McKinsey: India's Chemical Sector Projected to Hit $255 Billion by 2030

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India's Chemical Industry to Hit $255 Billion by 2030, Outpacing GDP: McKinsey

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News18•17-03-2026, 15:00

India's Chemical Industry to Hit $255 Billion by 2030, Outpacing GDP: McKinsey

•India's chemicals industry is projected to grow to USD 230-255 billion by 2030, from its current USD 155-165 billion, driven by high-growth segments.
•The sector is expected to grow at an 8-9% CAGR, with emerging areas like semiconductors, EVs, and renewables adding USD 30-35 billion in demand.
•Despite strong past performance (17% TSR CAGR), India faces a USD 31 billion trade deficit in chemicals, particularly in inorganics and polymers, highlighting import substitution opportunities.
•McKinsey recommends scaling global operations, strategic partnerships, increased R&D (currently 0.5% of revenue), and AI adoption for efficiency.
•Strengthening supply chains and balance sheets are crucial for navigating global volatility and positioning India as a competitive global manufacturing hub.

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