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Market Opportunity Assessment for the Specialty Chemicals Market

Specialty Chemicals Market: Why is a Market Opportunity Assessment the Best Way Forward?

The specialty chemicals market is highly complex and competitive. The most prominent segments of this market are specialty polymers, surfactants, flavors and fragrances, electronic chemicals, and industrial and institutional cleaners.

Specialty chemicals are in high demand and have a high growth rate due to the purpose they serve in industrialization, which is a widespread global phenomenon currently. As a crucial addition to the cleaning, disinfectant, and food industries, it is also seeing higher demand due to the current COVID-19 global pandemic.

As emerging markets are proliferating, the largest contributors to the specialty chemicals market are Germany, North America, Netherlands, China, and India. The highest consumers over the past few years have been China for antioxidants, construction, water management systems, and more; North America for agriculture, food, cosmetics, oil field chemicals, and more. Other countries with high consumption rates are India, Japan, and other developing countries and emerging markets due to rapid industrialization.

Emerging markets reflect a higher growth rate because they are calculated from a lower base and are growing rapidly in both demand and consumption. As of 2018, the highest consumption of specialty chemicals was found in the automobile, food, aerospace, agriculture, textile, and cosmetics industries, in no order.

However, as every market does, even the highly demanded specialty chemicals market is faced with various challenges, and key players are attempting to adapt efficiently. Currently, specialty chemicals market players need to identify the ideal opportunities to grow with the growing demand. In this article, industry experts from Infiniti Research discuss the major factors affecting the specialty chemicals market and the solution to identifying market opportunity.

Speak to Infiniti’s industry experts to gain more in-depth insights into the fast-growing specialty chemicals market.

Factors Affecting the Specialty Chemicals Market

The specialty chemicals market is highly influenced – positively and negatively – by various factors. Before employing a solution, it is crucial to gain a comprehensive understanding of the challenges and opportunities within the market. The following two factors majorly affect the specialty market.

High Demand:

With the constantly developing supply chain management systems, eCommerce purchasing, and strategic sourcing, transparency has increased. Therefore, higher consumer awareness has led to the exponential rise in demand for specialty chemicals across industries. Specialty chemicals have now become a commodity-like addition to every industry that it plays a role in. While this is beneficial for the market, the higher demand has led to a rise in R&D, raw material, and energy costs. To recover these high costs and improve their margins, specialty chemicals producers have raised the prices of their product.

Additionally, the demand for cleaning agents, sanitization, and hygiene has risen over recent months, due to the COVID-19 pandemic, making specialty chemicals a crucial commodity in the industrial and institutional cleaning industry. Apart from the increased demand for cleaning agents at an individual are family level, major spaces like hospitals, hotels, and community living spaces are in constant need of proper cleaning agents. Further, long-lasting food items with preservatives are in higher demand due to long durations of quarantine across the world.

Emerging markets and developing countries:

The increase in industrialization, trade liberalization and the growing demand for technological advancements in developing countries across the world largely contribute to the growth of the specialty chemicals market. The demand for electronics has grown vastly over recent years of change, and specialty chemicals play a crucial role in the development process of the same. Similarly, construction chemicals and fuel are in high demand across developing countries, which in turn increases the growth of the specialty chemicals market. However, a challenge posed by emerging markets and developing countries is the continually changing regulations regarding additives to food, and chemicals for other manufacturing industries. This could be detrimental to the global growth of the specialty chemicals market.

Understanding the market is the first step towards succeeding in it. Get more information on the factors affecting the specialty chemicals market to strategically prepare for the forecasted growth.

Preparing for Forecasted Growth

As the specialty chemicals market continues to grow at a substantial rate, market players need to prepare strategically. This requires understanding the upcoming market trends and changes and their risks and opportunities. While high demand and global market growth are positive news for specialty chemicals producers, strategically analyzing the challenges and ideal opportunities for growth and equipping their companies for the same is crucial. An unplanned approach leads to higher risks and may lead to losses in terms of opportunity and revenue.

Market Opportunity Assessment for the Specialty Chemicals Market

More importantly, for new entries, the market holds a range of challenges and potential barriers to market entry. Infiniti’s market opportunity assessment allows businesses to plan a comprehensive approach to all potential barriers and assess the market’s preparedness for new offerings. With the specialty chemicals market, as the industry continues to grow, some players are creating barriers for new market entries by focusing on service rather than products. With competitors focusing on building relationships and good customer service, the challenges of entering with new offerings and attempting to build new relationships are much more. Infiniti’s research experts offer the appropriate data, approach, and actionable strategies for businesses to successfully deliver their new offerings into a highly competitive and challenging market such as this.

