How to rethink the market strategy of international specialty chemical manufacturer
International specialty chemical manufacturer operating in China can learn from past mistakes, formulate strategies and redesign their business to prosper in China for a long time. In the next decade, it is very important for specialty chemical manufacturers to correctly position themselves in the market. Experts list the following steps that companies must consider as part of their strategy.
Building market and sector level insight
Specialty chemical manufacturer must takes into account China's growth trajectory when assessing the growth potential of specific areas in China. Experts suggest that specialty chemical manufacturers should consider adopting a fine-grained approach and taking regional differences into account when evaluating various specialty chemical businesses. A careful assessment of the second and third tier cities may also show signs of higher growth potential in the coming years.
Develop products suitable for Chinese market
In the long run, designing products to meet the needs of Chinese customers at competitive prices is the key to the success of international specialty chemical manufacturers. As Chinese local competitors increasingly use western technology to develop new and improved products, it will be crucial to provide more advanced products to Chinese customers. Specialty chemical manufacturers must provide maximum resource support and operational authority for their local teams in China to launch products tailored for Chinese consumers.
Learn from past investment mistakes
Making the Chinese market a core part of your company's long-term development strategy and investment plan is crucial to the success of your business operations in China. Focusing on the long-term goal, this paper analyzes the development process of international specialty chemical manufacturers in China, and draws lessons from them.
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The covid-19 pandemic has had an unprecedented impact on the U.S. economy and the state of the chemical industry.
Although the industry has faced cyclical challenges such as overcapacity, price pressure and trade uncertainty before 2020, many changes after the pandemic show structural or destructive characteristics.
American chemical manufacturer has responded to the crisis by focusing on operational efficiency, asset optimization and cost management.In order to achieve success in R & D of chemical industry, the company should consider a series of strategies (such as key technologies) in the market.
However, it means that companies may continue to focus too much on new business models and applications in the short term, which may eventually lead to too much attention to new growth.A key aspect of dealing with this disruption in 2021 will be to understand which customer behavior is temporary and which is permanent, as recovery in different end markets and regions may be uneven.
Companies can address this uncertainty by revisiting their product portfolio and conducting robust scenario planning with unknown factors.
Therefore, in addition to cost optimization and capital constraints, industry participants may respond to changing demand by giving priority to growing end markets such as healthcare and electronics.Policy recommendations related to regulation, trade and sustainability can have a significant impactThe new government has promised to reassess industrial tariffs because Trump's campaign believes that tariffs are a less effective trade tool than other measures such as alliances and alliances.
Outlook 2030 outlines the emerging challenges, analyzes the current positioning, and emphasizes the need for the European chemical industry to position itself to stay ahead of the game.Attracted by Asian economic growth and market opportunities, Europe's value chain is moving eastward, and the European chemical manufacturer is facing major challenges.
A new environment with more fierce competition is taking shape, and state-owned enterprises and emerging chemical giants are emerging.
Fragile economic conditions require management of volatility in a competitive environment where trade flows gradually change direction.
Understanding what these challenges mean, and more importantly, determining the right strategic choice to thrive in this new competitive environment is the top priority of every chemical company’s executives.Since the mid-1980s, the global chemical industry has grown at an annual rate of 7%, reaching 2.4 trillion euros in 2010.
If current trends continue, the global chemical market is expected to grow by an average of 3% in the next 20 years, mainly driven by major players in Asia and the Middle East.
Today, Asia accounts for almost half of global chemical sales.Taking into account the stability, slowness and linear development of the European chemical industry to a certain extent, the "ruler strategy" is likely to be applicable in the next 20 years.
The second is that digitization may affect the demand pattern of the final market, which has an impact on the chemical manufacturer's value chain.
Achieve new levels of functional excellenceChemical companies' business processes, including manufacturing, marketing and sales, and research and development, provide opportunities for performance improvement based on data capture and interpretation.
Manufacturing is one of the largest and most accessible areas of opportunity, spanning all sectors of the chemical manufacturer, from petrochemicals to pesticides.
By adopting digital technology in our production operations, we see the potential to increase ROE by 3 to 5 percent.
Instead, managers should collect and interpret the data to reveal ways to achieve higher yields and throughput, lower energy consumption, and more efficient maintenance.
For many companies, these goals can be easily achieved using existing IT and process control systems, while companies that expand the types of data they collect may benefit more.
