Findings Indicate Optimism Across Specialty Chemicals Sector
ARLINGTON, Va., July 25, 2022 /PRNewswire/ -- The Society of Chemical Manufacturers & Affiliates (SOCMA) today released its third annual 2022 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," said Paul Hirsh, Senior Vice President, Industry Relations. "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."
SOCMA will present a first-hand look of survey findings during an Executive Roundtable, July 26, at 1:00pm. Open to SOCMA members, non-members and press, the roundtable will highlight year-over-year analysis and key takeaways around:
Anticipated revenue growth around leading manufacturing processes,
CapEx and targeted investment strategies,
Future trends in digital process controls and enterprise resource planning,
Land / water / air emissions and averages, and much more.
"The census data not only points to commercial expansion but also the means by which manufacturers anticipate moving forward with these projects," said 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.
To receive an Executive Summary of the 2022 Industry Census+, reach out to Samantha Hill, at email@example.com.
Solely dedicated to the specialty and fine chemical industry, SOCMA builds commercial connections, supporting manufacturing and operations and advocating for regulatory and legislative policies that advance our members' ability to grow their businesses. www.socma.org.
SOURCE Society of Chemical Manufacturers & Affiliates