How Can the Specialty Chemicals Market Growth Benefit from Chemical Inventory Management?
Changing lifestyles have led to rising individual disposable incomes across the world. This increase has caused a subsequent demand for a variety of goods such as food, cosmetics, textiles and even new homes. As a result, we’ve seen a push in the production of raw ingredients needed for the additives, polymers and compounds crucial to these areas. Experts predict that we will see the specialty chemicals market growth reach approximately $474 billion by 2020.1 The estimated figure suggests many opportunities await firms interested in developing innovative, advanced specialty chemicals.
Growing Urbanization Drives Specialty Chemicals Market Growth
While multiple sectors contribute to the expansion, food additives and construction chemicals make up about half of the market.2 This blog has previously covered how a rising population necessitates a proportional increase in the global food supply. We’ve also discussed how the global housing market has recovered from the crash of 2008. Both of these factors require the specialty chemicals industry to boost R&D efforts to meet demand.
At the same time, shifting preferences require specialty chemicals firms to pursue newer lines of research. For example, today’s eco-conscious society has put added emphasis on sustainability and green chemicals. Companies that develop products that coincide with these desires, in addition to fulfilling the needs of rapid globalization, will surely find success.
Government Regulations May Inhibit Specialty Chemicals Market Growth
Governments all over the world are tightening their chemical regulatory guidelines. Promoting proper chemical handling procedures for maintaining safe workplace environments and protecting public health should be the priority of specialty chemicals firms, but balancing compliance with growth innovation can be difficult.3 Organizations can invest significant amounts of time and money to meet these standards. More pertinent to market growth, though, is finding a way to streamline processes devoted to meeting regulatory compliance so that firms can still further their R&D efforts to support the expanding demand.
To fully take advantage of the opportunities presented by the specialty chemicals market growth, organizations need to examine their management processes to ensure that they’re as streamlined as possible. Efficient chemical management systems keep costs down while helping companies remain compliant without requiring significant amounts of resources. A well-executed chemical inventory system would have the following advantages:
- Real-time inventory tracking: Track chemical inventory from the moment it arrives on site to its end of life. Additional barcode technology support location identification.
- Up-to-date safety information: Inventory-linked digital safety data sheets provide the most recent information about potential hazards and required safety handling and storage.
- Cloud-based platform: By moving away from outdated spreadsheet-based systems, organizations will be able to access chemical inventory data anywhere and at any time, given the proper security credentials.
Burgeoning opportunities await companies in the specialty chemicals sector for those ready and able to capitalize upon them. Despite the promise of specialty chemicals market growth, however, organizations need to remain aware of government regulations that could provide additional pressures. But with the use of available digital solutions, the industry can navigate the expectations of both federal agencies and consumers with relative ease.
BIOVIA CISPro is a chemical inventory system that supports the management of global-spanning laboratories. It provides the tools necessary to track inventory in real time, manage safety data sheets and meet safety and regulatory compliance. Best of all, it is customizable and allows users to tailor the solution to their needs. As a result, researchers can still use current procedures while also streamlining their overall workflow. If your specialty chemicals firm is interested in a solution to help meet federal regulations, freeing up resources for R&D innovation, then please contact us today to learn more and request a demo.
- “Research focused on the Global specialty chemicals market set for rapid growth, to reach around USD 473.7 billion by 2020,” March 22, 2016, https://www.whatech.com/market-research/materials-chemicals/141878-global-specialty-chemicals-market-set-for-rapid-growth-to-reach-around-usd-473-7-billion-by-2020 ↩
- “Specialty Chemicals Market – Rising Number of Construction Projects have Fostered the Consumption of Specialty Chemicals,” February 19, 2016, http://www.prnewswire.com/news-releases/specialty-chemicals-market—rising-number-of-construction-projects-have-fostered-the-consumption-of-specialty-chemicals-300222942.html ↩
- “Government Regulations are Impeding Growth of Specialty Chemicals,” May 11, 2015, http://blog.socma.com/?post=393 ↩