Indian Chemical Industry on the Brink of Transformation

India's chemical market is forecasted to reach over USD 300 billion by 2030, doubling its current value. A BCG report urges domestic companies to pursue bold strategies and investments in emerging sectors, such as semiconductors, to capitalize on this growth opportunity.

India's chemical industry is poised for a massive transformation, with the market projected to double its current size, reaching over USD 300 billion by 2030. This growth, highlighted in a new BCG report, stems from a boost in domestic consumption and strategic expansions in emerging sectors like semiconductors.

The report, titled 'Building The Next Indian Chemical Giant', suggests that domestic players must engage in bold investment strategies and innovation to exploit a USD 1 billion opportunity in the speciality chemicals segment, particularly in semiconductor fabrication-stage inputs, where India is heavily investing.

BCG's findings consider India's chemical industry at a pivotal inflection point, urging companies to recalibrate their business models, prioritize digital and AI integration, and form global partnerships to enhance competitiveness and stake a claim in the evolving global chemical supply chain.

(With inputs from agencies.)