SOCMA Members Optimistic About Business Climate - Expect Boost in Sales This Year
FOR IMMEDIATE RELEASE
April 12, 2010
Manager, Public Relations & Media
Washington, DC – The Society of Chemical Manufacturers and Affiliates (SOCMA) announced today, that based on its annual survey of member companies, batch, custom and specialty chemical manufacturers are optimistic about business conditions, with 90 percent of respondents expecting an increase in sales activity by the end of 2010.
SOCMA’s 2009 Business Outlook Survey gathered members’ opinions on the current state of the market, planned capital investments, the views on emerging markets, along with other issues. SOCMA’s membership is roughly made up of 270 companies, with the majority classified as small businesses.
“The Business Outlook Survey is 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.”
Respondents overwhelmingly viewed the state of the US economy as having the single greatest impact on the industry, followed by economic conditions globally. In prior 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 process technologies.
Additionally, 75 percent anticipate outsourcing more projects this year and more than two-thirds foresee further consolidation among custom manufacturers over the next three years.
The survey was conducted online by Galway Research Group from November 2009 through January 2010 and is available to SOCMA members for free. Non-members can access the survey for a fee.
SOCMA is the leading trade association serving the batch, custom and specialty chemical industry since 1921. SOCMA’s nearly 300 members employ more than 100,000 workers across the country and produce 50,000 products valued at $60 billion annually. For more information please visit www.socma.com.
ChemStewards® is SOCMA’s flagship environmental, health, safety and security (EHS&S) continuous performance improvement program. ChemStewards® was created from industry’s commitment to reducing our environmental footprint. Industry created ChemStewards® to meet the unique needs of the batch, custom, and specialty chemical industry. As a mandatory requirement for SOCMA members engaged in the manufacturing or handling of chemicals, ChemStewards® is helping participants reach for superior EHS&S performance. To learn more visit www.chemstewards.com.