New Delhi, May 12 – UPL Ltd announced on Monday that its wholly owned subsidiary, Superform (formerly UPL Specialty Chemicals Ltd), is set to diversify its operations by venturing into multiple sectors beyond agriculture. The company aims to establish a strong footprint in industries such as lubricants, flame retardants, mining, healthcare, and food and beverages.
This strategic pivot aligns with India’s broader ambition to emerge as a global hub for chemical manufacturing. UPL cited industry projections indicating that the Indian chemical market could soar to USD 1,000 billion by 2040, positioning the country as a dominant player in global supply chains.
According to UPL, the specialty chemicals segment is expected to contribute significantly, potentially capturing 10-12 percent of the global market by 2040. The growth trajectory will be propelled by rising domestic demand, evolving consumer preferences, and the global realignment of supply chains away from traditional manufacturing regions.
"India’s share in the global chemistry market is likely to triple by 2040, with annual growth projected between 7-10 percent from 2027 to 2040," the company said in a statement.
Superform is backing its ambitions with a robust investment plan, committing Rs 400-500 crore annually to drive innovation and capacity expansion across its new target sectors.
This strategic shift marks a significant milestone in UPL’s transformation journey, aligning with India’s emergence as a leader in the global specialty chemicals space.