India is known to be the sixth largest producer of Chemicals in the world and third largest in Asia and is also a key constituent of Indian economy, accounting for about 2.11% of GDP. India has exported 10.3% of chemicals in the year 2016-17 in total.
The most lucrative chemical that is manufactured and exported is Dye and Dye Intermediates. India is not only known to be a colourful country but also at the sametime exporting the same. India manufactures wide ranges of dye for textile, leather, paper, ink, plastic and paint industries. It does not give up on the quality and it meets International standards. The export of Dye and Dye Intermediaries touched 2,363.58 million in 2017-18 with an increase of 14.13% when compared to last year.
If Dye were the highest selling, then the by-product used to make them i.e. Inorganic Chemicals would weigh next in the market chain. The inorganic chemicals are a foremost source in manufacturing industries. Some of the main inorganic chemicals are sulphuric acid, nitric acid, alkaline, soda ash and caustic soda which are main ingredients in manufacturing of fertilizers, synthetic fibres, plastics, paints and dyes. It is also used in metallurgy, leather tanning and oil refining, common salt, coal, glass, paper, detergents wherein most of the above mentioned products are consumed on a daily basis by common people not just the industries.
Drugs and Pharmaceuticals – India is known to be the largest supplier of generic drugs globally. Pharmaceutical industry has succeeded to accelerate globalization by providing over 50% of vaccines, 40% of generic drugs (US), 25% of medicines (UK). The industry was valued at USD $33 billion in 2017 and India’s pharmaceutical exports stood at US$ 17.27 billion in 2017-18.
With digitalization in place, India has been able to adapt latest technologies like the Internet of Things, machine learning and blockchain which will start acting as game-changers in the chemical industry. India had set up, up to USD 80 Million for up-gradation in 12th 5-year plan for chemical Industry. With various Chemical Consulting industries in the market that provide services in market research and forecasting, applying innovation, strategic thinking and new technologies, an entry into the chemical industry is now effortless.
At SolutionBuggy, which is an exclusive and dedicated platform for the Manufacturing and Chemical Sector in India, we have seen a spurt of new chemical plant setup. New entrepreneurs and industries who want to diversify into the chemical industry face a lack of information on the various market opportunities in this sector. So SolutionBuggy has been on the forefront to seamlessly bridge the gap between the industrial sector and professionals/consultants for on-demand consultation and services including projects. It connects SMEs and Large Scaled Industries with Industrial Consultants/ Experts and Industrial Product Suppliers over the internet for collaboration and success.