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“With plummeting profitability and increasing market competition, specialty chemical companies are undergoing several unique challenges,” says a market research analyst at Infiniti Research.
The global specialty chemicals market continues to expand at a rapid pace. This growth has been underpinned by factors including increased productivity, sound business models, and portfolio restructuring. However, market growth isn’t exactly good news for the existing companies in the specialty chemicals industry. The flourishing market means that it would draw in more players and add on to the competitive pressure in the industry. Therefore, survival for specialty chemical companies greatly depends on understanding the most pressing challenges and leveraging insightful strategic planning to overcome them.
Specialty chemical companies must develop a rapid response to address the ongoing market challenges due to COVID-19. Request a FREE proposal for comprehensive market insights and agile strategies to overcome market disruptions due to the ongoing crisis.
Experts at Infiniti Research highlight key challenges facing specialty chemical companies in 2020:
Changing business portfolios: Specialty chemical companies are increasingly being transformed through increasing product diversification and rapid merger and acquisition activities. Business portfolios of specialty chemical companies are constantly changing as producers add and dispossess divisions, engage in new market entries, and participate in mergers. Moreover, globalization has increased the business portfolio complexity of specialty chemical companies.
Dynamic demand patterns: One of the key challenges faced by specialty chemical manufacturers is uncertain and unpredictable demand patterns. They also have only limited visibility into future customer orders. The growing customer portfolios spanning over several end-use markets and visibility into demand variability represent significant challenges for specialty chemicals manufacturers.
Expanding product portfolios: In order to increase differentiation, strategize new market entry, and maximize customer loyalty, specialty chemical companies are continuously experimenting with new product innovations. New product introductions coupled with frequent adaptation of existing products have caused a significant rise in the number of products produced, consequently, leading to greater operational complexity.
Contact us for key insights and strategies on how to adapt your business operations to thrive amidst the existing global crisis.
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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. To know more, visit: https://www.infinitiresearch.com/about-us