New Delhi, May 12 (PTI) UPL Ltd on Monday said its wholly owned subsidiary Superform, formerly UPL Specialty Chemicals Ltd, will target diverse markets beyond agriculture, including lubricants, flame retardants, mining, healthcare, and food and beverages.
The strategic shift comes as India positions itself to become a major player in the global chemical industry, with projections showing the Indian chemical market could reach up to USD 1,000 billion by 2040.
The specialty chemical segment could potentially account for 10-12 per cent of the global market by then, the company said in a statement.
"This transformation will be driven by increasing domestic consumption, shifting global supply chains and changing consumer preferences, thus encouraging diversification from traditional manufacturing hubs," UPL said in a statement.
India's share of the global chemistry market is expected to triple by 2040, with projected annual growth of 7-10 per cent between 2027 and 2040.
Superform has made an annual investment of Rs 400-500 crore.