The chemical industry is an integral part of the global economic landscape with chemical products used in a variety of different industries. The industry is facing several challenges including:
- Volatility of the cost of raw materials, exchange rates and tariffs
- Changes to customer relationships
- Ageing workforce
- Market pressures
Whilst several factors are out of control, managing the problem of an ageing workforce and attracting a new generation of Millennials will be key to talent acquisition strategy.
Over the next decade, it is expected that the chemical industry will experience the highest growth in China and APAC, which is leading to structural changes across the industry. Market pressure sees conglomerates splitting into smaller, more focused entities, there is increased demand for diverse products and greater customer intimacy.