MUMBAI (ICIS)–Profitability of specialty chemicals producers in India is being weighed down by poor demand amid the global economic slowdown and volatile crude prices, with market conditions unlikely to improve in the next three to four months.
Competition from imports, largely coming from China, also affects local players amid weakness in demand in the eurozone and the US, industry players said.
The domestic specialty chemicals market represents 22% of India’s total chemicals and petrochemicals market.
In the past few years, many Indian specialty chemicals producers have announced expansion in capacities and have also forayed into new chemistries to meet increasing demand.
Published by: www.icis.com
Priya Jestin
24-Nov-2023
