Market Challenges And Opportunities

Viscosity Reducing Agents Market Outlook – Rising Demand in Chemicals allied Industries to be the Major Market Driver

Asia Pacific and North America are expected to be the most potential markets for plastic additives manufacturers. According to IBEF, India is the seventh largest producer of chemicals in the world worldwide and third largest producer in Asia. The Indian chemicals sector was valued at US$ 139 billion in 2016 In 2015-2016 the total production of the major chemicals including petrochemicals was 23.9 million tons. The Indian chemicals industry has attracted various foreign investors such as Akzo Nobel, BASF, ADEKA, Mitsubishi Chemicals Corporation, Syngenta, DuPont, Henkel, Croda, Wacker Metroark, DyStar, and Rhodla. India Brand Equity Foundation (IBEF) is a Trust established by the Ministry of Commerce and Industry, Department of Commerce in collaboration with the Government of India with the purpose of promoting and creating international awareness of goods manufactured in India.

Increased acceptance of viscosity reducing agents in chemicals and oil & gas industry is fueling the growth of viscosity reducing agents market, especially in Asia Pacific and Middle East regions. Product innovation and expansion in various geographies is a key strategy adopted by the major players in the viscosity reducing agents industry. In March 2016, Dorf Ketal Chemicals India Pvt Ltd, leading specialty chemicals producer acquired US-based specialty oilfield chemical supplier Flow-Chem Technologies LLC. This acquisition will help the company to increase the market in Gulf of Mexico and the US.