Kurian highlighted China’s new “anti-involution” policy, which curbs overproduction and prioritises quality, as a structural change that could ease global price pressures.
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She added that India has built strong capabilities in speciality chemicals, making it a likely beneficiary of the China-plus-one strategy. “Given the capacity building that has been undertaken, India remains well placed to incrementally gain market share,” she said.On growth drivers, Kurian identified three key segments. The first is pharma intermediates and CDMOs, where India’s global penetration remains in the low single digits, but rising healthcare demand could boost exports.
The second is agrochemicals, with global crop protection inventories at multi-year lows, creating scope for a recovery in volumes and margins. The third is advanced materials, covering areas such as refrigerant gases, battery chemicals, and other new-age applications.
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Studies now suggest India’s chemicals industry could deliver 7–9% growth over the medium term, with some segments, such as refrigerant gases, expected to see higher growth. Kurian also noted that valuations remain attractive compared with historical levels, leaving room for a re-rating as growth stabilises.
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(Edited by : Vivek Dubey)
