In this paper, the aim is to put across the importance of chemical industries. Chemical industries have also been discussed in relation to the different types of market competition and the space for such endeavours in the Indian context. Furthermore, the relevant case laws have also been discussed within this paper in relation to the idea of the functioning of chemical industries in the region.
This paper explores the meaning and importance of chemical industries. It magnifies the importance in day-to-day life as well as in the industrial sector. We discuss that chemicals help in food preservation, agricultural promotion, medical scope, biological sphere, importance in day-to-day life, environmental endeavours, the contribution of chemicals to artistic and academic lives, the petrochemical industry, need for chemicals in the construction industry and automobile industry. Within this paper, we see the scope, reach and need for the chemical industry.
Furthermore, in this paper, we explore very briefly, the meaning and the different kinds of market competition – (i) pure and perfect market competition, (ii) monopolistic and imperfect, (iii) monopoly, (iv) oligopoly and duopoly & (v) oligopoly and cartels.
Finally, the paper also explores the competition law in India. The case laws that set precedent for future cases have also been discussed to give a general understanding. Two most important cases to the Indian Law for chemicals have been discussed – Indian Chemical Council vs General Insurance Corporation of India & Corby Group Litigation v. Corby Borough Council [2009] EWHC 1944 (TCC).
The paper has taken a holistic view of chemical industries while keeping in mind the Indian atmosphere and the functioning of this industry.
