The chemical industry business plays a vital role all over the world as the chemicals are required for most of the consumer products as well as the services beneficial for the companies as well as ultimate customers. The main function of chemical industry is the transformation of various chemicals in environment such as natural gas, crude oil etc. in various products for industrial and customer’s use.
Facts & Features
Since its discovery, the global chemical industry has been experiencing rapid growth across the world due to increasing demands of various industries as well as individual customers. As per experts, the global chemical industry turnover is valued more than £ 2353 billion and the percentage of sales is growing more than 30% each year. With continuous expansion and industrialization of the world economy, the chemical market segmentation is continuously increasing with discovery of new products and services.
Major companies in this sector
The major companies that use Brand Building & Positioning Tactics to stay ahead in this sector are Dow Chemicals, Sinopee, BASF, Exxon Mobile, Royal Dutch Shell and SABIC.
The major companies in chemical industry are located in European Community, China, USA, Japan and South Korea.
As business models change continuously in this market, the companies need to adopt new trends for survival as well as gaining market share in future years. The chemical industry and changing global trends includes the retooling of business models as per type of products and requirement of the customers. The second trend in chemical industry business includes taking lead in global emerging markets and third future trend include embracing of digital transformation.
Market size and share
As per chemical market share analysis, the market size and share is increasing at rapid rate with increasing varieties of products and services in global chemical industry.
As per the market experts, the Global chemical industry outlook and over view is very bright due to increasing industrialization of various parts of the world. This will lead to increasing demand for chemical products and services. But, for taking full advantage, the companies in this field have to modify their cost structure, industry policy and plan as well as business strategies to give stiff competition to local players who are rapidly emerging as formidable competition.