The chemical industry is indeed considered one of the most vast industrial sectors in India and has is slowly progressing towards becoming the backbone of India’s industrial and agricultural development. This thriving industry has been segmented into various categories in order of their function and components. Read on to know more.
The chemical industry in India has been prevalent ever since the country got its independence and some also state that it was function even before the 1940s. Chemicals in today's manufacturing industry holds a very strong influence as they are crucial to increase productivity, speed up the process and of course provide a good finish to the products. In addition, certain products require preservation. The industry has been successful in contributing heavily and quite generously to the economic growth of the nation. In fact, the industry has expanded in a manner that allows its segmentation. In order to make a significant mark on a global scale the chemical trading companies in India began to increase the overseas sales network, thus helping them find buyers all over the world. Furthermore, the industry began welcoming more business owners to grow through which they were able to throw some light on the manufacturing knowledge among players. In addition, a lot of positive aspects began to take place in the industry which included better health standards, higher safety measures, development in the technological front as well as improved research in the field of chemicals.
Speaking on segmentation, the Indian chemical industry can be split into three major segments comprising of basic, specialty and knowledge. Basic ones include petrochemicals, fertilizers, inorganic and other industrial chemicals whereas agrochemicals and pharmaceuticals are a part of knowledge chemicals. Of the various chemicals that are used by industries, four of them take a special place based on their usage and effectiveness.
1.Agro-chemicals: Here, we talk about fertilizers and pesticides. They contribute to the economic growth of the chemical industry enormously. They receive high investments for research and development. Insecticides, fungicides, herbicides, biopesticides, plant growth regulators, nematocides and fumigants are some of the variations that you could find produced in agro-chemical industries.
2.Pharmaceuticals: There is no denying the fact that drugs and pharmaceuticals in India are evolving abundantly to a point that it is one of the highest exported chemical products in the country.
3.Petrochemicals: Categorized under the basic chemicals, they are produced in high volume. In fact, there is not much of a differentiation quotient between the production across manufacturers.
4.Inorganic chemicals: Alkalis, detergents and fertilizers form a crucial part of this group and since India is an agricultural country, they are one of the largest of these segments adding value to the total chemical production of India.
Dyes are as important a component of the chemical industry as the above. Dyes are used in the fabrication of other chemical products. If paints are to be made, they make use of a type of dye to arrive at the preferred colour. Similarly, when it comes to the dying of fabric and other materials such as wood, it can be a very promising contributor towards India's economic growth. In conclusion, the chemical trading industry in India is thriving like no no other industry leading to an increase in exports.