The chemical and materials industry has been an integral part of the global economic landscape for many centuries. Today, this industry plays a critical role in most sectors of regional economies across the globe. Furthermore, the industry majorly comprises of Basic chemical, Bio-based chemical, Paints and Coating, Chemical Technologies, Advanced Materials, Polymers, Petrochemical, Adhesives & Sealants and Specialty Chemical.
The global chemical industry was estimated around USD 5 trillion in 2019. Likewise, companies in the chemical industry spent around USD 3 trillion with their suppliers for buying goods and services used in the manufacture of their products. Introduction of innovative products and applications, escalating environmental consciousness and varying consumer preferences are positively influencing the growth of chemical and materials industry globally. Similarly, economic growth and growth of supplementary industries in developing economies, have been key in the progression of the chemical and materials industry over the recent past.
Moreover, the chemical and materials companies are now working as ecosystems ensuring sustainability and economy, resulting in less energy & resource consumption; managing cash flow and controlling operating rates as well as securing raw materials globally. Carbon emissions policies and regulations are the major challenges which are pushing companies towards greener products and do away from petrochemical based feed stocks. In addition, the demand for chemical and materials will continue to grow in emerging markets as their working-age population still is a huge driver for the industries. Shrinking product life cycles and the rush to commoditize products have increased the pace of globalization.