The future of the Indian chemical industry lies in speciality chemicals, which can add considerably to the wealth of country. While the Indian industry has made significant progress within the area, by using skills in chemistry and engineering, it needs to invest more in setting up of state-of-the-art application development laboratories that offer evidence of performance to clients, and aid formulation development.
This was stated by Prof. A.B. Pandit, Vice Chancellor, Institute of Chemical Technology (ICT), at the annual get-together of the Indian Speciality Chemicals Manufacturers Association (ISCMA) on Mumbai on May 23.
Prof. Pandit also entreated the industry to focus on waste valorisation, by way of astute combination of chemistry and chemical engineering, no longer simply to in part mitigate the waste generation problem however to definitely make contributions to business income via sleas of recovered products.
He also stress the requirements for corporations running in the domain of speciality chemicals to have robust technically certified teams that still have excellent marketplace understanding.
Export opportunities
Welcoming members of the association, Mr. Y.H. Jhaveri, President, ISCMA, mentioned that the Indian speciality chemicals industry has made a smart recovery from the declines seen in the aftermath of the pandemic. However, he mentioned that the industry now faces new challenges within the form of tariffs, which could effect sales to the US, in particular.
In 2024, sales of speciality chemicals to the US to the US was expected at about $3.6-bn, and how this will change may be in large part decided through the final tariffs that emerge as imposed on India and on other nations with which India competes within the international markets. “There is an opportunity to growth volumes to USA if tariffs stays in reasonable stages, however Indian speciality chemicals industry will need to more systematically explore opportunities in other global markets as also the domestic one,” he stated.
Mr. Jhaveri also urged the industry to address the issue of sustainability, which is both a task and an opportunity. “We need to be ready to serve high-tech industries by innovation. Providing a good and secure working place also needs a focus, as it’s key to attracting good talent,” he introduced.
