A study of the Indian chemical industry conducted by Tata Strategic Management, the Federation of Indian Chambers of Commerce & Industry and Roland Berger estimated the Indian chemical industry to be $83 billion in fiscal 2010. Base chemicals accounted for 53% of the industry. Growing at a projected rate of 5%, the Indian organic chemicals market should reach 3.53 million tons by fiscal 2014. Pharmaceuticals comprised 24% of the Indian chemical market. The Indian pharmaceutical industry, estimated at $19.4 billion in fiscal 2009, is projected to grow to $43.8 billion in fiscal 2014. In fiscal 2009, formulations comprised 65% of the pharmaceutical industry, and bulk drugs accounted for the remainder. The fiscal 2004–2009 compound annual growth rate for bulk drugs exports was 35%, followed by formulation exports at 25% and the domestic formulation market at 11%. Specialty chemicals, biotechnology and agrochemicals make up the rest of the Indian chemical industry, accounting for 18%, 3% and 2%, respectively.

Source: Tata Strategic Management