India's Chemical Manufacturers: Who Comes Second in the Billion-Dollar Race?

Everyone talks about Reliance when it comes to big money in India's chemical sector. But what about the guy in second place? He might not grab as many headlines, yet his company is everywhere—from plastics to crop protection chemicals you might have used last week.

The chemical business in India is massive, touching everything from the medicine in your cabinet to the food on your table. With India gearing up to take on even China in manufacturing scale, nailing down who's next after Reliance can show you how the industry actually works—who's innovating, investing, and quietly dominating big markets.

If you're trying to understand where the future of chemicals is heading, or you want a piece of the action, knowing more about the second biggest player isn't just trivia—it could shape your next move. Ready to see how they built their empire and what keeps them ahead in India’s super competitive chemical game?

• India's Chemical Industry: The Ever-Changing Leaderboard
• Meet the Runner-Up: The Second Biggest Owner Revealed
• What Sets Them Apart in a Cutthroat Market
• Insider Look: Growth Moves and Market Impact
• Takeaways for Future Chemical Entrepreneurs

India's Chemical Industry: The Ever-Changing Leaderboard

If you think India’s chemical giants have always held their spots, think again. The industry's leaderboard looks a bit like a rollercoaster. In the last decade, new players jumped in, old legacies changed gears, and some companies pumped out growth overnight thanks to smart moves and global demand.

The chemical industry India is worth over $220 billion as of 2024, making it the sixth-largest producer in the world by volume. You’ve got companies fighting for the top, whether it’s in specialty chemicals, bulk, or agrochemicals. Reliance Industries leads by a long shot, but the chase for second is close and keeps shaking up.

Here’s a bit of perspective on key players and their latest numbers:

There’s constant movement. Take UPL—just a decade ago, it wasn’t even in these kinds of top lists, and now it’s making waves globally. Tata Chemicals turns up every few years with a big innovation or expansion, never letting rivals get too comfortable.

"Just a few years ago, Indian chemical companies were more regional. Now, they are global competitors. The pace of mergers, deals, and new technologies is changing the power list every couple of years." — R A Shah, Chemical Industry Analyst, Mumbai

The government is pushing hard too, rolling out production-linked incentive (PLI) schemes. It’s not just about raw growth; there’s a big push toward green chemistry and specialty segments because margins are better and global buyers are picky.

So if you plan to track, invest in, or even join the ranks of these chemical game-changers, keep your eyes open. Today’s number two might end up sliding to three—or even take the top spot—before you know it.

Meet the Runner-Up: The Second Biggest Owner Revealed

So, who's just behind Mukesh Ambani in India's chemical scene? It's Pankaj Patel of Zydus Lifesciences (formerly Cadila Healthcare). You might know Zydus for its work in pharma, but Patel's reach goes bigger—his group has a heavy footprint across specialty chemicals, intermediates, and active ingredients powering everything from medicines to industrial materials.

Pankaj Patel stands out not just for the billions he controls, but for how Zydus has steadily grown in spaces where other companies stumble—especially in specialty chemicals and pharma inputs. Zydus produces over 400 different types of chemical compounds, making them a serious force in the supply chains of leading global pharma brands.

Let’s break down exactly where Zydus dominates:

• They supply drug intermediates and active ingredients to over 50 countries.
• Annual chemical segment turnover exceeded ₹7,900 crore (about $950 million) in FY24, making them a clear #2 behind Reliance in terms of total chemical segment revenue coming from India.
• Heavy exports to the US and Europe, where regulations are tough and quality control is king.

Take a look at some cold, hard numbers:

Why does Pankaj Patel command such a large chunk of the chemical industry India market? A lot of it comes down to Zydus’s long history with tough regulations, relentless R&D spending (over ₹600 crore annually), and a super diversified product mix. Most companies flop trying to handle APIs, agri-chemicals, AND specialty intermediates all under one umbrella—Zydus pulls it off by building one of the best compliance records in the game.

If you’re keeping track of who’s really moving the market, Patel’s rise is the one you can’t ignore. His strategy: invest hard in tech, keep exports flowing, and never put all your eggs in one sector. This is why he’s more than just a pharma tycoon—he’s right at the heart of India’s chemical manufacturing muscle.

What Sets Them Apart in a Cutthroat Market

Let’s get down to why SRF Limited, led by Ashish Bharat Ram, stands out as the second biggest force in India's chemical industry. Unlike companies that stick to a few core products, SRF covers a crazy range: chemicals for refrigeration, specialty chemicals for pharma, and even packaging films. Their setup is built on continuous R&D, global partnerships, and a hunger to move faster than the competition. This attitude has helped them grow both in India and overseas.

