“With improving economic prospects, headline growth for chemicals globally will improve to 3.8% in 2014,” says Kevin Swift, ACC chief economist and managing director.
Chemical Industry is poised for growth that is claimed to be the highest in more than 20 years. The strongest growth will be from the developing countries from Asia, Middle East and Latin America. However, as per the recent survey conducted by KPMG with the top chemical executives, the general consensus among analysts as well as with the executives is that macro-economic uncertainty will most likely continue to erode confidence and hinder growth in the global chemicals sector.
“The Indian chemical industry has always grown 1–2% above the overall GDP growth rate in the country. This trend will continue, and the chemical industry in India will grow about 2% above the GDP growth rate in 2014,” H.S. Karangle, director general at ICC( Indian Chemical Council), says. India’s chemical industry sales are estimated to reach $115–120 billion in 2014, ICC says. The rising disposable income of Indian middle class and the demand for high quality products especially personal – care items will drive the growth of chemical industry in coming years.
As per the recent report by L.EK. Consulting on Chemicals Outlook 2013, the current growth environment creates new opportunities for differentiated products, and is requiring many companies to reboot their innovation efforts and reprioritize their pipelines. The KPMG report also suggests that companies need to focus on operational excellence, financial strength as well as product innovation in order to be competitive in the market. We offer services in the field of Innovation Management that enables company to manage Innovations in their organization better. Our experience with implementing Balanced Scorecard will help companies to perform better financially keeping in mind customer satisfaction.