Valued at more than $850 billion in 2015, Global Market Insights projects that the specialty chemicals industry will grow at a 4.5% compound annual growth rate (CAGR) to reach $1273 billion by 2024.
Business drivers include increasing population, rising living standards and robust end market growth. Not all is bullish, however. Competition is intensifying as more producers focus on specialties, compounded by increasing end market demands and tightening regulations.
Producers seem rattled as they battle for differentiation in this environment, offering progressively more tailored products and services to secure customer loyalty. A key outcome of this fight for differentiation is steadily rising operational complexity.
Six levers of manufacturing excellence
Many producers are realising that the status quo in manufacturing cannot support the increasing complexity of customers’ business models. Current manufacturing practices simply drive too much variability, provide too little visibility and impose too much inflexibility for today’s environment.
A relentless focus on manufacturing excellence is required to succeed — one that drives transformation through technology enabled best practices.
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