Monetary growth is possible with the development of chemistry

Invention is not alone enough but it is an intoxicating combination of invention and innovation that can jointly make life better. Into the 17th century the development of chemistry gradually became the basis after a medieval chemical science and a speculative philosophy aspired on achieving a universal cure for disease and life solutions. However in the second half of 19th century, perceivable brunt of chemistry on humanity in the course of its smaller incremental novelty was being experienced. Nevertheless through application science, chemistry has been the force behind making miracles on a daily basis.

According to the researched report, in order to support new innovation most of chemical industries globally in the year 2013 had invested USD 56 billion in research and development, however around 1-2% total turnover on research and development (R&D) was spend by the Indian chemical sector. On the other hand, chemical industry has spent around 5-10% on research and development (R&D) in the developed countries.

Moreover by the year 2021, the market size of chemical is expected to rise globally at 4-5% per annum in order to reach USD 5.8 trillion and the absolute size of this industry hindmost by the fact that to almost all the other industries chemicals provides raw materials. Additionally around the end-consumer the processes are designed, however the focus on customer-centricity above just customer satisfaction is what set apart the chemical industry.

In spite of all types of challenges, the commercialization process of lesser incremental novelty in chemistry has begun to get noticed in India and the industries which are carrying out today is primarily linked with customer-centric and innovation encroachments like sustainability, affordability and efficiency.

As per the industry experts, marketing approaches which are not specific to brand needs to be adopted by the chemical industry, also from its antiquated approach to segmentation it needs to back off more dynamic type which is helpful to the customer and similar industry.

However chemistry became pervasive in a multi-disciplinary world and this science has been blending in with cutting-edge technology for decades and to continue improving our quality of life, chemistry has been providing the groundwork and driving innovation. Nevertheless, in the midst of consolidation phase and restructuring the chemical industry stands firm these days, besides rising tie-ups of industry and academia is also needed.

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