against the backdrop of the global economic slowdown and volatile crude oil prices, weak global demand is a drag on the profitability of Indian specialty chemicals producers, and market conditions are unlikely to improve in the next three to four months. Chinese import competition has also affected local companies at a time of weak demand in the eurozone and the US, according to Indian industry insiders.
   for a long time, market participants generally believe that the prospect of India's specialty chemicals market is bright. At present, India's domestic specialty chemicals market accounts for 22% of India's total chemical and petrochemical market. Over the past few years, Indian specialty chemicals producers have been announcing an expansion of capacity to meet growing demand. According to a study by McKinsey, a management consultancy, and the Chemical Council of India (ICC), India's share of the global chemical market could reach 10% to 12% by 2040, rising from $170 billion to $180 billion in 2021 to $850 billion to $1 trillion.
  , however, against the backdrop of a severe slowdown in global demand, consumption in the international market is weak. In this way, foreign specialty chemical producers dealing with overcapacity have been exporting more specialty chemicals to India. Because compared with the major Western economies, the Indian market is in better shape. In addition, India's exports of specialty chemicals have also been negatively affected. These put a lot of pressure on India's local specialty chemicals market.
   India Balaji "We face unprecedented challenges in the specialty chemicals industry, mainly due to rapid changes in input costs, resulting in lower costs for imported competitors," Ramreddy, general manager of Amines, said in a document filed with the Bombay Stock Exchange on November 20th. This situation is further exacerbated by the destocking of global industry participants in the Indian market. " A source from Gujarat Fluoro Chemical Co., Ltd., an Indian specialty chemicals manufacturer, said: "the performance of our three business units of bulk chemicals, fluorochemicals and fluoropolymers have all been affected. Our fluorochemicals business is mainly affected by dumping and weak demand, particularly in Europe. "
   however, India's local specialty chemicals companies also believe that the country's strong Chinese demand and the gradual recovery of international demand will gradually drive the relevant market. Gujarat Fluoro Chemical Co., Ltd. said: "after the destocking phase, the demand in the US market will gradually increase." We are working to optimize the entire product portfolio of fluoropolymers to move towards higher-end products, which is expected to produce better results soon. We expect prices to bottom out and rebound, and the second half of this fiscal year will be better than the first half of the year. " The company also expects sunrise industries such as electric vehicles, green hydrogen, semiconductors and solar products to increase demand for its products. Deepak Maolik Mehta of Nitrite said: "although it may take some time for exports to recover due to weak global demand, the downstream Indian market is still a bright spot. We expect results to return to normal from the first quarter of next year. While major export markets are responding to demand pressures from the global situation, the good news is that consumption and demand in India and China remain basically unchanged. "
India's exports are expected to remain weak against a backdrop of adverse global economic conditions, but strong Chinese demand is likely to maintain growth in the short term,    US rating agency Moody's Investor Service said in its Global Macro Outlook 2024-2025 report released on Nov. 9. At the same time, according to a recent survey by the Federation of Indian Industry and Commerce, Indian and Chinese manufacturing is expected to maintain current economic activity and generate higher investment by March 2024.
   from April to June 2023, the first quarter of India's current fiscal year, India's economy grew 7.8 per cent year-on-year, up from 6.1 per cent in the previous quarter, due to increased government spending, coupled with an increase in private capital spending and strong growth in the services sector. The Reserve Bank of India expects full-year GDP growth of more than 6 per cent in the current fiscal year to March 2024, making it one of the fastest-growing emerging market economies over the same period. Source: China Chemical Industry Daily