The Indian Chemical industry has very high hopes from the upcoming Union Budget 2022-23. Industry expects a slew of concessions from the Budget 2022-23 that is required to ignite the expected growth of the industry. Around Rs. 8 lakh crore investment is expected in the Indian Chemical and Petrochemical industry by 2025.

India's chemical industry is expected to reach US $300 billion by 2025 from the current US $180 billion. This shows that there are immense opportunities for chemical companies but the big question is how to achieve that growth in a sustainable manner.

The Indian Chemical industry has a huge role to play to make India a US $5 trillion economy by contributing around US $300 billion to the GDP by 2025. The industry is growing with CAGR of 9.3% and is expected to attract investments of Rs 8 lakh crore by 2025. As the sector plays a significant role in enabling the growth of the Indian economy, the country needs to build a competitive landscape for the chemical industry.

Today’s top chemical companies are responding to the climate crisis and setting goals to be net-zero carbon emission companies by 2050 or sooner. They are also embracing the concept of a circular economy where the products they produce generate less waste and can more easily be recovered and recycled. A key accelerator all companies are embracing as part of their strategy to drive to their net-zero goals and circular economy goals is a digital transformation which involves identifying and implementing methods to bring digital tools and work processes closer together to drive more informed business decisions. Many industry stakeholders see the Process Digital Twin as the most important building block for the digital transformation of the chemical industry.

Globally, the Specialty Chemicals market is projected to grow to US $954 billion globally by 2027 from US $711 billion in 2019, registering a CAGR of 5% from 2020 to 2027, according to Allied Market Research. Presently, Asia Pacific contributed the highest share to the global market, accounting for more than one-third of the total market share in 2019, and will maintain its dominance throughout the forecast period. In addition, the Asia Pacific region is expected to grow at the highest CAGR of 5.9% from 2020 to 2027 due to rapid industrialization in China, India, and Japan; increased demand for pharmaceutical grade specialty chemicals, oil products, electronics, electronic chemicals, and oilfield chemicals amongst others.

NextGen Chemical & Petrochemical Summit 2021

Chemical plants are demanding as they cater to a wide range of organic and inorganic material (liquid or gas) some of which are flammable, toxic, and highly corrosive. Also during chemical processing, liquid such as acids, caustics, and highly viscous organic substances or highly pressurized gas lines place enormous material and mechanical stress upon flow measurement and process analytics solutions in chemical plants.

The global agrochemical market size is estimated to grow from US $208.6 billion in 2020 and is projected to reach US $246.1 billion by 2025, at a CAGR of 3.4%, as per report by ResearchAndMarkets.com.

World Biofuel Day is observed every year on 10th August to create awareness about the importance of non-fossil fuels as an alternative to conventional fossil fuels and to highlight the various efforts made by the Government in the Biofuel sector. Ethanol has become one of the major priorities of 21st century India as it is having a better impact on the environment as well as on the lives of farmers.

The disruption caused by the COVID -19 has accelerated the pace of digitization in the global chemical industry including India. Hence, the industry is going through a metamorphosis. Digitization is having a significant impact on the chemical industry with the potential to completely overhaul value chains, lead to higher productivity and spur innovation, resulting in the creation of new channels to market.