India Speciality Chemicals - Expansion, Innovation & Evolution: Yes Securities Initiates Coverage
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Yes Securities Report
Indian chemical industry estimated at $178 billion, is sixth largest in the world and fourth largest in Asia. The industry manufactures more than 80,000 products for industries as diverse as textiles, agrochemicals, automotive and pharmaceuticals among many others. Speciality chemicals which is a sub‐segment, forms ~ 20% of domestic chemical industry.
Despite stupendous growth (~1.3 times gross domestic product growth) observed over last decade or so, the industry continues to be fragmented and forms just ~3‐4% of global chemical sales, significantly trailing China (~36% of global chemical sales).
Nevertheless, growing domestic consumer base, increase in disposable incomes, changes in lifestyle and supportive government policies are likely to propel the industry into a phase of superior growth, whereby the industry is expected to reach $300 billion by FY25.
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