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Specialty Chemicals Market in India 2019: Industry Analysis by Top Players Profile - BASF India, Bodal Chemicals, Aarti Industries, Atul Limited, Vinati Organics, SRF Limited, Pidilite Industries, PI Industries

03-06-2020 09:53 AM CET | Business, Economy, Finances, Banking & Insurance

Press release from: Decision Market Reports

The specialty chemicals market in India is operated mostly by small-scale firms that cannot compete with large firms functioning in the global market. Moreover, the demand and supply of specialty chemicals largely depend on the demand from end-user industries. Therefore, a minor change in the operation of end-user industries leads to significant implications in the specialty chemical market. Due to the fragmented nature of the market and high dependence on end-user industries, specialty chemical companies in India face stiff competition, with buyers switching brands based on product quality and price.

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Over the past few years, the specialty chemicals market in India has been flourishing, owing to the rise in demand from various end-user industries. The specialty chemicals market in India has valued at INR 2,356.92 Bn in FY 2018 and is expected to reach INR 4,527.36 Bn by FY 2024, expanding at a compound annual growth rate (CAGR) of ~11.9% during the FY 2019-FY 2024 period. Unlike basic chemicals, the price of specialty chemicals is determined to depend on their unique features and utilities rather than composition. Major players operating in the market include Aarti Industries Limited, BASF India Limited, Deepak Nitrite Limited, PI Industries Limited, and SRF Limited.

Market segment insights

o In FY 2019, the colorants segment held the largest market share of ~27%, followed by the paints and coatings (~25%), and agrochemicals (~14%) segments. The demand for colorants picked up due to the growth of the textile and automobile industries, as well the real estate market, both within and outside India. The Indian automobile industry accounts for the highest demand for paints and coatings. The growth of agrochemicals production can be attributed to the rising demand for high-yielding seeds and crops among farmers, in order to fulfill the growing requirement of food across the country.

o Among the major segments of the Indian specialty chemicals market, the water treatment chemical segment is expected to experience the fastest year-on-year growth of ~14.63% during the FY 2016-FY 2024 period. The troubling rise in water pollution and drinking water requirements for the continually increasing population results in the high demand for water treatment chemicals.

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Key growth drivers of the market

An increase in demand in end-user industries like food processing, personal care, and home care is propelling the development of the different segments of the Indian specialty chemicals market. Due to busy work schedules, people lack the time to cook and prefer consuming processed and packaged foods. Edible oils find application in the food processing market. Therefore, the growing consumption of processed and packaged food is leading to a rise in demand for edible colors. Improvement in the standard of living as a result of globalization and an increase in the per capita income is driving growth in the premium home care and personal care segments. In addition to the increasing demand from end-user industries, the downturn of the Chinese chemical market in the past few years has established export opportunities for Indian manufacturers.

Companies covered
o Aarti Industries Limited
o Atul Limited
o BASF India Limited
o Bodal Chemicals Limited
o Deepak Nitrite Limited
o Galaxy Surfactants Limited
o PI Industries Limited
o Pidilite Industries Limited
o SRF Limited
o Vinati Organics Limited

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Decision Market Reports is a one-stop solution, covers market research studies of all the industries, companies and regions. DMR aims at providing quality research, and insights about every market to helps our clients in taking right decisions. Our repository consists of most trending industry reports, niche areas, and leading company profiles. A comprehensive collection of reports is updated daily to offer hassle-free access to our latest updated report databases.

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