Entering a new market is challenging, especially one that is growing as exponentially as the specialty chemicals market. Infiniti’s market opportunity assessment can offer you strategic insights on all opportunities and actionable solutions for all potential barriers when entering this market. Request a free proposal to learn more about the readiness of the specialty chemicals market for new offerings.

Future of Petrochemicals

The Future of Petrochemicals: Dynamic Strategies to Survive in an Evolving Industry

The petrochemical industry is one of the largest subsectors of the chemical industry. As the chemical industry grows, the future of petrochemicals is faced with a series of major challenges. However, the world continues to consume and the need for petrochemical products continues to rise. Although developed economies are turning towards sustainable sources of energy and fuel, preparing for this change can lead the future of petrochemicals towards growth.

Over the past few years, as prices have dropped globally, petrochemical industry producers have been faced with major losses. More recently, the global pandemic, Covid-19 has caused major losses to industries and economies across the globe. With petrochemicals being the source of, and a crucial ingredient in various major industries that have come to a jarring halt, the industry has suffered substantially Industry research experts at Infiniti suggest efficient market intelligence solutions and brand strategies for petrochemical manufacturers to see the industry through to its potential return to growth.

The petrochemicals industry is faced with a wide range of challenges currently. Learn how Infiniti can help petrochemicals producers strategize and develop actionable solutions to overcome these challenges. Request more information to propel the future of petrochemicals in the right direction.

As of 2019, the US, Germany, Belgium, France, Netherlands, China, India, the UK, Japan, Saudi Arabia, Indonesia, Brazil, and South Korea were the major contributors to the global petrochemical industry. Over the recent months, all these countries have seen a steady fall in demand and prices, which in turn has made returning to their previous standard challenging, and growth seem like a distant possibility. However, the growth of the future of petrochemicals can be possible if the appropriate steps are taken.

Key Challenges of the Petrochemicals Industry

Infiniti’s research experts believe growth in the future of petrochemicals is possible, if appropriately strategized. However, it is important to first understand the major challenges of the industry. The following three current and major challenges are affecting the petrochemical industry globally.

  • Advantaged Feedstock Opportunities: As North America and the Middle East move to alternative options for raw materials and chemicals, such as liquid feedstocks, naphtha, gasoil, or mixed gas/oil feedstock. Being the two largest markets for advantaged feedstock opportunities, the toll on the future of petrochemicals is vast.
  • Maturing Economies: It is estimated that as economies continue to mature, the demand for the chemical industry will reduce substantially. Taking the chemicals industry giant China as an example, progress of their economy has slowed down, however, it continues to grow. As it continues to grow, the investment on infrastructure and other industries that use petrochemicals will reduce, while more service -based development will become the focal point. The service and upgrade-based economy has very low demand for the petrochemicals industry.  
  • COVID-19: With the recent global pandemic, manufacturing, construction, travelling, and other major industries that require petrochemicals as a raw material have slowed down, if not come to a halt. Europe, the US, and China stopped travel, transport, and manufacturing for substantial amounts of time, taking a major toll on the future of petrochemicals.
Future of Petrochemicals

Speak to our experts, to gain in-depth insights into the challenges faced by the future of petrochemicals.

The Future of Petrochemicals

The future of petrochemicals is highly dependent on the strategic approach employed by petrochemicals manufacturers. To propel growth in the future of petrochemicals, the following three changes are crucial:

Adapting to Change

As industries evolve and move away from advantaged feedstock demands, and investment increases in other raw materials, it is important for producers to evolve as well. Petrochemical producers with a cohort in the gas-based sector are more likely to evolve and grow with the changes in the industry. As the industry shifts to ethylene cracker investments based liquid feedstocks such as, naphtha, gasoil, and heavier feedstocks, returns will be closer to cost-of-capital. To therefore cope with this change, petrochemical producers must return to their innovative roots, and invest in developing the alternatives that the future of petrochemicals demands.

