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Major players in the chemical industry are struggling to bring profitable growth expansion to their businesses. The decline of the prices of oil has had a negative effect on the sales of chemical companies involved in petroleum-based products. Industry experts have forecasted a few rough upcoming years for the chemical industry. Factors such as changes in the economic structure, the inherent uncertainty in the market, and hyper-competition between market players will affect the growth of the chemical industry. Therefore, key players in the chemical industry are now looking for growth strategies to help the chemical industry tackle these challenges. In this article, analysts at Infiniti highlight the best growth strategies for chemical industry players.
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“Industry experts believe the next few years will be rather rough for the chemicals industry, given the changes in the economic structure, the inherent uncertainty in the market, and hyper- competition between the players. It is in this scenario that established names in the chemicals industry are looking for strategies which can be converted into actionable plans,” says a chemicals industry expert at Infiniti Research.
The following growth strategies can work as catalysts in the chemical industry if developed and implemented appropriately. Infiniti’s industry research experts highlighted the following three major growth strategies to turn into actionable solutions for companies in the chemical industry:
- Improving pricing strategies can serve as a significant driver of short-term value-capture benefits.
- Expanding and revamping the product portfolio can help manufacturers move into more lucrative areas and enhance overall profitability.
- Digitization has enabled manufacturers to optimize sales and marketing strategies. At the same time, machine learning and AI have enhanced the overall functioning of the chemicals industry.
- Want more in-depth detail about the ideal growth strategies for the chemicals industry? Read the complete article
Infiniti Research has 15+ years of experience working in collaboration with chemicals industry clients to offer solutions that address their unique business challenges and related growth opportunities. Get in touch with an industry expert for more insights on market trends and growth strategies for the chemicals industry.
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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