The specialty chemical sector, despite facing challenges in 2023, is poised for a robust rebound in 2024, according to a first-of-its-kind Contract Manufacturing Outlook Report conducted by the Society of Chemical Manufacturers & Affiliates (SOCMA).
The report, which delves into the trends and expectations of specialty, custom and toll chemical manufacturers and their customers, reveals compelling insights that shed light on the industry’s trajectory.
“SOCMA is uniquely positioned to compile and customize industry data for the specialty and fine chemicals market,” said Jennifer Abril, SOCMA President and CEO, “This report is a new component of the association’s industry intelligence resources designed to support domestic manufacturing of specialty chemicals and serve as a valuable resource for industry leaders in near-term and outyear planning.”
The survey collected information on issues such as high-demand chemistries and technologies, immediately available capacities in the industry, and labor, investment and business trends.
Survey Takeaways:
- Anticipation of Positive Outlook in 2024
Amidst an industry recession and destocking trends in 2023, specialty chemical manufacturers are showing resilience and optimism. - Strategic Investments and Business Growth
The data further indicates a strong emphasis on capital investments among both tollers and their customers. - Reshoring and Collaborations in North America
Post-pandemic, there is a discernible push for reshoring chemical products and fostering greater manufacturing collaborations in North America.
The SOCMA Contract Manufacturing Outlook illuminates the resilience and strategic focus of the specialty chemicals industry, providing actionable insights for stakeholders navigating the evolving landscape.
For more information or to purchase the full report, visit https://www.socma.org/commercial/manufacturing-outlook/
Survey Methodology
SOCMA’s 2023 Contract Manufacturing Outlook Survey was prepared by Vault Consulting, LLC. Responses are categorized by Market, Company Type, Geographic Location, and Revenue. The revenue categories are based on 2022 North American Revenue (or the respondents most recently completed fiscal year).
About SOCMA
Solely dedicated to the specialty and fine chemical industry, SOCMA builds commercial connections, supports safe manufacturing and operations, and advocates for regulatory and legislative policies for the batch and specialty chemical sector. Our members play an indispensable role in the global chemical supply chain, providing specialty chemicals and services to vital markets ranging from aerospace and electronics to pharmaceuticals and agriculture. Learn more at www.socma.org.
For questions or inquiries, contact:
Amber Thichangthong
(571) 348-5100
info@socma.org
