Indian chemical industry to grow to US$150 bln by 2013

Riding on fast economic growth and strong domestic demand, the Indian chemical industry, consisting of petrochemicals, inorganic compounds and specialty products and gases is expected to burgeon into a US$150 bln market by 2013, as per global consultancy Deloitte. This industry is expected to see around 9-10% growth pa, driven mainly by the lower cost advantage, quality of talent, increasing and substantial domestic demand, government focus in providing incentives, along with improving infrastructure capabilities. Current market size of Indian chemical market is around US$95 billion, while the US remains the largest with revenue of around US$700 bln and the global chemical industry generated around US$3 trillion in sales in 2008. During the period 2004-2008, the Indian chemicals market, with a compounded annual growth rate of 16.7 per cent, was the second fastest growing market after China, according to an earlier Deloitte report.
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