Research On Global Markets
Syndicated Market Research Report
Indian specialty chemicals market expected to grow in the wake of Chinese factory shutdowns7/15/2019 In the year 2019, India’s specialty chemical companies are all set to invest in capacity expansion and continue to make capital expenditure to support the growing demand coming from domestic as well as international players. This move in the wake of plant shutdown in China, may just be the game changer for the companies involved in manufacturing specialty chemicals. If we look at the numbers, then the specialty chemicals market in India was valued at INR 2088.38 Bn in 2017 and is expected to grow at a compounded annual growth rate of nearly 10.7% by 2013. This is according to a market research report published by Research on Global Markets on its official website. The anticipated growth is attributed to India’s huge amount of unskilled labour that is available to work at minimum wages. Even the skilled labour required to handle the technicalities of Specialty chemicals in India is readily available in the country. Besides, what happened in China also played a very crucial role. The Chinese government announced closure of several chemical factories that emit hazardous waste leading to a major disruption in the existing supply chain. This sudden change lead to countries dependent on China supply chain looking for an alternative. India specialty chemicals market used this to their advantage making domestic players get a competitive advantage. Nonetheless, there are a few deterrents as well which may hamper this projected growth rate. The Indian speciality chemicals companies depend on the textile industry a lot. The textile industry however goes through a cyclical phase of high and low demand. While during the high demand phase the specialty chemicals companies experience great success, but the low demand phase becomes extremely challenging. Therefore, it’s necessary for the Speciality chemicals market players in India to diversify their exports so they can take advantage of the global demand and supply cycle, compensating for the domestic low-demand seasons. Browse our full report with Table of Contents : https://www.researchonglobalmarkets.com/specialty-chemicals-in-india-2018-2023.html
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