CHEMICAL TITANS ON A BUMPY RIDE

BUT STRATEGIC SHIFTS AND DOMESTIC DEMAND WILL HELP TIDE OVER SHORT-TERM HEADWINDS, SAY ANALYSTS.

- BY P.B JAYAKUMAR

INDIA’S $220-BILLION chemicals industry, producing over 80,000 commercial products, is a key driver of economic growth.

As the world’s sixth-largest manufacturer and 14th-largest exporter, India ranks third in chemical manufacturing among Asian nations. With a century-old robust and cost-effective ecosystem, it has fostered several global players across bulk chemicals, agrochemicals, petrochemicals, polymers, and more, making it a breeding ground for billionaires.

However, the 2025 Fortune India-Waterfield Advisors study of India’s Top 100 Billionaires paints a different picture. There are only four pure-play chemical billionaires in the Top 100—Satyanarayan Nuwal & Kailashchandra Nuwal of Solar Industries India, Madhukar Parekh & family of Pidilite Industries, Arun Bharat Ram of SRF, and Salil Singhal of PI Industries—against six in 2024 and five in 2023. The 2022 list had seven pure-play chemical billionaires among the Top 100, the highest in the past four years.

Tough times