The Indian Chemical Council (ICC) held its 18th annual India Chemical Industry Outlook Conference and Exhibition in Mumbai. A key highlight was the release of a McKinsey report projecting the industry’s growth to $1 trillion by 2040.
The conference, themed ‘Engineering the future: Reinventing the India chemicals sector for enhanced resilience,’ brought together over 700 delegates. The event took place at the JW Marriott Hotel in Mumbai. The goal was to discuss the future trajectory of India’s $220 billion chemical industry.
A McKinsey & Company whitepaper, “Building resilience for global leadership: The path forward for India’s chemicals industry,” was released at the event. This report examines the current state of the global chemicals industry and analyzes the potential for high growth and resilience within India’s chemical sector. It also outlines strategies for Indian chemical companies moving forward.
Driving the chemical sector with innovations
The 18th ICC Conference aimed to be a driving force for AI adoption, sustainable practices, and technological innovation within India’s chemical sector. As India expands its global presence, the chemical industry remains crucial to the nation’s environmental and economic objectives.
“With rising domestic consumption, shifting supply chains, and competitive costs, the sector is poised for significant growth. Representing over 80% of the industry, ICC received the prestigious 2024 OPCW Hague Award for its commitment to chemical safety and security. Now, our focus must be on positioning India as a global powerhouse in chemicals,” said Dr. Kartik Bharat Ram, President of ICC and Joint Managing Director of SRF Ltd.
Nivedita Shukla Verma, Secretary, Department of Chemicals & Petrochemicals, Ministry of Chemicals and Fertilisers, Government of India, addressed the conference virtually. She announced the approval of five new Centres of Excellence, with plans for three more. She highlighted the launch of a portal connecting 1,000 industries with 50 research institutions to promote industry-academia collaboration.
Deepankar Aron, IRS, Joint Secretary, Chemicals, Department of Chemicals & Petrochemicals, Government of India, delivered a keynote address. He discussed the global geopolitical shifts and the need for technological reinvention within the chemical industry. He linked these factors to India’s Viksit Bharat 2047 vision, which aims for a $26 trillion economy and a per capita income over $14,000.
Marco Mensink, Director General of the European Chemical Industry Council (CEFIC), also delivered a keynote address. He focused on geopolitical developments and the emerging opportunities for India’s chemical industry.
Pacing with sustainability
Experts presented case studies on net-zero initiatives. These included carbon capture, process automation, and the use of sustainable feedstocks.
The conference highlighted India’s emerging leadership in eco-friendly specialty chemicals. This is in line with a global shift toward climate-conscious production.
Kamal P. Nanavaty, Chairman of the Conference and Exhibition Expert Committee, ICC, delivered opening remarks, where he welcomed the delegates and emphasised the importance of the conference theme in setting goals for the industry.
Ramya Bharathram, Vice President of ICC and Managing Director & CFO of Thirumalai Chemicals Ltd., delivered the vote of thanks.
