Dublin, Aug. 23, 2024 (GLOBE NEWSWIRE) -- The "India Chemical Licensing Market - Forecasts from 2024 to 2029" report has been added to ResearchAndMarkets.com's offering.
India's chemical licensing market will reach US$2.34 billion in 2029 at a CAGR of 8.74% from US$1.54 billion in 2024.
India's chemical licensing market is anticipated to witness a huge boom because of various factors. The manufacturing sector and the growing population are the main reasons for the demand for various chemicals. Additionally, the introduction of more stringent regulations like the Chemicals Management and Safety Rules (CMSR) requires the proper licensing for the production, import, and use of chemicals.
This emphasis on safety and environmental responsibility forces the companies to go through the licensing process. Besides, India's ambition of becoming a world leader in the chemical industry is based on a strong licensing system, which, in turn, builds trust and ensures responsible chemical management.
For instance, the Press Information Bureau published an article in May 2023 stating that the Government has introduced many policies to develop the chemical sector, such as 100% FDI through automatic routes, PCPIR (Petroleum, Chemicals and Petrochemicals Investment Region) zones, and the creation of infrastructure like 10+ plastic parks. It was further stated that the new PCPIR policy, which will be implemented between 2020-35, is expected to attract a combined investment of over INR 34 lakh crores (USD 420 billion) for the sector.
The growing domestic market is predicted to propel the Indian chemical licensing market growth.
The fast-growing population and the thriving manufacturing industry are creating a significant need for numerous chemicals. Indian companies are using technology licensing to meet the rising demand quickly. This strategic method enables them to use already tested production technologies, bypassing the long and costly process of in-house development. Through the adoption of these pre-vetted solutions, Indian chemical producers can introduce new products to the market faster. Thus, they can keep up with the country's fast growth and still be competitive in the international market.
For instance, according to the Department of Chemicals and Petrochemicals published article in 2023, India has emerged as one of the competitive and high-quality manufacturing destinations in the world market, thus attracting foreign investments. In the present day, the CPC industry of India is the world's leading industry, worth 178 billion USD, and it is expected to grow to 300 billion USD by 2025. Moreover, India extends to about 2.5% of all the chemical sales in the world.
Increased demand for specialized chemicals is anticipated to drive the chemical licensing market growth.
The chemical industry in India has changed its strategic orientation to the production of high-value specialty chemicals. This very profitable market sector needs innovation and the latest technologies, which are not easily available through internal research and development. Licensing agreements play a vital role in providing innovative techniques.
By collaborating with big tech companies, Indian companies gain advanced technologies that enable them to enter the specialty chemicals field. Further, chemical licensing allows them to make new products that can compete appropriately in this high-growth market.
Strict government regulations might boost the Indian chemical licensing market.
The complex chemical production and safety regulations in India make it hard for companies to introduce new products in the market. Still, licensing the pre-approved technologies is a strategic way to solve this problem. These technologies have already passed the regulatory test by the regulatory bodies and thus have met India's strict safety standards. Through the use of these already existing methods, companies will be able to skip the long approval processes and at the same time, they will avoid the potential fines for non-compliance. This can help the company finish the product faster and thus concentrate on innovation and market expansion.
Problems concerning intellectual property hinder the Indian chemical licensing market growth.
The process of negotiating the licensing agreements is very difficult, especially concerning the protection of intellectual property rights. The issue of ownership and control of these rights, which is especially difficult for future developments based on licensed technology, is a big challenge for Indian licensees.
Adapting licensed technologies may curb the Indian chemical licensing market growth.
The process of integrating and adopting licensed technologies to the current infrastructure and in compliance with the specific Indian rules is difficult and expensive. Thus, the conviction is limited by the dilemma of the uneasy dual control and the additional layer of cost and time to the adoption process.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 85 |
| Forecast Period | 2024 - 2029 |
| Estimated Market Value (USD) in 2024 | $1.54 Billion |
| Forecasted Market Value (USD) by 2029 | $2.34 Billion |
| Compound Annual Growth Rate | 8.7% |
| Regions Covered | India |
Companies Featured
- Sumitomo Corporation
- Mitsubishi Gas Chemical
- Dow
- ExxonMobil Chemical
- Eastman Chemical India Private Limited
- Valtris Specialty Chemicals
- Sulzer
- Mitsui Chemicals, Inc.
Scope of the Report
By Type
- Inorganic chemicals
- Organic chemicals
By Application
- Oil and Gas
- Petrochemicals
- Pharmaceuticals
- Others
By States
- Maharashtra
- Gujrat
- West Bengal
- Tamil Nadu
- Others
For more information about this report visit https://www.researchandmarkets.com/r/ysxcvg
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