With more than 50 per cent of the global chemical demand generated in the region, Asia is the biggest chemical market in the world at present. Countries like China, India and Vietnam are the other fast emerging companies
witnessing high demand for chemicals.
The company’s target in the mid-term and long-term is to grow above the chemical market growth in Asia. The global chemical market will be growing at around 3.4 per cent next year as per the firm’s estimates and a majority of that growth is expected to come from Asia. BASF operates in 17 countries in Asia.
India is the third largest market for the company in Asia, with 12 per cent of Euro 12 billion sales. Almost 50 per cent of the Asian business comes from China and Taiwan. With sales of 1.6 billion Euro, Japan is the second largest market, and with the sales of 1.2 billion Euro, India is the company’s third largest market.
According to Raman Ramachandran, chairman and managing director, of BASF India Limited, the growth of the industry is dependent upon the growth of the country's economy and of all the countries, India currently presents a better opportunity for the company. BASF Catalysts India Private Limited, a part of the Group, launched its new mobile emissions catalysts manufacturing site in Chennai, to meet the stricter emission norms in the country.