The Indian chemicals industry started developing after the country’s independence in 1947. The industry has since become a major contributor to the economic and industrial development of the country. The industry is characterized by fragmentation, with the top 10 companies contributing only 38% of sales and 45% of profit. In October 2006, Singapore-based Sumitomo Corporation decided to invest in the Indian company Visen Industries, with an aim to increase the sales of chemicals for emulsion use in India and the Middle East. Further, in September 2006, an Israeli producer of fertilizers and speciality chemicals, Israel Chemicals Limited (ICL), signed a new potash supply agreement with its customers in India and China.
A healthy domestic demand together with cost advantages over industrialized Western nations has made China a key consumer as well as supplier of chemical products. It is currently the world’s third-largest consumer of chemicals. The country is greatly dependent on chemicals imports however, as demand is expected to climb further. The chemical industry remains uneven, with domestic companies accounting for 40% of the market. Germany’s Bayer is planning to construct a chlorine recycling plant at Caojing, Shanghai, and also intends to expand the capacity at its newly built polycarbonate plant at the same site. The Chinese chemical industry is forecast to grow at 5% annually to US$186.5bn in 2006, to US$195.8bn in 2007 and to US$205.2bn in 2008.
Get more insights into the industries and services sector of India and China at http://www.india-reports.com/summary/china-ppt.aspx
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