Specialty Chemical Prospective
India is a growing economy and various industries have significant contribution in this development. Specialty chemicals & intermediates production also has its share, which is growing over a period of time and will be reached to $80-100 billion by 2020 as per the world's renowned consulting firm McKinsey in its report. Some Government sources also boosting this belief by noting 13-14% annual business increase during 2012 to 2017.
In the report of McKinsey, it is also noted that in year 2010, Global Chemical Industry registered the chemical sales of $2.5 trillion out of that 20% is of specialty chemicals that shows the rising demand of specialty chemicals in world market, thus the contribution is significantly increasing and that is the reason of its business prospective cannot be ignored by the Indian chemical industries. One of the observations and analysis quotes that one third of specialty chemicals business can be shifted to Asia by 2020.
If you want your chemical business successful and draw an inspired model for others, it needs good infrastructure to develop that gives all the required resources to manufacture the quality chemicals. Constant research and analysis should be the part of your process. R&D needs good investment that will grow you and has ability to designate in the leading role.
Skilled workforce and better working environment is the required fuel to any organization. Development of the products as per the local needs and at the right price is another important factor. If you are small/medium enterprises, there might be good opportunities of merger & acquisitions through which a small company can get better platform with partnership to the big giants to sustain and grow.
To cope up with the increasing demand, some of the factors must not be overlooked like the environmental issues created with constant production of specialty chemicals. India as a highly populated country, we are quite happy to see more business, more revenue and jobs but that may lead us even more environmental pollutions with chemical wastages and harmful poisonous by products. Many of the dyes and pigment manufacturing companies in India found to be releasing the polluted harmful chemicals directly into the flowing rivers, canals or in sea/soil. This is a dangerous alarm to our life and it is the moral duty of every chemicals manufacturer to release such wastages only after the proper effluent treatments on them to be converted into the non-harmful material before releasing. It is a corporate and social responsibility that every chemical factory/manufacturer must follow.
As a growing sector, some of the steps need to be expected from Government also to reform the policy and strategy to encourage the growth and take the favorable actions to promote them at international levels. Government should announce the special packages for the development and establishment of specialty chemicals plants in the remote areas of Petroleum and Petrochemicals fields. Good training institutes must be opened with private public partnership to train and enhance the skilled work force in this field. Specialty chemicals forum establishment also can be a good move in this direction. The present Government seems to be quite prospective to move ahead in this direction.