Sector set to maintain strong growth driven by domestic demand and spending patterns
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Totojang / iStock [Photo source]
The chemical industry market in India could expand by more than 50 per cent by 2030, reaching up to US$255 billion. This was reported by ANI, a partner of TV BRICS, citing a report by an international consulting firm.
According to analysts, India’s chemical sector will continue to grow at a rapid pace, with an average annual growth rate of around 8–9 per cent. By 2030, the total market size is expected to reach US$230–255 billion, significantly exceeding current levels of US$155–165 billion.
Key growth drivers will include strong domestic demand, rising consumption of everyday goods and packaging, as well as the rapid development of infrastructure, construction and industrial sectors. The Indian chemical industry is also opening up new opportunities for companies to expand into international markets.
Analysts note that emerging industrial ecosystems will further drive growth. They highlight eight promising sectors, including construction, semiconductor manufacturing, renewable energy and the automotive industry. These areas could contribute an additional US$30–35 billion to chemical product revenues by 2030. Government support, localisation policies and increased capital investment are expected to play a significant role in advancing these sectors.
The report emphasises that over the coming decade, companies will need to fundamentally rethink their development strategies. Rather than relying on volume expansion, future success will depend on moving into specialised and differentiated segments, strengthening innovation, building global operational capabilities and leveraging digital technologies and artificial intelligence to improve efficiency.
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