The Society of Chemical Manufacturers and Affiliates (SOCMA) has announced that, based on its annual survey of member companies, batch, custom and specialty chemical manufacturers are optimistic about business conditions, with 90% of respondents expecting an increase in sales activity by the end of 2010.
Business Outlook Surveygathered members’ opinions on the current
state of the market, planned capital investments, views on emerging markets and
other issues. SOCMA’s membership is made up of roughly 270 companies, with
the majority classified as small businesses.
Outlook Surveyis a useful tool in helping our members set strategic
direction, anticipate industry trends and understand the market forces that
drive a wide variety of market sectors,” said SOCMA President Lawrence D.
Sloan. “Based on this year’s results, the overall outlook for the industry
is more positive compared to last. Many firms cite plans to at least
consider investment in new capital equipment this year and at least maintain
current capacity utilization over the next few years.”
overwhelmingly viewed the state of the U.S. economy as having the single
greatest impact on the industry, followed by global economic conditions. In previous
years, concerns about the price of oil and natural gas ranked higher. Companies
also remain positive and active in their approaches to their latest business
challenges and plan to increase profits over the next three years by
introducing new products, making process improvements, and offering broader
In addition, 75% of respondents
anticipate outsourcing more projects this year, and more than two-thirds
foresee further consolidation among custom manufacturers over the next three years.
survey was conducted online by Galway Research Group from Nov. 2009 through
Jan. 2010 and is available to SOCMA members for free. Non-members can access
the survey for a fee.
For more information, visitwww.socma.com.