India already has a strong hold in the top three export segments in the specialty chemicals sector – agrochemicals, dyes and pigments, and intermediates for active pharmaceutical ingredients (APIs). Although China leads the world in terms of chemical exports, India’s holds a significantly lower share. However, industrialists are opportunistic that India could further penetrate the market in the coming days and obtain a greater share by solidifying its current base.
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Experts believe that the biggest learning for the industrialists from the ongoing coronavirus crisis is that relying on one country for supplies is not viable and re-routing the supply chains at this time is extremely crucial. Industry experts associated to Indian specialty chemical sector have reported that as far as the country’s manufacturing sector is concerned, this quarter will turn out to be extremely muted in terms of demand. However, it is being anticipated that if the country’s coronavirus trajectory remains steady and flatter than U.S., it would soon succeed in containing the spread of the virus and would head towards revival in terms of consumer demand by the second half of the year. The experts also believe that India will see a strong boost in its specialty chemical sector as it will serve as a pillar for export business after the IT industry and is one of the most beneficial sectors that can fetch strong gains even in the time of crisis.
Silver Lining for Indian Chemical Industries Amid Covid-19
- Crude oil price crash is a silver lining for India’s petrochemical manufacturers who rely on imports for the feedstocks and raw materials. This may widen the petrochemicals sector in India, which could boost the country’s self-sufficiency.
- India has a strong presence in terms of specialty chemicals sector across the globe. Ramping up production will continue to maintain India’s strong hold in the global chemical industry.
- Despite economic downturn, the chemical players are opportunistic as stocks delivered manifold returns to investors in the month of March and the industry is likely to attract more investments in the coming future.
- Several major players are eyeing on Mergers and Acquisitions opportunities to strengthen their global presence by acquiring weaker players to expand their product portfolio.
- Oil price gains as players eye on the OPEC+ meeting
- India’s specialty chemicals sector eyes on a double-digit growth amid Covid-19
- U.S. resumed LNG exports to China after a year
- India to welcome low priced oil from Saudi, builds underground storage reserves
- L&T wins contact from IOCL for expansion of its Barauni Refinery
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