The Society of Chemical Manufacturers & Affiliates (SOCMA) releases the findings of its inaugural industry census, which indicates specialty chemical companies remain bullish despite the uncertain landscape.
“Through the census, we captured demographic and operations data that not only points to sustained business confidence but also builds upon SOCMA’s industry intelligence repository, providing more clarity and insight than you would get from peer-to-peer discussions,” says Paul Hirsh, SOCMA’s svp of industry development and partnerships. “This data establishes key benchmarks that are critical to companies as they reassess their business plans and reevaluate outlooks for the remainder of 2020.”
As part of the association’s strategic focus on building commercial growth opportunities, SOCMA developed the Specialty Chemicals Industry Census in collaboration with Vault Consulting, LLC. The resulting data will be disseminated through SOCMA’s ChemSectors program, a tailored information network for analysis and trends impacting the value chain.
Key findings of the 2020 SOCMA Census include:
- Approximately 93% of respondents expect an increase in revenue growth, and 83% expect an increase in capacity in the next three years.
- More than 67% have capital expansion plans in place.
- Markets driving revenue growth within the next three years include: performance materials – 81%, agrochem – 49% and API/excipients – 47%.
- Almost 35% of companies view sustainability in the context of business continuity.
- About 61.5% train employees in-house, with 38.6% using in-house and external sources.
For more information, visit: www.socma.org
