LONDON--(BUSINESS WIRE)--Leading market intelligence firm Infiniti Research has recently announced their list of major trends expected to impact the chemical industry in 2017. As the political climate, regulations, connectivity and technologies are changing around the world, the ever-evolving chemical industry will have to adapt to remain competitive and successful. Here are the top five major trends that analysts from Infiniti Research expect to shape the structure and potential for success in the global chemical industry this year:
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1) Extreme competition
Chemical companies are now facing increased competition from industries such as mining and energy in addition to the competition they already face from healthcare, pharmaceutical, life science, and other chemical companies. To survive in this highly competitive environment, chemical companies need to streamline their business, research, and production processes, and ensure that they are up to date on the technological and digital trends that their customers are continuously embracing.
Some chemical companies are struggling to adapt to the increasingly hyper-connected world fully but those who embrace new technologies head-on and change their practices accordingly are those who are most likely to thrive. Adapting to new technologies and digital trends will give chemical companies new distribution channels and business opportunities, and will allow them to connect with a greater number of people and other businesses.
3) Cloud computing
According to multinational software corporation SAP, SaaS software revenues reached USD 106 billion in 2016, an increase of more than 20% from 2015. More chemical companies and suppliers are moving to SaaS cloud delivery models in order to enable smoother day-to-day operations, reduce operational costs, and increase the company’s overall agility and ability to be competitive.
4) Increased customer engagement
Customers are more involved with the purchasing process now than ever and demand more information both before making a purchase and after making a purchase. Chemical companies must become more interactive to retain customers and build customer loyalty. This goes beyond basic social media outreach and maintaining a website: companies must now strive to keep customers informed and be able to provide them with advice, research, and input on demand. They need to consistently show their industry expertise to build their customers’ trust and retain them over the long term.
5) Regulatory changes
Increasing and rapid regulatory changes across the globe can act as a hindrance to chemical companies, who must ensure that their practices and products are in line with these regulations. American regulations are expected to change under the Trump Administration, who have stated their intentions to reduce regulations on businesses. America will have a significant impact on the chemical industry if the Trump Administration goes through with their intended plans regarding NAFTA and free trade.
Drawing on our experience in the industry, Infiniti Research offers industry-specific solutions that are tailored to help chemical company leaders and chemical manufacturers tackle these concerns to achieve sustained growth. A global supplier of chemical solutions recently tasked our analysts with finding them new market opportunities in North America because they were losing business to China. With the help our solutions, the client was able to reassess the market and develop a sound strategy to strengthen their market position.
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About Infiniti Research
Established in 2003, Infiniti Research is a leading market intelligence company providing smart solutions to address your business challenges. Infiniti Research studies markets in more than 100 countries to help analyze competitive activity, see beyond market disruptions, and develop intelligent business strategies.
With 13 years of experience and offices across three continents, Infiniti Research has been instrumental in providing a complete range of competitive intelligence, strategy, and research services for over 550 companies across the globe.