General Chemical Product industry comprises establishments primarily engaged in manufacturing general chemical products (except basic chemicals, resins, synthetic rubber and other chemicals mentioned in other segments).
The global general chemical product market was valued at $572 billion in 2017. Asia Pacific was the largest geographic region accounting for $204.4 billion or 35.7% of the global market. China was the largest country accounting for $111.1 billion or 19.4% of the global general chemical product market.
Many companies in this market are adopting IoT (Internet of Things) technologies to connect equipments’ and smart devices to garner real time insights and locate gaps in the manufacturing process. The data obtained is processed, analyzed and interpreted by plant managers and senior level management to improve quality and achieve optimum production levels. For example, smart systems give information on the working condition and performance of chemical reactors with embedded software and analytics tools to notify plant operators and managers on possible machine breakdowns.
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