The Russian authorities have made great efforts to persuade domestic and foreign producers to invest in the modernisation and expansion of local production. Their goal is to develop the manufacturing of Russian products that are to replace imports («import substitution») and as a consequence an increase in domestic production («production localization»).
Overview of the Russian chemical industry
The Russian chemical industry market in 2017 is estimated at the level of 2,290 billion rubles or 34,682 million euros. About 52% of the total volume of chemical products consumed in the Russian market consists of imported products.
In monetary terms (in rubles), the Russian chemical products market demonstrated positive dynamics over the period between 2013 and 2017, reaching 2,290 billion rubles by 2017, which is 49% higher than in 2013. The volume of domestic production on the market increased by 48% in 2013-2017 and import by 49% (in rubles).
Market Report reveals major investment projects
The current import substitution initiative in Russia opens several business opportunities for Swiss suppliers of the relevant sectors. In total, the research done by the Swiss Bussiness Hub reveals that there are at least 47 major investment projects in preparation, which are of interest for Swiss suppliers. Foreign technology is needed in the following sectors:
- Inorganic products
- Organochlorine products
- Products of organic synthesis
- Synthetic dyes
- Plastics and synthetic resins
- Chemical fibres and threads
If you wish to know more about the chemical industry in Russia? Get the market report in the download area below for more details!