Analysts and CEOs of chemical manufacturing companies unanimously agreed that survival in the slowdown will be a real difficult task.
Terming the current situation as one of the worst in the recent past experts, analysts and CEOs of chemical manufacturing companies from across the country unanimously agreed to the fact that survival in the slowdown will be a real difficult task.
Speaking at a conference on chemicals at the second day of ‘InformEx 2009’, the industry barons feared that closures along with mergers and acquisitions will soon be a widespread phenomenon in the specialty fine chemicals and colourant industry. They, however, listed certain measures and initiatives which could help them survive the slowdown time phase.
CB Upasani ,director, Jyoti Om Research Centre, emphasised on the fact that ‘clean technology is green technology’ and that the current time was best time to invest in clean technology as it would result in reduction of costs, easier effluent treatment and higher profits.
He suggested that the best measure during economic slowdown is to prevent waste before it gets generated and encouraged use of clean development technologies which assures use of less solvent, and even less energy consumption. Use of such clean technologies also provides avenues for recovery of chemicals and metals.
Kishor Shah, president of Indian Specialty Chemical Manufacturers Association said that the global specialty chemical sector has grown close to 6.47% in last five years, while in next five years, they will be the drivers of growth in this industry.
There was unprecedented demand compression leading to 30% less turn over in last six months for most specialty chemical manufacturing companies and expected government to announce economic packages to help compete with cheaper imports.
However, Ravi Kapoor, chairman, Indian Chemical Council, Gujarat said that global meltdown will trigger mergers and acquisitions.
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