The Society of Chemical Manufacturers & Affiliates (SOCMA) releases its third annual Specialty Chemicals Industry Census+ findings that demonstrate a positive outlook and business confidence in the sector despite inflation and other post-pandemic impacts.
“Specialty chemical manufacturers anticipate continued revenue growth over last year with a strategic focus on expanding projects with existing customers,” says Paul Hirsh, senior vice president, industry relations, in a press release from the organization. “Results reflect companies’ increasing prioritization of sustainability and ESG initiatives across the manufacturing environment in various ways, with emphasis on supply chain management for business continuity. The industry’s resilience is underpinned by strong demand for batch chemistry and reinforces how instrumental specialty chemicals are to the global marketplace.
“The census data not only points to commercial expansion but also the means by which manufacturers anticipate moving forward with these projects,” says Hirsh. “In the face of ongoing supply chain disruption, companies are focused on procuring starting materials as well as placing greater emphasis on increasing volumes of existing products than in prior years.”
First released in 2020 and conducted in partnership with Vault Consulting, LLC, the SOCMA Census surveys manufacturer opinions on key operational and decision points chemical manufacturers use to benchmark business activities. The annual report supports SOCMA’s mission of delivering actionable industry intelligence to underpin and validate business growth decisions for companies across the value chain, according to the organization.
To receive an Executive Summary of the 2022 Industry Census+, reach out to Samantha Hill at [email protected].
Read the press release at www.socma.org