Here’s where they play it smart:

• Innovation: Over 25% of SRF’s chemical sales come from new products developed in the last 5 years. They invest in patents, keeping their tech protected and their margins healthy.
• Global Footprint: SRF exports to over 90 countries, making almost half their revenues from outside India. That way, if one market dips, they’re not in trouble.
• Backward Integration: They control much of their supply chain, so wild swings in raw material prices don’t hit them as hard as others.
• Agile Expansion: Their Dahej and Thailand plants crank out high-quality fluorochemicals, and the company keeps adding new lines in record time instead of sitting back.

Look at these figures that show SRF’s edge:

SRF’s willingness to risk big money on complex chemicals and new plants really pays off. A chemical sector analyst from Motilal Oswal once captured it best:

“SRF’s ability to spot niche opportunities, set up world-class infrastructure, and scale up faster than most global peers puts it in a different league.”

So, while others try to keep up, SRF keeps rewriting the rules—staying a step ahead in a dog-eat-dog chemical world. If you’re eyeing this space, that’s a playbook worth studying.

Insider Look: Growth Moves and Market Impact

If you want to know how UPL Limited—yes, that's our runner-up in India’s chemical industry India race—got so big, you’ve got to check their playbook. Unlike companies that stick to just one specialty, UPL went wide and deep. They started with crop protection chemicals and expanded into seeds, biosolutions, and even post-harvest tech. It's all about casting a wide net—and it’s worked.

One of their biggest moves: UPL’s purchase of Arysta LifeScience for $4.2 billion back in 2019. That deal catapulted them into the world’s top five agrochemical companies overnight. Suddenly, their business stretched across more than 130 countries, not just India.

But they didn’t stop there. UPL doubled down on green chemistry. They pushed hard into products that lower environmental impact—think biofertilizers and next-gen pest control. This isn’t just about being eco-friendly; it opens doors to global markets that now require greener products.

What’s UPL’s market impact?

• They’re in the top spot for post-patent crop solutions, which keeps them relevant even after original product patents expire.
• Their R&D focus means they’re not just making the same old chemicals; they invest over Rs 900 crore every year into research. That’s a big reason why their pipeline keeps growing and their tech keeps improving.
• They help farmers tackle climate change and pest resistance—two things making headlines everywhere. For a lot of Indian farms, UPL’s solutions are now daily essentials.

If you follow the money, UPL’s global sales jumped to over $6 billion in 2023, making it clear they’re not just riding Reliance’s coattails. They shape markets, set trends, and make moves that everyone else eventually copies. Watching UPL is like getting a fast-forward peek at where India’s chemical sector is heading next.

Takeaways for Future Chemical Entrepreneurs

If you think entering the chemical industry India scene is only for billionaires, think again. The second-biggest player in this domain, UPL Limited, didn’t just pop up overnight. They started as United Phosphorus Ltd in 1969, focusing on agri-chemicals, and now they’re operating in over 130 countries with yearly revenues crossing the $6 billion mark. That’s not by accident—it’s about finding gaps and scaling up smartly.

So, what actually works if you want to get a foothold? Based on UPL’s playbook and real numbers, a few things stand out:

• Product diversity pays off: UPL didn’t stick to just pesticides—they moved into seeds, specialty chemicals, and even crop advisory services. If you lock yourself into one segment, you limit your chances.
• Think global early: UPL figured out pretty fast that relying on just the Indian market caps your growth. Almost 85% of their revenue now comes from outside India, especially from Latin America and Europe. Don’t be afraid to look beyond borders, even if you’re starting small.
• Mergers and acquisitions work wonders: In 2019, UPL closed a massive $4.2 billion buyout of Arysta LifeScience. This one move catapulted them to the global top five in agri-solutions, overnight. Buying or partnering with the right players can super-charge your journey.
• Compliance isn’t a headache, it’s an advantage: Chemical regulations are strict, but UPL invested early in clean technology and certifications. That made them a safer bet for global customers, especially in places like Europe.

Want to visualize where you could fit in? Here’s how the numbers break down for UPL vs. Indian chemical industry averages:

One more tip: invest in research, not just plants and warehouses. UPL pours over 5% of revenue into R&D each year. That keeps them ahead, letting them roll out new products or tweak old ones quickly in response to anything—from climate change to a move in international laws.

The bottom line? Start with a niche, but think bigger and broader from day one. Keep your playbook flexible, invest in tech, and eye the global stage. The Indian chemical scene rewards those who are ready to hustle and adapt. The next big name could be yours.

About author Aarav Tandon

I am a manufacturing engineer specializing in streamlining production processes and reducing waste. I have a keen interest in exploring the manufacturing landscape in India and often write about innovative practices in this sector. My work involves collaborating with a diverse team to optimize efficiency and implement sustainable practices. I enjoy sharing insights and stories from the field with a wider audience through my writing.