India Specialty Chemicals Market to Grow at 19.4% until 2028
Published | 27 July 2022
India Specialty Chemicals Market is gaining significant traction owing to the escalating demand for electronics, water treatment chemicals, paints and coatings, industrialization, and trade liberalization along with the improvements in process technology…
A recent study conducted by the strategic consulting and market research firm, BlueWeave Consulting, revealed that the India Specialty Chemicals Market is projected to grow at a CAGR of 19.4% during 2022 - 2028. The India Specialty Chemicals Market is booming because of the growing demand for specialty chemicals from numerous industries, including textile, real estate, packaged food, personal care, household care, vehicles, consumer durables, and construction. Also, the market for specialty chemicals in India is expanding as a result of the vast number of highly qualified individuals there. Moreover, the increasing use of rechargeable, miniaturized, and sustainable electronic components have created a substantial need for products that may offer higher performance with less maintenance. Due to this, the market for specialized chemicals has increased. Furthermore, India Specialty Chemicals Market is one of the most emerging markets that grow continuously owing to the fast integration of new technologies such as the Internet of Things (IoT), Artificial Intelligence (AI), cloud computing, and others. However, the sector faces considerable obstacles because of the technicalities involved with their small-scale manufacture, particularly for those produced by bio-refineries, like collagen. The sector is further challenged by competition from specialized chemicals' cheaper conventional counterparts.
Growing Demand for Specialty Chemicals from Various End-Use Industries
A sizable need for goods that can support improved performance with less maintenance is generated by the growing usage of rechargeable, downsized, and sustainable electronic components. The demand for specialty chemicals from the electrical and electronics end-use has increased significantly as a result of this reason. With a high need for adhesives, lubricants, paints, and coatings for weight reduction and money-saving End-Uses, the automotive industry is anticipated to continue to be a lucratively increasing sector. Consumer demand for pharmaceuticals and nutraceuticals has been fueled by increased consumer awareness of and adoption of a healthy lifestyle. Consumer focus on personal care is significantly increasing as a result of rising disposable income, and this is projected to boost product demand in the personal care and cosmetics end-use markets.
Surging Demand for Personal Care Product driving the Market Growth
As the COVID-198 pandemic's effects expand across the nation, leading manufacturers are observing a noticeably increased demand for hygiene products including hand sanitizers, liquid soaps, disinfectant sprays, and germ-protecting wipes. The last 12 to 18 months have seen an upsurge in the use of special items, according to chemical businesses. They are speeding up the scaling up and streamlining of their manufacturing capabilities now that they have examined their production plans in light of the current circumstances. As a result, the market has been subtly helped by the increasing use of cleansers and disinfectants. The growing aging population, as well as adults, are facing some health problems including hair loss and skin aging, which promotes the use of cosmetic chemicals and benefits the industry. This feature has considerably increased consumer demand for surfactants and personal care chemicals, which is driving the market's growth.
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Challenge: Stringent Government Regulations
It is anticipated that tight government regulations and fluctuating raw material prices limit the growth of the Indian market for specialty chemicals. Additionally, the sector faces considerable difficulties as a result of the technicalities of their small-scale manufacture, particularly for those produced through bio-refineries, like collagen. The difficulties of the sector are further increased by competition from specialized chemicals' less priced conventional counterparts.
Segmental Coverage
The Agrochemicals, Dyes and Pigments, Construction Chemicals, Specialty Polymers, Textile Chemicals, Base Ingredients, Surfactants, Functional Ingredients, Water Treatment, and other segments of India Specialty Chemicals Market are separated based on type. The India Specialty Chemicals Market is dominated by agrochemicals among these. Due to the expanding population and rising food consumption, agrochemicals are becoming more and more essential for improved crop protection and production, which is causing the specialized chemicals business to grow over the coming years. Farmers' growing awareness of the usage of agrochemicals in farming is causing the market to grow. An expansion in urbanization and industrialization has led to a loss in agricultural land, which is a further growing need for agrochemicals to raise crop yield per acre of land. Additionally, during the projected period, water treatment is anticipated to hold the largest market share (2022-2028). Coagulants and flocculants are the most widely used chemicals, followed by biocides & disinfectants. This is owing to their expanding use in municipal and wastewater treatment facilities across several industries, including power, oil & gas, chemical, and petrochemical. Biocides and disinfectants, which ensure the operational efficiency and safety of manufacturing systems by preventing the growth of germs, make up the second-largest product category.
Impact of COVID-19 on India Specialty Chemicals Market
Numerous original equipment manufacturers have been impacted by the economic crisis and lockdown brought on by the COVID-19 epidemic. Throughout the year, many suppliers had significant resource limitations in their logistics and material supply chains, which had a noticeable detrimental impact on their operations. In addition, the India Specialty Chemicals Market is significantly impacted by supply chain disruptions. The market, on the other hand, is improving and is probably going to go back to normal as government aid increases. The market is anticipated to grow between 2022 and 2028 as a result of some regions' quickening rates of recovery and expanding sales of specialty chemicals. which is hence expected to propel the India Specialty Chemicals Market's growth.
Competitive Landscape
The leading market players in the India Specialty Chemicals Market are Aarti Industries Limited, Atul Limited, Alkyl Amines Chemicals Limited, Navin Fluorine International Limited, Vinati Organics Limited, and other prominent players. The India Specialty Chemicals Market is highly fragmented with the presence of several manufacturing companies in the country. The market leaders retain their supremacy by spending on research and development, incorporating cutting-edge technology into their goods, and releasing upgraded items for customers. Various tactics, including strategic alliances, agreements, mergers, and partnerships, are used.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of the India Specialty Chemicals Market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in the India Specialty Chemicals Market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.
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