Halliburton, Houston, TX
June 16, 2022
SOCMA members and guests from 10 companies in the Houston and Louisiana region weighed in on the outlook for the specialty chemical industry over the next five years, how they are addressing capacity and labor constraints and future fluctuations, as well as regulatory and sustainability/EGS topics. These thoughts were shared during a SOCMA Regional Roundtable on June 16, 2022, hosted at Halliburton in Houston, TX. Below is a recap of that discussion.
- SOCMA member companies continue to be optimistic about the growth of the specialty chemical industry in North America over the next five years with some cautions, including inflation and ongoing supply chain challenges.
- Companies are focusing on optimizing their business plans in this volatile environment, including reviewing contracts and other mitigation strategies to contain rising material and labor costs.
- Labor shortages continue to be one of, if not the greatest, challenges for both chemical and logistics companies, and they are looking for creative ways to fill roles with qualified candidates or finding the right training programs to get candidates up to speed quickly.
- The pandemic has caused a shift in how employees view their work schedules and work environments, calling for work from home or hybrid options, which can be difficult in some respects for chemical facilities. Companies across the industry are seeking solutions to this evolving trend.
- ESG/Sustainability programs are becoming more prevalent in the specialty and fine chemical sector. More and more customers are requiring suppliers to obtain a sustainability ranking from third parties such as EcoVadis and to demonstrate their Environmental, Social and Governance policies and commitments.
SOCMA is connecting with members and prospects in regional meetings across the country to hear first-hand challenges and bring members and the industry together to share best practices. If you would like to be a part of SOCMA’s Regional Member/Guest Roundtables, reach out to Jenny Gaines, Senior Director, Membership, Marketing & Communications, at firstname.lastname@example.org, or 571-348-5110.