The chemicals industry is comprised of thousands of companies throughout the world that use basic raw materials to produce chemicals that have commercial value to consumers and other industries. These chemicals are used to produce plastics, synthetic fibers, lightweight automobile parts, fertilizers, cosmetics, household materials, computers, and many more products. High energy consumption, high prices of raw materials, diminishing returns, and sustainability are among the challenges that companies in this industry face.
They are addressing these challenges by improving existing processes, applying new supply chain management techniques, expanding the specialty chemicals business, and developing industrial biotechnology.
This course is designed to help learners understand key concepts, terminology, issues, and challenges associated with the chemicals industry. It will identify the main sectors of the chemicals industry and its business drivers, and review the key aspects of the industry business model, its competitive environment, and the current trends in the industry. Finally, this course outlines some key challenges that this industry is facing and presents common strategies that the players in the industry are adopting to overcome its challenges.