A well-known market intelligence company, Infiniti Research, has announced the completion of its latest article on the chemical industry. In this article, chemical industry experts at Infiniti provide an outline of the strategies that international chemical companies must undertake to continue capturing profitable growth opportunities in China’s chemical market.
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According to chemical industry experts at Infiniti Research, “International chemical companies that want to create a place for themselves in China’s chemical market must align their products and business models with China’s evolving needs, learn how to access the shifting demand, and strategize to expand and strengthen their base in this market.”
The economic expansion in China has slowed down over the past few years. Despite this, China still remains a key growth market for most global chemical companies. Industry experts are of the opinion that over the next decade, China will continue to be one of the major importers of commodity chemicals. However, international companies in China’s chemical sector have new challenges coming their way. Companies in China are increasingly moving out of low-profit commodity segments towards more sophisticated sectors. They are also enjoying several home-player advantages in the highly competitive market.
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Adapt to the market’s changing needs
The chemical industry is a catalyst to promote growth in various strategic industries including electric vehicles, new energy technologies, and civil aviation that the Chinese government wants to nurture growth globally. This acts as a new opportunity for international chemical companies to become China’s trusted partners in native innovations in industries that have government backing.
Manage stakeholders proactively
Chemical companies seeking growth and sustainability in China’s chemical industry must maintain good relations with several stakeholders across the country’s business and regulatory landscape. This is primarily because new plant launches and product approvals especially in regulated product categories require comprehensive rounds of approval from government authorities as well as state-run research institutions.
Choosing the right distribution partners
Businesses in China are generally heavily relationship-driven. As a result, it is vital for international chemical companies to have a local presence especially in new markets and business verticals.
To know more, access the complete article here: Gaining Profitable Growth in China’s Chemical Market
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About Infiniti Research
Established in 2003, Infiniti Research is a leading market intelligence company providing smart solutions to address your business challenges. Infiniti Research studies markets in more than 100 countries to help analyze competitive activity, see beyond market disruptions, and develop intelligent business strategies. To know more, visit:https://www.infinitiresearch.com/about-us