The chemical industry has experienced rapid transformation in the last couple of years. It underwent a stage of technological disruption, which introduced new opportunities and hurdles. The rate of innovations in chemical processing has skyrocketed, aiding firms to boost their business performance. The ongoing pandemic has created more complexities and problems for the companies in this industry. Chemical companies are navigating through the uncertainties and re-evaluating their business models and supply chains with a focus on the management of risk. To shift strategically from the contemporary operations, a new mindset has to be incorporated by the manufacturers.

The chemical industry supplies valuable raw materials to various sectors. Its distinct set of more than 100,000 products includes application-driven chemicals, petrochemicals, solvents, polymers, etc. According to the reports published by Next Move Strategy Consulting, the Global Chemical Distribution Market size was estimated to be USD 228.33 billion in 2019 and is predicted to reach USD 374.47 billion by 2030 with a CAGR of 4.6% from 2020-2030.

Rapid globalization has opened doors for new market players to emerge with innovative concepts, processes and business models. Focus has also shifted on employing alternative energy sources and improving substitute production technologies.