Digitizing and Analytics

As the industry changes, so should the approach of players within the industry. While innovation is essential, so is re-evaluating current systems and finding opportunities for higher returns within them. Digitization is an important change for all industries in the COVID and post-COVID era. However, the petrochemical industry has highly complex and integrated operations, that can be majorly improved through digitization. Further, applying advanced analytics can help improve commercial processes, and operations.

Market Intelligence Solutions for the Petrochemical Industry

Developing strategic plans and effectively executing all operations while accounting for market trends and changes within the industry is possible. Market Intelligence Solutions can assist petrochemical industry manufacturers change the future of petrochemicals for the better. Infiniti’s industry research experts can assist petrochemical producers achieve the following:

  • Understand upcoming and impacting market trends
  • Profile and understand competitors’ strategies
  • Appropriately prepare for regulation changes
  • Identify the ideal opportunities and clients
  • Reduce time to market
  • Prepare efficient operation and brand strategies

Our market intelligence solutions have proven to be highly effective and helpful in establishing brand strategies for petrochemical industry players. As petrochemical producers attempt to improve the future of petrochemicals, utilizing appropriate market intelligence solutions and strategizing appropriately is highly crucial to them.

As petrochemicals producers work to recover from and grow past the recent years of loss faced by the industry, they must devise strategies and solutions that can help the future of petrochemicals. Request a free proposal to leverage Infiniti’s market intelligence solutions and develop efficient strategies.

chemical industry

Surviving in China’s Chemical Industry: A Guide for International Chemical Companies

Chemical industryAlthough China’s chemical industry growth has receded, the region continues to remain the most profitable for most global chemical companies. The colossal size of the chemical industry in China should not be blindly associated with the sector’s stability. The industry is in the midst of a profound rapid transformation due to stringent investment pools, stricter environmental laws by the government, and changing consumer-demand trends. Furthermore, increasing economic turbulence in the region since mid-2018, related to China’s economic slowdown and the turbulent US–China trade relations, adds new uncertainties in the chemical market dynamics.

China’s economy is currently moving to a new era of development. After the headlong market expansion in the early 2000s, the chemical market is now focused on consolidated and selective growth. As overcapacity in one of the existing challenges faced, companies looking to make fresh investments in the chemical industry are faced with a more selective appraisal from the Chinese authorities.  Moreover, intensifying competition from the local Chinese chemical market companies who are at advantage due to their lower production costs compared with imports and their greater ease in establishing relationships with key customers poses greater challenges for international chemical companies in China. As critical changes are underway in the chemical market in China, players will have to adopt a new set of strategies to survive and ensure continued growth.

Industrial policies and changing demands in China’s chemical industry is stirring new trends and growth opportunities for players. Request a free proposal for more insights on how your business can capitalize on them.

Attaining profitable growth in China’s chemical market

Chemical industryPrioritize products matching domestic requirements

China’s growth prospects in the future of chemical industry cannot be denied, but the changing chemical market dynamics make market opportunities more nuanced for international companies. This means that international chemical companies need to learn to adapt. One approach to achieve this is to focus on products that match the domestic needs and that the Chinese state is promoting. Chemicals are crucial enablers for strategic growth in industries that China prioritized to gain a major market at a global scale. This includes sectors such as electric vehicles, new energy technologies, and civil aviation among others. International chemical companies must aim to become China’s trusted partners in their innovation plans to bridge technological gaps and set environmental standards in sectors that have a major government backing.

Proactive stakeholder management

International companies that seek to establish their business in China’s chemical industry will need extensive approvals and support from several stakeholders both across the regulatory as well as the business landscape. Ergo, effective stakeholder management becomes vitals especially in the case of building new plants and new product introductions, especially in the regulated products category.  As China currently does not have a process to legitimize the proposed chemical industry investments in a community, the concerns of environmentalists and local communities can only be addressed through hands-on stakeholder management. International companies operating in China’s chemical industry have already set up dedicated teams to identify and manage all the key stakeholders affecting their business.

Our market research capabilities have helped several global players analyze new markets and identify critical growth opportunities before other players in the market with tailored and proactive solutions. Seeking similar engagements for your business? Get in touch our industry experts to know more about our solutions.

Re-engineering the existing go-to-market strategies

China’s business landscape is highly relationship driven. So, having a local presence in the country becomes important to capture value from new market opportunities. Companies must seek to establish a tailored distribution approach. Appropriate distribution partner network enables international players in the chemical industry to get closer to customers and also differentiate their products in the increasingly competitive chemical market in China.

