India's Chemicals Industry Projected to Reach USD 255 Billion by 2030: McKinsey Report

India's chemicals industry is projected to grow from USD 155-165 billion to USD 230-255 billion by 2030, outpacing overall economic growth, according to a McKinsey report. Growth will be driven by high-demand sectors such as semiconductors, electric vehicles, renewables, and construction-linked chemicals, which are expected to double. Despite a USD 31 billion trade deficit in inorganics and polymers, the sector offers significant import substitution opportunities. The report advises companies to enhance global operations, increase R&D, adopt AI efficiencies, and strengthen supply chains amid global challenges.