As the Indian rupee continues its struggle against the US dollar, the markets across the verticals already feel the heat. On the flip side, the export oriented sectors like information technology and pharmaceuticals strive to make a field day out of the weakening rupee. Now, the specialty chemical market joins the party with flaring investor demand, thanks to the global demand for specialty chemicals. More over, China's Plus One strategy, a business vision to avoid investing only in China and diversify the business into other countries, is

becoming a boon to India. According to a report by Sharekhan, India's specialty chemicals sector is well poised to capitalize on global tailwinds and expand its global market share to 7-8 percent in the next few years from the current 4percent.

We are talking about an $827+ billion global opportunity. According to a report by Exactitude Consultancy, the market research and consulting wing of Ameliorate Digital Consultancy, the global Specialty Chemicals Market is projected to reach $827 billion by 2029 from $576 billion in 2020, growing at a CAGR of 4.1 percent. However, penetrating this market will take facing herculean challenges. With the soaring inflation, the industry could face raw material cost inflation and, in turn, margin pressures. On the other hand, one of the critical areas of focus for chemical companies will likely be sustainability and decarbonization. To belong in the future of this industry, it goes without saying that you need to increase investment in research and development capabilities and leverage advances in decarbonization and recycling technologies to lower the carbon footprint, as well as reduce plastic waste.