Building strategic M&A partnerships

M&A partnerships are the strategic approach to grow more quickly and extensively in the chemical industry in China. This will enable chemical companies to gain organic growth through increased market access and also fill product or technology gaps. Several dynamic mid-sized chemical companies have emerged in China over the recent years. This could present attractive acquisition opportunities for international chemical companies. A dedicated business development team in China can help international players in the chemical industry better meet these motives.

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How can Chemical Engineering Save the World from Climate Change?

The climate change phenomenon has been lingering around for a long time. Specific human activities have contributed to the increasing concerns of climate change, which is often referred to as global warming. The release of greenhouse gases has caused the average global temperature to rise by about 1°C since 1880. It may not seem a lot, but it has caused the Antarctic ice sheets to melt, and raise the sea level by about 12 inches in the last 50 years. The citizens of today need to be more cautious with greenhouse emissions and chemical wastages to control global 123warming. So how can chemical engineering contribute to the environment and save the world from climate change?

Energy efficiency

One of the easiest way to control emissions is to do more with the same amount of input. A majority of the energy produced today is wasted in the form of heat, water, or other emissions. The chemical sector being the most energy-intensive needs to take initiatives to improve energy efficiency. Chemical engineering can figure out ways to improve the overall efficiency within the chemical industry.

Renewable energy

The chemical industry currently has a large carbon footprint, which is negatively impacting climate change. A straightforward way to reduce such carbon footprint is the use of renewable energy in the form of solar, wind, and water. However, the problems with such renewables is the matter of cost-efficiency as such technologies have an enormous upfront cost. Chemical engineering can solve such problems of cost efficiency by working on ways to produce low-cost renewable energy sources. For instance, using spray-on solar cells can improve its ability to capture and retain more energy than usual.

Nuclear energy

Nuclear energy is also considered to be a renewable source of energy and has been contributing towards decarbonizing the global energy economy. Its ability to provide power on a continuous basis without emitting greenhouse gases is proving vital in controlling climate change. Chemical engineering plays a vital role to ensure smooth operation of a nuclear power plant as they ensure efficient plant design, standards of safety, and higher environmental performance.

Energy storage and grid management

There’s a lot of factors to consider in the process of efficient power distribution. The process starts right from energy generation and extends till storage and distribution. In case of solar and wind energy, peak performance occurs at certain times, and such energy should be stored in batteries. Improving the efficiency of such batteries can translate to improved power management. The chemical engineering sector is making progress in the development of efficient batteries, which waste less energy during conversion and has higher storage capacity.

Sustainable food

Although it looks innocent, the food and agriculture sector is one of the largest contributors towards greenhouse gas emissions. The emissions come from livestock such as cows, rice production, and agricultural soil. Livestock accounts for the majority of the emissions, with the release of methane and nitrous oxide in the atmosphere. Chemical engineering can come to the rescue by designing fertilizer in a low-energy way, reusing food waste, and making food production more efficient.

Sustainable bioenergy

As the world gets depleted of their fossil fuel reserves, scientists start looking for alternatives, of which biotechnology seems very promising. However, certain challenges need to be overcome to produce energy from food crops like maize and sugarcane. To save the world from climate change, we need to turn towards chemical engineers to develop efficient technologies and make bioenergy production cost effective.

For more information on how chemical engineering can save the world from climate change, chemical engineers, and greenhouse gas emissions:

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Watch Out for These Chemical Industry Trends in The Upcoming Year

Technological disruptions in the chemical industry can give rise to both challenges and opportunities. But thanks to technology, the speed of manufacture and processing of substances in the industry has skyrocketed in the past couple of years. In order to benefit from the growth, chemical manufacturers should be ready to incorporate a new mindset and a strategic shift from the current operations. For long the profitability in the chemical industry has swung like a pendulum from good to bad times. However, with digitization and technological advancements, it is expected that chemical manufacturers will be able to gain better profitability, smarter portfolio management, and value capture.     

Chemical Industry Trends

Re-modelling business

The rapidly changing market conditions call for players in the chemical industry to re-invent their traditional practices and do away with obsolete business models. For this, chemical industry companies must identify and keep a close watch on their competitors in the market. Companies in this industry also need to reconsider their market offering based on the existing demand and profitability in a particular market. This will help them to cut down on losses in the long run.

