ICC and Frost & Sullivan to host ‘7th Annual India Chemical Industry Outlook Conference’ in Mumbai

Indian Chemicals Council (ICC) and Frost & Sullivan will host ‘7th Annual India Chemical Industry Outlook Conference’ from March 6 – 7, 2014, in Mumbai. Frost & Sullivan is the Knowledge Partner for this 7th edition of the event hosted by ICC. Speakers and dignitaries will provide inputs on the challenges and opportunities in the chemicals and materials space in context to the global chemicals and materials industry. The event will seek to provide an understanding of the megatrends, technology and innovation impacting the industry, and the role of various stakeholders for leveraging these opportunities.

Vishnu Shankar, Associate Director, Chemicals, Materials & Foods Practice, Frost & Sullivan states, “Exciting times lie ahead for the Indian chemical industry vis-à-vis what’s happening around the world. Shale gas developments in North America, major non-oil and gas diversification drives in the Middle East, expanding chemical capacity in China, etc., are just some of the major global developments that Indian manufacturers have to be aware of as they plan their growth strategies over the next decade. We believe that a summit of this nature not only brings the best minds under one roof, but also provides a platform where the initial seeds can be sown towards devising strategies to increase India’s share from the current five per cent that it holds today in the global chemical industry.”

HS Karangle, Director General, ICC says, “The India Chemical Industry Outlook Conference has served as a platform for people from the industry to come together and discuss on sector specific themes. The 7th edition of the conference is designed to bring pertinent issues faced by the chemical industry today to the forefront and talk about the way forward for the industry.”

As knowledge partner, Frost & Sullivan, besides playing an advisory role on the entire programme structure and the theme, will also present a whitepaper titled ‘Indian Chemical Industry and Mega Trends Impacting the Industry’. In its study, Frost & Sullivan finds that the Indian chemical industry was the second largest producer in Asia in terms of volume, after China. The Indian chemical industry is currently at $136 billion approximately, and is likely to grow at a compound annual growth rate of 10-12 per cent over the next five years. Over the last decade, the Indian chemical industry has strengthened its competitiveness in agrochemicals and pharmaceuticals segments, becoming one of the major exporters for these segments, globally. The industry also witnessed increased investments in the speciality sector, which is poised to be the fastest growing segment in India.

Domestic growth in chemicals industry will be driven by increase in consumption and high growth in the end-user industries, where per capita consumption presently is low. Key end-user industries such as construction, automotive, packaging, and electronics are expected to drive demand immensely. Construction is likely to grow at 12 per cent, packaging and electronics at around 13 per cent, rendering a promising growth of over 12 per cent to the chemicals demand. Regulatory compliances and sustainable practices will also aid the Indian industry to become a key manufacturing hub for chemicals on the global map in the future. Indigenous innovation will play an important role in making the industry competitive vis-à-vis international companies. The Frost & Sullivan whitepaper will focus on emerging markets, and will have an overview and key characteristics of the Indian chemical industry, its key segments – base chemicals, agrochemicals, speciality chemicals, and the mega trends impacting the industry.

EP News Bureau – Mumbai