When it comes to manufacturing, supplying, exporting and importing,
India comes first in all these. Indian export and import chemical
business becomes one of the global hubs for traders in the past two
years. Indian chemical industry is one of the oldest and contributing a
major part in Indian economy around 7% of GDP.
A short intro about chemicals
Chemical is a short word to say but has wide range and applications in
our day to day life. Whether we use thermoplastic furniture or paints
for our walls or products for food processing, we inevitably connect
with chemicals in a way or another. Chemicals are broadly classified
into three categories:
Globally
the chemical industry contributed a vast economic growth. Due to the
substantial cross border investment in this sector, there is high demand
of chemicals in developing countries. It was an estimation that that
the Global sale of chemicals is around US$ 2.45 trillion. While the
world export of chemicals is estimated to be US$ 1600 billion for the
same year. Some of the leading chemical exports countries are Japan,
France, Germany, China and India.
Analysis of chemical imports and India’s exports
As per the analysis of the year 2010, the major chemicals that are
traded worldwide are Acrylic monohydric alcohol (SITC Code 5121),
Propylene polymers (5751), Cyclical hydrocarbons (5112), Acrylic
hydrocarbons (5111), Polycarbonates (5743), Polyethylene (5711),
Albuminoidal substances (5922), Polycarboxylic acids (5138), Ether and
alcohol peroxide (5161) and Monocarboxylic acids and derivatives (5137).
Japan and USA are the leading importing countries according to the
analysis. These countries have been mostly sourcing their import needs
within the region. Since most of the EU countries are transferring their
production base to other developing countries. India may effort to
attract such opportunities and analyze the possibilities of maximizing
its export business in European countries.
Further it was revealed that India majorly supplied some products to the world such as
In order to replicate in the production of other products and to become
a global leader, India may influence the advancement in manufacturing
technologies in these products.
The Indian chemical industry is
counted among one of those industries that start immediately after the
independence 1947 and since then the sector has grown a long way. This
industry has started grown from small scale sector to multi- dimensional
sector, taking all the globalization challenges. As a result, today
Indian chemical industry holds a reputable and recognized position in
the marketplace globally.