Forecasting the Future: Top 10 Chemical Companies in India to Watch Out for in 2023

The chemical industry plays a vital role in research and development, creating new products. Chemicals are present in most everyday items, ranging from preservatives in food products to electronic gadgets.

Indian chemical companies produce over 80,000 chemicals for various known and unknown purposes. The chemical industry in India ranks 6th in the world, and the country is one of the largest markets for chemical-based products. 

The market size of the Indian chemical industry is over $200 billion and continues to grow due to rising domestic and international demand. India is a major global supplier of dyes, accounting for approximately 16% of the world’s production of dyestuffs and dye intermediates. 

The Indian Chemical industry has been de-licensed, except for a few hazardous chemicals. The demand for petrochemicals is expected to record a Compound Annual Growth Rate (CAGR) of 7.5% between 2019 and 2023, with polymer demand increasing by 8%. 

The development of upcoming Petroleum, Chemicals and Petrochemicals Investment Regions (PCPIRs) and Plastic parks will provide state-of-the-art infrastructure for the Chemicals and Petrochemicals sector. The Chemicals and Petrochemicals market is projected to reach $300 billion by 2025.

India ranks 9th globally regarding chemical exports and 6th in imports (excluding pharmaceutical products). As per Invest India, the export of chemicals and chemical products has grown at a CAGR of 7.2% between FY16 and FY20. 

The demand for chemical products is predicted to grow at approximately 9% per annum during 2020-25.

What is the Purpose of Chemical Companies in India?

Chemical companies aim to manufacture and distribute diverse types of chemicals, including industrial and specialty chemicals, agrochemicals, and pharmaceuticals. 

The primary aim is to create and develop chemicals that can enhance the quality and performance of materials and products while improving industrial processes’ efficiency. 

Chemical companies dedicate significant resources to research and development activities to create new products and improve existing ones. Chemical companies play a crucial role in generating employment opportunities and contributing to the overall economic growth of a country.

Which Are the Top 10 Chemical Companies in India?

The Top 10 Chemical Companies in India Are:-

• Tata Chemicals Ltd.
• Pidilite Industries
• Gujarat State Fertilizers and Chemicals Limited
• UPL Ltd.
• Deepak Nitrite Ltd.
• BASF India Ltd.
• Aarti Industries Ltd.
• P I Industries
• Solar Industries India Ltd.
• Coromandel International Ltd.

These are the best chemical companies in India; most are widely recognised and well-renowned for their quality work. There are over 12,000+ chemical companies in India.

1. Tata Chemicals Ltd.

Tata Chemicals Ltd. was established in 1939 and is headquartered in Mumbai, India. The founder of Tata Chemicals Ltd. is J.R.D. Tata, who is also known as the father of Indian aviation.

Tata Chemicals Ltd. is one of the leading chemical companies in India. 

The company provides various products and services, including soda ash, salt, baking soda, and fertilisers. 

They also produce chemicals in multiple industries, such as food, agriculture, textiles, and healthcare. In 2022, Tata Chemicals Ltd. reported revenue of $1.7 billion and employed over 9,500 people. 

2. Pidilite Industries

Pidilite Industries was established in 1959 and is headquartered in Mumbai, India. The founder of Pidilite Industries is Balvant Parekh, who started the company to provide innovative and high-quality adhesives to customers.

Pidilite Industries is one of India’s most renowned chemical companies. The company provides various products and services, including adhesives, sealants, construction chemicals, and art and craft materials. 

The company has over 55+ branches worldwide, including in Asia, Europe, Africa, and the Americas. According to Wikipedia, In 2022, Pidilite Industries reported revenue of $1.3 billion and employed over 8,000 people.

3. Gujarat State Fertilizers and Chemicals Limited

Gujarat State Fertilizers and Chemicals Limited (GSFC) was established in 1962 and is headquartered in Vadodara, Gujarat, India. The founder of GSFC is the Government of Gujarat, which established the company intending to promote agricultural growth and development in the state.

GSFC is one of the most recognised chemical companies in India. The company provides various products and services, including fertilisers, chemicals, and petrochemicals. 

Their products are used in various industries, such as agriculture, textiles, and pharmaceuticals. According to Wikipedia, In 2022, GSFC reported revenue of $1.2 billion and employed over 4,000 people.

4. Upl Ltd.

UPL Ltd. (formerly United Phosphorus Limited) was established in 1969 and is headquartered in Mumbai, India. The founder of UPL Ltd. is Rajju Shroff, who started the company to provide sustainable solutions for agricultural growth.

The company provides various products and services, including crop protection chemicals, seeds, and fertilisers.  They have a strong presence in the global market and branches in over 150 countries, including Asia, Africa, Europe, and the Americas. 

In 2022, UPL Ltd. reported revenue of $5.8 billion and employed over 20,000 people worldwide as one of the top Indian chemical companies.

5. Deepak Nitrite Ltd.

Deepak Nitrate is a chemical company based in Pune, India. It was founded in 1970 by Shri. C.K. Mehta’s vision is to provide high-quality chemicals to customers in India and worldwide. Deepak Nitrate is one of Pune’s leading chemical companies.

