GCPMH 2019: Demand for chemical products set to increase rapidly

摘要

India constitutes 3.4% of the worldwide chemical industry and ranks sixth in the world in chemical sales. The size of chemical market in India was about $163 billion in 2018 and is expected to reach to $304 billion by 2025. The chemical and petrochemical sector contributes 4% to total foreign direct investment equity infows, said Raghavendra Rao, secretary at India’s Department of Chemicals and Petrochemicals at the Ministry of Chemicals, at the Summit on Global Chemicals & Petrochemicals Manufacturing Hubs in India (GCPMH), taking place in Mumbai. It also contributes 10% to India’s exports and employs 2 million people. India’s chemical industry is highly diversifed and covers more than 80,000 commercial products. The industry is a backbone of various downstream industries such as cars, textiles, paper, paints, fast-moving consumer goods, and pharmaceuticals, Rao said.