Speciality Chemicals Market:
Speciality chemicals have wide applications and used for various activities. In pharma industries they are used in various stages like either as key starting material i.e. raw material, in intermediates stage or in final stage of APIs. Speciality chemicals industries have likely to grow 4-5 times i.e. up to $ 80-100 billion by 2020 from the current position of $ 22 billion.
Applications and uses of Speciality Chemicals:
As a result there is increase in interest of speciality chemicals to set up their base in India. Some call these chemicals as Pharmaceutical Speciality Chemicals while other call these as formulated chemicals which are used in various industries for different purposes. Speciality chemicals constitute a mixture of different chemical substances that are designed for applications. They are useful for various scientific researches in chemical industries. There are various categories of speciality chemicals like agrochemicals, adhesives, Cosmetic additives, Lubricants, elastomers etc.
Chemicals are like value added materials which are added to provide unique characteristic properties. They are used to speed up the production along with producing cost effective product and that too in short span of time.
Speciality chemical manufacturers manufactures different types of speciality chemicals like adhesives which are used in paints and coatings industries, agrochemicals which are used as pesticides, fungicides, insecticides, herbicides etc., Elastomers like polymers that are mostly used as seals and moulded flexible parts, like lubricants used for reducing friction during medical examination etc, in textile industries for textile accessory that are used for printing and dying purpose.
Focus of Speciality Chemicals:
Indian Speciality Chemical Manufacturers have become globally well known for their quality. They have grown up to 11-13% in last five years. And it is expected to grow about 14% in next 5 years. An Indian speciality chemical industry has been largest growing industries in the country and is expected to grow about 2 times over next decade. Agrochemicals, pharmaceuticals, water treatment chemicals are one of the segments that are experiencing fastest growth and development. Indian economy has given boost to these segments. Moreover large no of multinational industries are consider India as manufacturing hub for speciality chemicals due to their low cost advantage.
Today Indian industries are competing with the most well known manufacturing centre. Where the developed countries are experiencing a very low growth rate on other hand developing countries have growth rate as high as 8%. This is primarily due to lots of focus on R&D sector. Several research institutes laboratories and private sectors are focusing on developing speciality chemicals for pharmaceuticals, agriculture, automotive, packaging and textile industries. Many industries look as India as key market for their ambitious growth plans.