Massive Technically Skilled Labor makes India a Production Hub of Specialty Chem

Posted by Deeksha on November 22nd, 2019

Specialty chemicals improve the manufacturing process and the end products to provide greater profit. They are often made for specialized use and have high value with low volume. They are sometimes referred as performance chemicals and value-added chemicals. Specialty chemicals market has gained significance in India owing to the increasing demand from various sectors including textile, packaged food, household care, consumer durable, real estate, personal care, automobile and construction. The specialty market in India was assessed to be INR 2,083Bn in the year 2017 and is anticipated to grow at   ?10.7% CAGR by the end of 2023. The major reason behind this rapid growth in India is shutdown of Chinese companies owing to their negative environmental impact. This created shortage of supply which was filled in by specialty chemical’s manufacturing in India.

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Cheap labor encourages business opportunities

Huge segment of Indian population is technically skilled. It was estimated that in 2016, 15.098% of the total graduates in various technical streams such as science, engineering, technology and math were from India. This large talent pool makes India lucrative region for production. Moreover, the cheap unskilled labor in India also encourages business activities. Skilled workforce along with unskilled labor boost specialty chemicals market in India.

Although, Indian specialty chemicals market is growing fast, only few market players hold international level competitiveness which results in low revenue and less sales in specialty chemicals market. Cyclicality offered by different sectors such as textile manufacturing hampers growth of small specialty chemicals manufacturers in India.

Major companies profiled in specialty chemical market in India include Aarti Industries Limited, Deepak Nitrite Limited, Meghmani Organics Limited, SRF Limited, Sunshield Chemicals Limited, Bodal Chemical Limited and NOCIL Limited. 

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