Focus on emerging markets

Until now, only a few top players in the chemical industry were dominating a more significant part of the market share. But gradually there is a visible trend of more number of players entering this market. Therefore, it has become essential for chemical manufacturers to cater to specific needs of customers in different emerging markets to withstand the cut-throat competition.

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Internet of Things(IoT)

Some of the big players in the chemical industry were quick to adopt IoT into their business, but many smaller players in the industry are still not aware of it. How is IoT beneficial in the industry? This technology enables connectivity between equipment and smart devices, allowing manufacturers to track performance gaps in real-time. Given the rate of rising competition, it is high time that chemical manufacturers switch to such smart business to optimize their production systems.

Cyber-security

Though technology is a boon to the industry, it also has several drawbacks like making the company vulnerable to threats from trespassers. Therefore, chemical manufacturers need to provide training and guidance to their technical experts and plant operators about the emerging risks and measures to overcome them.

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Chemical companies

Top 5 Chemical Companies Across the World

The global chemical industry generates revenues of over $3 trillion and produces intermediaries and precursors for the majority of other consumer industries. Europe, North America, and APAC are the major contributing region in the chemical industries with major chemical companies located in these areas. The chemical companies are profoundly affected by factors such as volatile commodity prices, stringent regulations, rapid innovation, and managing operational and manufacturing data. However, chemical companies have successfully tackled such challenges to create massive revenues for themselves.

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Top 5 Global Chemical Companies

BASF SE

BASF SE is a German company and one of the largest chemical companies in the world for the 9th year in a row. With an employee base of more than 122,000, the company posted a sales figure of €57.5 billion in the year 2016. The company has a wide product range including chemicals, coatings, plastics, performance chemicals, catalysts, crop technology, crude oil and natural gas exploration and production. Their chemical SBU manufactures a wide range of industrial chemicals including amines, resins, solvents, glues, industrial gases, petrochemicals, and inorganic compounds.

Dow Chemicals

The Dow Chemical Company was is one of an American multinational chemical companies which merged with DuPont to form DowDuPont. In terms of market capitalization, it is the second-largest chemical company in the world. The company provides products and solutions to industries including agriculture, automotive, construction, energy, consumer goods, packaging, and infrastructure. Plastics, chemicals, and agricultural products are some of the prominent offerings from the company. With a presence over 160 countries, it is referred to as a chemical company for the chemical companies, as in they sell most of its product to other chemical companies instead of end-user industry.

Want to keep pace with the strategies and business models of your competitors? Our experts can help you gather detailed insights into the market and the competitive landscape. Contact us today!

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Sinopec

Sinopec is the largest supplier of petrochemicals in China for more than a decade. The company has come a long way experiencing rapid growth prospects as it was only the ninth-largest chemical company a decade ago. The state-owned petroleum energy and chemical companies indulge in oil and gas exploration, production and sales of petrochemicals, chemical fertilizers, chemical fibres, and other chemical products. Additionally, it is also involved in storage and pipeline transportation of crude oil and natural gas, export and import business of crude oil, petrochemicals, and other chemicals.

SABIC

SABIC is a Saudi company involved in the manufacturing of chemicals and intermediates, industrial polymers, fertilizers, and metals. With revenues of $35.5 billion in 2016, it is the fourth largest chemical company. It is also the second-largest producer of ethylene glycol and the world’s largest producer of MTBE, polyphenylene, granular urea, polycarbonate, and polyetherimide.

ExxonMobil

ExxonMobil is an American multinational oil and gas corporation which was formed by the merger of Exxon and Mobil. It is one of the largest chemical companies in the world with a daily production of 3.921 million BOE. This chemical company’s main line of chemical business comes from petrochemicals which is why recently doubled its petrochemical capacity at its refining and petrochemical complex in Singapore.

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Leveraging Effective Market Assessment Solutions to Devise Market Entry Strategies for a Chemical Industry Client

Over the past few years, the chemical industry has witnessed a decline with the deteriorating industrial production and broad inventory sizing by manufacturers. To gain a stronger foothold in this competitive environment, leading firms in the chemical industry have started facing the need for effective market entry strategies. Additionally, players in the chemical industry space have started devising effective market assessment engagements to improve their overall profit margins.

With years of proficiency in offering a plethora of services, Infiniti’s market assessment studies help leading businesses gain comprehensive insights into the market landscape in terms of the competitors and their product positioning strategies.

