Global Specialty Chemicals Market Analysis
The growing demand from industries such as textiles, automobiles, and food are expected to drive the growth of the specialty chemicals market. However, the rapidly changing product portfolios, lack of visibility into demand patterns, increasing demand for tailored products, and sustainability issues are posing challenges for companies operating in the specialty chemicals market. In order to gain a leading edge and succeed in the long-run, specialty chemicals manufacturers will need to tackle the challenges coming their way and adapt to the fast-changing marketplace.
The client is a specialty chemicals company based out of Central Europe.
Our client, a specialty chemicals company, wanted to gather comprehensive insights into their competitors’ business strategies. They wanted to understand the areas that their competitors performed comparatively well. Additionally, they wanted to identify the hidden opportunities in the market and differentiate their offerings to gain a leading edge in the market. The specialty chemicals industry client also wanted to understand how their competitors dealt with supply chain challenges and efficiently managed supply with demand.
Other challenges faced by the client included:
Specialty chemicals industry challenge #1: Changing business portfolios
Product portfolios were changing rapidly in the European specialty chemicals market. The client, therefore, wanted to understand how the top companies in the European specialty chemicals market kept pace with the rapidly changing product portfolios.
Specialty chemicals industry challenge #2: Supply-demand mismatch
The client’s lack of visibility into demand patterns in the market resulted in huge losses for the company. This even made inventory management difficult for the client. They wanted to analyze how their competitors accurately forecasted the product demand in advance and efficiently managed supply chain operations.
Specialty chemicals industry challenge #2: Rising need for tailored products and services
As leading companies in the European specialty chemicals industry have already started customizing product and service offerings for their customers, the client wanted to understand their competitors’ key capabilities and differentiate their product offerings.
The experts at Infiniti Research adopted a four-phased approach that involved:
Competitor analysis engagement to profile the top companies in the European specialty chemicals market. This phase of the engagement also involved analyzing competitors’ product offerings, key capabilities, customers, and marketing initiatives.
Competitive pricing analysis to analyze the different pricing models and evaluate the price gaps between the client and their competitors.
Demand management study to analyze the factors impacting the specialty chemicals demand in Europe.
Competitive benchmarking analysis to compare the client’s offerings with that of their competitors. This phase of the engagement also involved analyzing areas where the client performed well or lagged in comparison to their competitors.
The insights obtained from Infiniti’s competitive intelligence engagement helped the client to gather comprehensive insights into their competitors and develop a detailed understanding of the attractiveness of market opportunities for their product and service offerings. The client was able to keep up with the changing product portfolios and differentiate their product offerings. By efficiently forecasting the market demand for specialty chemicals in advance, they were able to better plan production and inventory.
With Infiniti’s competitive intelligence solution, the client was able to uncover profitable opportunities in the market and strengthen their brand value. In addition, by efficiently managing supply-demand mismatch and delivering high-quality products, they were able to enhance their sales rate. Within one year, the company was able to witness an increase in their market share by 27%.