India Specialty & Fine Chemicals Market To Reach $95.15 Billion By 2030

India Specialty & Fine Chemicals Market

The India specialty & fine chemicals market size is expected to reach USD 95.15 billion by 2030, as per a new report by Grand View Research, Inc. Furthermore, the market is projected to expand at a CAGR of 9.3% during the forecast period of 2023 to 2030. This is attributable to the increasing demand for chemicals in the construction, water treatment, and electronics sectors, along with advancements in process technology and trade liberalization.

The production of agrochemicals in India witnessed a sharp growth of approximately 11% in 2021, as compared to the production in 2020. Moreover, the total agrochemical exports from the country grew by 16.1% in the financial year 2021, according to CARE Ratings. Despite the negative effects of the COVID-19 pandemic on the overall domestic market, the rise in agrochemical production in the country could be attributed to two successive good monsoon seasons and a healthy sowing season in India.

Additionally, frequent launches of new products, proactive planning for raw materials by manufacturers, and effective production capacity usage have all contributed to the surged demand for these products. Such factors are driving the market for specialty & fine chemicals in the country.

Numerous specialty chemicals are being widely used in the textile industry for polishing, finishing, and dyeing & printing textiles. Lubricating agents, stain removers, emulsifiers, desizing agents, wetting agents, and swelling agents are all used during the production of textiles. The surge in textile and apparel production and the noticeable increase in their exports are expected to drive the growth of the textile industry in India. This, in turn, is anticipated to fuel the demand for specialty chemicals, driving the growth of the market.

On the other hand, the Indian market for specialty chemicals is considered a leading beneficiary of the falling global crude oil prices. The country witnessed a sharp decrease in the prices of crude oil from 2019 to 2021. As a result, the market in the country was expected to witness double-digit growth in the succeeding years, owing to an increase in the per capita consumption of these products at the local level. However, a surge in the prices of crude oil in India posed a threat to the manufacturers of specialty chemicals, as crude oil and natural gas are the key raw materials used in their production.

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India Specialty & Fine Chemicals Market Report Highlights

• Electronic chemicals are expected to have a substantial share in the market with the highest growth rate of 12.3% from 2023 to 2030, due to their wide usage in the production of electronic devices such as semiconductors, printed circuit boards, and displays

• The flavors & fragrances segment is predicted to advance at a strong CAGR of 12.2% from 2023 to 2030

• Specialty coatings, sealants, adhesives, etc. are important for the construction industry, and their demand is expected to surge in India during the forecast period. This is owing to the presence of several large-scale construction projects to be completed in the country in the coming years. Such factors are expected to drive the demand growth for specialty & fine chemicals in India

• The food & feed additives segment is estimated to advance at a substantial growth rate of 11.9% through 2030. Increasing demand for nutritious, flavorful, visually appealing, and safe food & beverage products is expected to contribute to the rising consumption of food additives in India

• The water treatment chemicals segment is expected to witness a prominent growth rate of 11.3% over the forecast period. The increasing requirement for treating wastewater in the urban areas of India is expected to drive the demand for such specialty products that are used for wastewater treatment

• The demand for cosmetic chemicals is anticipated to expand at a high growth rate of 10.5% during the projection period, owing to the increasing propensity of consumers to spend on expensive but natural and organic cosmetics & personal care products. This factor is expected to fuel the growth of specialty cosmetic chemicals in the country

India Specialty & Fine Chemicals Market Segmentation

Grand View Research has segmented the India specialty & fine chemicals market based on product:

India Specialty & Fine Chemicals Product Outlook (Revenue, USD Billion, 2018 - 2030)

• Specialty Polymers

• Institutional & Industrial Cleaners

• Electronic Chemicals

• Rubber Processing Chemicals

• Flavors & Fragrances

• Construction Chemicals

• Food & Feed Additives

• Cosmetic Chemicals

• Oilfield Chemicals

• Mining Chemicals

• Pharmaceutical & Nutraceutical Additives

• Plastic Additives

• Printing Inks

• CASE

• Specialty & Pulp Chemicals

• Specialty Textile Chemicals

• Catalysts

• Water Treatment Chemicals

• Corrosion Inhibitors

• Flame Retardants

• Other Products

List of Key Players in the India Specialty & Fine Chemicals Market

• Akzo Nobel N.V.

• Albemarle Corporation

• Baker Hughes, a GE company LLC

• BASF SE

• Buckman

• Chr. Hansen Holding A/S

• Clariant AG

• Cortec Corporation

• Croda International

• Ecolab

• Evonik Industries AG

• DuPont

• LANXESS

• Nouryon

• SNF Group

• Solenis

• Solvay S.A.

• SUEZ

• Dow

• The Lubrizol Corporation

• Veolia

• Paragon Fine and Specialty Chemical Pvt. Ltd.

• Organo Fine Chemicals

• Lifechem Pharma

• Atul Ltd.

• Infinity Specialty Chemicals

• Jeevan Chemicals Private Limited

• Sami-Sabinsa Group

• Satol Chemicals