Moreover, the market assessment specialists at Infiniti assist clients to understand various customer segments, buying patterns, and the roadblocks regulating the market’s entry across new and niche market segments. The client can also identify the types of technologies involved in the current scenario and implement upcoming techniques in the future.IR_Brochure

The Business Challenge

A leading chemical industry manufacturer with offices spread across the globe wanted to devise an effective market strategy to enter different markets and showcase their offerings in the chemical industry space. They also wanted to implement a robust market strategy to tap potential opportunities and build a unique identity among the competitors in the market.

Our Approach and Solutions Offered

To gain the desired information on the best market entry strategies Infiniti’s market assessment specialists followed a blended approach that included discussions and interviews with leading stakeholders in the chemical industry and compiled relevant pieces of data to deliver valuable insights to the client. Also, to offer in-depth insights on the best market entry strategies, Infiniti created a robust market sizing model from exclusive databases such as news aggregators, company presentations, and industry forums.

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Market Assessment Engagement Benefits:

  • Analyzed the customer and market trends in the chemical industry
  • Assessed the current market performance and opportunities across geographies
  • Identified the potential opportunities in the marketplace and made relevant modifications to the existing models
  • Devised effective strategies for their future growth prospects

Benefits of Our Integrated Approach

In a mere span of eight weeks, Infiniti’s market assessment specialists were able to offer insights on the implications of entering new market segments in the chemical industry space. This engagement also helped the client understand the factors hampering the growth of the market and make informed business decisions.

A must-read case study for strategy experts and decision makers looking to develop an understanding of the chemical industry.

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Market Intelligence

The Growth of Specialty Chemicals Industry in Emerging Markets

The specialty chemicals industry is set to grow at an exponential rate owing to factors such as new end-use applications, rise in innovation, demand for efficient and safe chemicals, and growing environmental concerns. Specialty chemicals is a niche segment in the global chemical industry that offers special chemicals and polymers with the capability to improve performance. Specialty chemicals find wide spread IR_Brochureapplication in various industries such as textile, printing, consumer goods and retail, electronic, and oil and gas. North America was the world’s largest market in the specialty chemicals market across the globe. However, with the rise in the demand for niche chemical products in the emerging markets, Asia is set to change the market landscape with major chemical companies shifting their manufacturing base to such locations.

Chemicals Industry – Falling Demand in Developed Markets 

The global chemical industry is matured, highly saturated in the developed countries, and prone to changes in economic conditions, stringent carbon emission policies, and regulatory compliances. Additionally, the chemical industry is plagued with the sudden surge in raw material prices and increasing environmental concerns. The industry witnessed a decelerating growth in developed countries due to the economic downturn, which led to a decrease in production and demand from industries such as automotive, electronics, and construction. However, in emerging markets such as China and India as opposed to developed countries, the chemical industry is witnessing an upward trend, which is a positive sign for the overall market.

Specialty Chemicals Industry – What’s Driving Growth in Emerging Markets?

Specialty chemicals, in simple terms, are high-end versions in the chemical supply chain, used in smaller proportions as compared to their commodity grade counterparts. Specialty chemicals enhance performance, provide specific functionality to the end products, and offer a combination of innovation and customer service. The emerging markets look promising for the specialty chemicals industry as future growth is projected from developing countries such as China, India, Korea, and Brazil. As more and more chemical companies are gradually shifting their production bases to low-cost locations, the demand for specialty chemicals is projected to rise with the growth in competition. But why the increase in demand in emerging markets, you ask? Here’s why.

  • The emerging markets offer new growth opportunities for chemical companies to grow and expand their market share by customizing their product offerings
  • With the growing middle-class population in developing countries and rising industrialization, the demand for improved crop quality drives the demand for cost efficient chemical systems
  • The export scene for the specialty chemicals industry is set to grow by leaps and bounds in the emerging markets as a result of the sudden surge in the demand for niche chemical products across several major industries
  • Emerging markets have low labor costs, efficient manufacturing capabilities, and supportive government policies, which makes it a favorable destination for major global players in the chemical market

Apart from these, governments in developing countries are developing friendly policies that facilitate the growth of the specialty chemicals industry by encouraging global players to invest in these regions, upgrading the chemical industries and manufacturing capabilities, and redesigning the industrial training institutes to build efficient domestic workforce.

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