Today’s top chemical companies are responding to the climate crisis and setting goals to be net-zero carbon emission companies by 2050 or sooner. They are also embracing the concept of a circular economy where the products they produce generate less waste and can more easily be recovered and recycled. A key accelerator all companies are embracing as part of their strategy to drive to their net-zero goals and circular economy goals is a digital transformation which involves identifying and implementing methods to bring digital tools and work processes closer together to drive more informed business decisions. Many industry stakeholders see the Process Digital Twin as the most important building block for the digital transformation of the chemical industry.

Globally, the Specialty Chemicals market is projected to grow to US $954 billion globally by 2027 from US $711 billion in 2019, registering a CAGR of 5% from 2020 to 2027, according to Allied Market Research. Presently, Asia Pacific contributed the highest share to the global market, accounting for more than one-third of the total market share in 2019, and will maintain its dominance throughout the forecast period. In addition, the Asia Pacific region is expected to grow at the highest CAGR of 5.9% from 2020 to 2027 due to rapid industrialization in China, India, and Japan; increased demand for pharmaceutical grade specialty chemicals, oil products, electronics, electronic chemicals, and oilfield chemicals amongst others.

Chemical plants are demanding as they cater to a wide range of organic and inorganic material (liquid or gas) some of which are flammable, toxic, and highly corrosive. Also during chemical processing, liquid such as acids, caustics, and highly viscous organic substances or highly pressurized gas lines place enormous material and mechanical stress upon flow measurement and process analytics solutions in chemical plants.

The global agrochemical market size is estimated to grow from US $208.6 billion in 2020 and is projected to reach US $246.1 billion by 2025, at a CAGR of 3.4%, as per report by ResearchAndMarkets.com.

World Biofuel Day is observed every year on 10th August to create awareness about the importance of non-fossil fuels as an alternative to conventional fossil fuels and to highlight the various efforts made by the Government in the Biofuel sector. Ethanol has become one of the major priorities of 21st century India as it is having a better impact on the environment as well as on the lives of farmers.

The disruption caused by the COVID -19 has accelerated the pace of digitization in the global chemical industry including India. Hence, the industry is going through a metamorphosis. Digitization is having a significant impact on the chemical industry with the potential to completely overhaul value chains, lead to higher productivity and spur innovation, resulting in the creation of new channels to market.

The Indian chemical industry is projected to be worth US $304 billion by 2025, registering a CAGR of 9.3%. This will require an investment of US $75-100 billion as the target is to reduce import dependency and increase exports.

The Chemical industry in India is at the cusp of a new growth phase with global and Indian companies scaling up operations to meet the increased domestic and global demand.

Indian speciality chemical industry is currently valued at $32 billion and is expected to reach $65 billion by FY25. This segment constitutes about 18% of the total chemical industry in India. The industry's growth is mainly driven by consumption growth and export opportunity.

In the competitive environment of Generics Pharma & Specialty Chemicals, companies are faced with challenges to be more productive and operate more globally.