emerged as a key growth driver for the broader chemical industry.

The Indian specialty chemical sector has grown significantly in recent years, driven by increasing demand from end-use industries such as automotive, construction, and consumer goods. The Indian specialty chemical industry is currently valued at US $32 billion and is expected to reach US $65 billion by FY25. This segment constitutes about 18% of the total chemical industry in India. The Indian specialty chemicals industry has grown with a CAGR of around 11% from 2014-2019 and is expected to grow with a 12% CAGR in the next 5 years.

India’s share in the global specialty chemical markets stands at a meager 3%, creating a significant scope for growth. Some of the favorable scenarios emerging for theIndian specialty chemical segment are: domestic availability of petrochemical intermediates, increasing capital expenditure incurred for expanding portfolio of value-added/customised products, backward integration and increasing R&D spends to enter into new age products and new chemistry. However, the sector faces several challenges such as increasing competition from global players, rising raw material costs, and stricter environmental regulations.

To sustain the growth momentum, the specialty chemical companies in India need to focus on product innovation, differentiated marketing strategies, and sustainable manufacturing practices. Overall, the specialty chemical sector in India presents attractive growth opportunities for investors and businesses alike.

Key discussion points are: Expanding India’s Manufacturing Capacity, Product Portfolio, and Exports; Investment scenario; Leveraging India's cost advantage; accelerating innovation and R&D; shortage of feedstock supply; Integrating India into global supply chain; differentiated marketing strategies; Developing a special business model; and preparing for M&A.

The two-day summit will see a galaxy of thought leaders brainstorming on innovation, self-reliance & sustainability in chemicals, petrochemicals, and energy sectors so that India can move ahead by taking quantum jumps in years to come.