Leveraging a Competitor Analysis Strategy to Establish Brand Presence in the Chemical Market and Identify Key Competitors
Future of the Chemical Industry
The chemical industry is slowly and steadily picking up steam after the global economic crisis. For 2019, the global chemical industry is expected to get off to a buoyant start, which would be driven by the U.S market. Rebounding oil prices, massive capacity expansions, and large ethane exports to the East are the factors propelling the profitability of the chemical industry. Also, favorable manufacturing policies in the U.S are expected to propel both domestic and export demand for chemicals and derivatives alike.
Even though globalization is opening new markets for manufacturing companies in the industry, the leaders of chemical industry firms are facing challenges, with ambiguity across global markets, pricing pressures brought on by new competitors, and fluctuating regulatory landscapes. So, to stand out, companies in the chemical industry companies must be aware of and conform to ongoing and upcoming chemical industry trends.
Why Businesses Must Incorporate Competitor Analysis Model?
Developing a competitor analysis framework helps organizations to outsmart the global competition by capturing and tracking the current state of the market. If developed and implemented correctly, a competitor analysis framework can act as a tool to figure out gaps in their competitor’s strategies; thereby, helping them adjust their own business strategies to take advantage of new market opportunities. Additionally, a competitor analysis framework not only helps to identify potential threats from the industry’s competitors but also evaluates and prioritizes them based on the level of threat. This would be used as a benchmark to identify the potential threats that need to be addressed.
About the Client
Headquartered in Arizona, the client is a leading manufacturer of chemicals and advanced materials. The company has approximately 120 production centers located in Colorado, Delaware, and Alabama.
Today, the chemical industry is going through a major transformational phase due to which leading players are now investing in new opportunities within the market. To avoid being blindsided by an unexpectant entrant in the market, the client – a chemical industry player – approached Infiniti Research to help them develop a competitor analysis framework. Furthermore, owing to their inability to comprehend the growth strategies of their market competitors, the client wanted to adopt a suitable competitor analysis model. Additionally, the chemical industry client wanted to understand how their peers served the needs of consumers so as to quantify each element of the value chain and build a future-proof competitor analysis model.
To address the chemical industry client’s challenges, our experts developed a competitor analysis model to gauge the competitiveness. The solutions and recommendations offered by us helped the client spot new opportunities and maintain a winning edge in the market. By leveraging Infiniti’s competitor analysis model, the chemicals manufacturer succeeded in gauging the competitive landscape by incorporating influences that are beyond the control of the company i.e., the macro environment as well as other factors that are within their reach. With our help, the chemical industry client was able to predict their competitor’s intentions and accordingly develop competitive strategies to become market leaders.
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