Deepak Nitrate has several branches worldwide, including in Europe and Asia. Its products are exported to more than 35 countries, making it one of the leading Indian chemical companies in the global market. In 2022, Deepak Nitrate reported revenue of $700 million and employed over 2,000 people.

6. Basf India Ltd.

BASF India Ltd. is a subsidiary of BASF SE, a German multinational chemical company. The company was established in India in 1953 and is headquartered in Mumbai. BASF India Ltd. is known for its innovative solutions and high-quality products and is one of the leading chemical companies in India.

BASF India Ltd. has several branches worldwide, including Europe, North America, Asia, and Africa. The company operates in over 80 countries and has a strong presence in the global market.

 Its products and services are trusted by customers worldwide, making it one of the leading Indian chemical companies. According to Wikipedia, In 2022, BASF India Ltd. reported revenue of €80 billion globally and employed over 10,000 people. 

7. Aarti Industries Ltd.

Aarti Industries Ltd. is one of the leading chemical companies in India, founded in 1984 by Mr Rajendra Gogri. The company’s headquarters are in Mumbai, Maharashtra, and manufacturing facilities in Gujarat, Maharashtra, and Rajasthan. 

Aarti Industries provides custom manufacturing solutions for various industries, including agrochemicals, pharmaceuticals, polymers, and dyes, and has a global presence, with customers in more than 70 countries.

In 2022, Aarti Industries reported revenue of $7 billion, had over 8,000 employees, and is committed to providing a safe and healthy work environment.

8. P I Industries

PI Industries is a leading agrochemical and custom synthesis company in India. It was founded in 1947 as Mewar Oil & General Mills and later renamed PI Industries Ltd. The company has its headquarters in Gurugram, Haryana, India.

Regarding its global presence, PI Industries has a subsidiary in Singapore, which provides services to its international customers. The company has a distribution network in over 30 countries worldwide, including the Americas, Europe, Africa, and Asia.

According to the company’s annual report, the revenue of PI Industries Ltd. was $3 billion in 2022., and has over 3,500 employees, including scientists, engineers, and other professionals.

9. Solar Industries India Ltd.

Solar Industries India Ltd. is an Indian chemical manufacturing company founded in 1995. The company’s headquarters are located in Nagpur, Maharashtra. Satyanarayan Nuwal founded the company, and has grown to become one of the leading companies in India’s volatile sector.

Solar Industries India Ltd. provides various services, including explosives manufacturing, detonators, and other industrial explosives. The company’s products are used in multiple sectors, such as mining, infrastructure development, and defense. 

In 2022, Solar Industries India Ltd. reported a revenue of INR 3,740 crore, with over 6,000 employees working for the company.

10. Coromandel International Ltd.

Coromandel International Limited is a leading Indian chemical company established in 1961. It is headquartered in Secunderabad, Telangana, India. 

The company was founded by Dr K. Anji Reddy, a visionary entrepreneur and philanthropist. Coromandel International Limited has a network of over 2,000 dealers and distributors across India and overseas offices in Dubai, Singapore, and Colombo. 

In 2022, Coromandel International Limited reported revenue of $2 billion and had over 7,000 employees. 

Faqs

1. What Are the Services Provided by Chemical Companies in India?

Chemical companies in India provide various services such as research and development, production of specialty chemicals, pharmaceuticals, agrochemicals, and performance chemicals, and also offer custom synthesis, contract manufacturing, and technical services.

2. Which is the Best Chemical Company in India?

Tata Chemicals Ltd. is one of the best chemical companies in India. The company provides various products and services, including soda ash, salt, baking soda, and fertilisers. 

They also produce chemicals in multiple industries, such as food, agriculture, textiles, and healthcare. In 2022, Tata Chemicals Ltd. reported revenue of $1.7 billion and employed over 9,500 people. 

3. What is the Revenue Generated by Indian Chemical Companies?

As per reports of the Indian Brand Equity Foundation, Indian chemical companies generated around 9.5 billion U.S. dollars in 2022, with a steady increase in the last few years.

4. What Are Some of the Challenges Faced by Chemical Companies in India?

Some significant challenges faced by chemical companies in India include rising raw material costs, stringent regulations, competition from international players, and environmental concerns.

5. Which Are the Top 5 Chemical Companies in India?

The top 5 chemical companies in India are:-

• Tata Chemicals Ltd.
• Pidilite Industries
• Gujarat State Fertilizers and Chemicals Limited
• UPL Ltd.
• Deepak Nitrite Ltd.

These are the best chemical companies in India; most are widely recognised and well-renowned for their quality work. There are over 12,000+ chemical companies in India.

Conclusion

The chemical industry is an essential component of the Indian economy and plays a significant role in various sectors, such as agriculture, healthcare, and manufacturing. 

While some specialise in fertilisers and pesticides, others manufacture chemicals for various applications. These companies’ revenue and workforce indicate their tremendous future success and growth potential.

These are India’s most renowned chemical companies, widely recognised and making billions of dollars in profit.