India's chemicals market to hit $29.7 billion in 2024

India’s chemicals market, currently valued at USD 220 billion in 2023, is forecasted to soar to USD 383 billion by 2030. This growth is underpinned by an 8.1 per cent anticipated CAGR from 2021 to 2030.

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As the sixth largest globally by chemical sales, India has attracted significant foreign direct investment (FDI), with cumulative FDI inflows reaching USD 21.7 billion from April 2000 to September 2023.

The sector benefits from 100 per cent FDI under the automatic route, bolstering investor confidence and facilitating growth. India’s Petroleum, Chemical, and Petrochemical Investment Regions (PCPIRs) are expected to attract investments worth USD 420 billion, reflecting the sector’s robust potential. Additionally, the establishment of seven Central Institutes of Petrochemicals Engineering & Technology (CIPET) and the Institute of Pesticide Formulation Technology (IPFT) will drive skill development, ensuring a skilled workforce to support the industry’s growth.