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India’s chemical industry eyes $1 trillion by 2040: McKinsey
Industry News- Mar 05,25
The conference focused on AI adoption, sustainable practices, and technological innovation, reinforcing the chemical industry’s role in India’s economic and environmental goals.
India’s chemical industry is projected to reach $1 trillion by 2040, according to a McKinsey report unveiled at the 18th annual India Chemical Industry Outlook Conference in Mumbai. Organised by the Indian Chemical Council (ICC), the event gathered over 700 delegates to discuss the future of India’s $220 billion chemical sector.
The McKinsey whitepaper, 'Building Resilience for Global Leadership: The Path Forward for India’s Chemicals Industry', analysed global industry trends and outlined strategies for growth and resilience in the Indian market. The conference focused on AI adoption, sustainable practices, and technological innovation, reinforcing the chemical industry’s role in India’s economic and environmental goals.
Dr Kartik Bharat Ram, ICC President and Joint Managing Director, SRF Ltd, highlighted India’s rising domestic consumption, shifting supply chains, and competitive costs as drivers of this growth. He emphasised ICC’s commitment to positioning India as a global chemicals powerhouse, following its receipt of the 2024 OPCW Hague Award for chemical safety and security.
Nivedita Shukla Verma, Secretary of the Department of Chemicals & Petrochemicals, announced the approval of five new Centers of Excellence and plans for three more. She also launched a portal connecting 1,000 industries with 50 research institutions to foster industry-academia collaboration.
In his keynote, Deepankar Aron, Joint Secretary of the Department of Chemicals & Petrochemicals, linked technological reinvention to India’s Viksit Bharat 2047 vision, aiming for a $26 trillion economy and over $14,000 in per capita income. Marco Mensink, Director General, European Chemical Industry Council, discussed geopolitical developments and emerging opportunities for India’s chemical sector.
(ET)
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