The chemical industry in the country has the potential to grow at 9 per cent annum to touch USD 214 billion in next four years, according to a Tata Strategic Management report.
The report highlights that at USD 139 billion, the current domestic chemical market constitutes only 3.3 per cent of the global chemical market.
The sector is highly diversified, with more than 80,000 chemicals and currently accounts for 15 per cent of India's industrial output, which makes it very crucial for the economic development of the country.
"The Indian chemical industry is an integral component of the economy and has the potential to grow at 9 per cent per annum to reach USD 214 billion by 2019," Tata Strategic Management Group Practice Head (Chemical and Energy) Manish Panchal said in a statement.
Panchal further said that key imperatives for the growth of chemical industry are to secure feedstock, right product mix and identify partnership opportunities to gain capital and technology support.
