Indian chemicals market is expected to exceed US$1 trillion by 2040

The Indian chemical industry is aiming for global leadership in the sector. This strategic shift emphasises the drive towards innovation, artificial intelligence (AI) and sustainability. The market is expected to exceed US$1 trillion by 2040. This is reported by IANS, a partner of TV BRICS.

This issue was the key theme of the 18th annual India Chemical Industry Outlook conference. The event was held under the theme "Engineering the Future: Reinventing the India Chemicals Sector for Enhanced Resilience".

As part of the conference, an analytical report was launched on enhancing sustainability and achieving global leadership. It emphasises the potential for high growth and sustainability of the Indian chemical industry in a new era for the global chemical industry.

Experts said that growing domestic consumption, changing supply chains and competitive prices are creating a favourable ground for significant growth in the sector. The importance of government support and technological advancement for further development was also emphasised.

The conference also touched on digital transformation, AI integration and sustainability innovation. Experts presented examples of zero emission initiatives including carbon capture, process automation, and use of sustainable raw materials.