Speciality Chemicals
SRL is planning to foray into the high growth area of Speciality Chemicals — an emerging sector in the global chemical industry.
Speciality chemicals are those that have been developed in recent times and are regarded as an emerging sector in the global chemical industry.
Recent market research statistics suggest that the speciality chemicals market is growing further with major shift of growth towards China, India and Japan.
They include high performance anti-corrosion coatings, speciality films, cosmetic chemicals, petrochemical process catalysts, water management chemicals, adhesives and sealants, packaging chemicals, textile chemicals, industrial chemicals, surfactants, flavours and fragrances, food additives and water-soluble polymers.
Market Outlook
- Japan holds 30% market share with 2% growth — expected value $100 billion
- China accounts for 25% of Asia-Pacific market, growing at 11% annually
- India holds ~10% market share with ~10% growth — expected to reach $200 billion
Among sub-segments, commodity chemicals dominates the Indian market. Major players include BASF, Dow, Tata Speciality Chemicals, and RCF. Many chemical companies have started speciality chemicals divisions.