The chemical industry has fundamentally changed the way we live — from the cars we drive, to the houses in which we live, to the everyday conveniences that we take for granted.
However, for the chemical industry, past success does not guarantee future results. Chemical companies face numerous challenges. Local and national tax requirements, often managed across multiple territories, are increasingly complex and under continuous review. New regulations have resulted in additional obligations with respect to internal controls and management certifications. As costs rise, management is trying to figure out how to get the most out of their IT and people investments. At the same time, in search of profitable growth, chemical companies are pursuing emerging markets, seeking new partners, and shedding non-core product lines.
Challenges faced by the chemical industry: