R. Parthasaraty, chairman of the Indian Chemical Industry Council (ICC), predicted that India will accelerate the process of urbanization and increase residents’ purchasing power, India’s fourth annual chemical outlook meeting in Mumbai recently. The chemical industry will develop rapidly in the next 30 years, with an average annual growth rate of 12% to 13%. Pasarrati pointed out that India is a multi-ethnic country with unbalanced economic development, with 300 to 400 million people in the middle class, and 400 million people in poverty. The demand for chemicals from different segments of the consumer groups is growing. . India is currently in the process of rapid urbanization, a large number of rural population will be transferred to cities, and a large number of infrastructure construction will provide opportunities for the chemical industry. Nikhil Meswani, executive director of Prudential Industries, India, predicts that the value of the Indian chemical industry market will increase from the current $90 billion to $150 billion in 2015. At present, India’s per capita annual income is only 1,000 US dollars, lagging behind that of China for 7 to 8 years, and will gradually reach 4,000 US dollars in the future, and residents’ purchasing power will also increase. By 2025, India will become the world's fifth-largest consumer market. In particular, demand for specialty chemicals will grow rapidly. Ajimashah, senior vice president of Prudential Industries, said that demand for polymers in India will increase from 7 million tons in 2009 to 12.4 million tons in 2015 and 20 million tons in 2020. According to the current existing installations, it is far from meeting the demand. Therefore, a new world-class steam cracker is required every year in India. The investment of multinational companies in India is also constantly escalating. Wacker Chemie achieved sales of 700 million euros in India in 2010. WACKER's chemistry board member Wilhelm Sittenthaler predicts: “In 2030, the urban population of India will increase to nearly 590 million people, compared to 340 million in 2008, and the population of 68 cities will exceed 1 million. This means that nearly 2.5 billion square meters of roads need to be paved, and new commercial and residential areas will reach 700 million to 900 million square meters, requiring a new 7,400-kilometre subway." Pasarathi also pointed out that the Indian chemical industry is also facing many challenges, including the stable supply of chemical raw materials, the public's attitude toward the location of chemical plants, and attracting talents. Cast Iron Butterfly Valve,Epdm Butterfly Valve,Rubber Seal Butterfly Valve East Well Valve Co., Ltd. , http://www.shballvalve.com
The average annual growth rate of the Indian chemical industry can reach 12% to 13%