5 Chemical Business Ideas For Aspiring Entrepreneurs
- BY Jaspreet Kaur
Feature Writer, BusinessEx
- Jan 15,2019
- 11 Mins Read
The global chemical industry is rising year on year. The expansion of the chemical industry is indication of the growth prospects present in the sector. All sizes of businesses are administered in the chemical sector as there is a demand for all types of products, from detergent to cleaner.
The Growth Of The Indian Chemical Industry
Comparing to other nations, India is the sixth largest producer of chemicals in the world, according to Make In India report. With the passing time, the production of the chemicals has increased in the country, accounting for USD 142 billion in FY2015-16 to 12816 thousand MT in FY2017-18.
Other than production, the country export chemicals to foreign countries as well. According to Make In India report, the total amount of chemicals exported in FY 2017 from April to May was USD 15 billion. Seeing the production rates and widespread demand, the aspiring entrepreneurs can opt-in the sector.
5 Chemical Business Ideas For The Aspiring Industries
Initiating the business in the chemical industry is as simple as one need to apprehend the industry and then, narrow down the streams where one wants to work in. In essence, the chemical industry shores up various other industries such as agriculture, healthcare and construction.
Nonetheless, young entrepreneurs should examine market, consumers and scope of the particular niche. Thereafter, they should establish the business and administer it. For averting misperceptions and business decisions, here are ten important chemical businesses that the young entrepreneurs can start.
- Detergent Manufacturing Business
Manufacturing detergent is one of the sought-after chemical businesses in the industry. Anyone can initiate this business with a small amount of capital investment. At present, there are wide varieties of detergents available in the market. Mainly, different detergents have a distinct amount of active ingredients blended in them. In order to compose a good detergent, one needs to know the required ingredients and secondly, quantify the amount that needs to be added.
- Perfume Making Business
Perfuming making business is a lucrative venture, which requires the entrepreneur to have deep understanding of the product. Besides a good perfume-maker, the young entrepreneur needs to be a prolific marketer. The person should easily grasp others’ needs and accordingly develop the fragrance. Creativity and innovation are two traits that are immensely required in the niche.
- Nail Paint Making Business
Nail paint business is one of the sought-after businesses in the cosmetic industry. Primarily, nail lacquer is an aesthetic symbol to look good in society. As a result, consumers willingly pay high prices for good-quality nail lacquers. Owing to the huge demand of the nail lacquer, young entrepreneurs can begin the business in the cosmetic industry.
- Liquid Soap Making Business
Similar to the bath soaps, liquid soaps have a wide demand in the market. Running the liquid soap business requires agility as the liquid soap manufacturing is an elongated process. The manufacturing process mainly entails processing, packaging and then, marketing.
Today, there are a large number of consumers who rapidly use soaps. The consumption of the soap is high in urban as well as rural areas. Thus, the manufacturer should be careful while selecting the soap type.
- Matchstick Manufacturing Business
The business does not require a huge capital; it can be easily initiated by moderate savings. In essence, matchsticks are a consumer durable product and thus, the demand for the product is increasing year on year. Distribution is the main channel of the business, wherein the entrepreneur should be conversant.
Young entrepreneurs can initiate any above-mentioned business and earn decent profits.
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