Specialty chemical industry to grow up to 14 per cent: Government

MUMBAI: The specialty chemicals industry is expected to grow by up to 14 per cent with automotive, paints and adhesives industry as key drivers, Union Chemicals and Petrochemicals secretary Jose Cyriac today said.

"The Indian specialty chemicals industry is currently valued at USD 17.7 billion and is an important catalyst to the growth of the chemicals industry. Automotive, paints and adhesives are some of the key drivers to this industry that is expected to grow at the rate of 13-14 percent," Cyriac said in a release issued here.

This will take the industry to USD 80-100 billion by 2020, he added.

Research and development is integral in developing the specialty chemicals sector, and India with its talented pool of scientists and experts will serve as perfect destination for this, said the union secretary, who was speaking at the second edition of Informex India.

Indian Specialty Chemicals Manufacturers' Association President Kishore Shah said the event will create more business opportunities for the industry.