Top 10 Emerging Marketplaces for Chemical Industry in 2022
There are emerging marketplaces in the chemical industry seeking to increase sales in 2022 by helping both the chemical buyers and sellers to be able to find each other.
The Chemical Industry has had a Drastic Change Due to COVID-19
The chemical industry is in significant flux due to Covid 19. Many shutdowns and market dry-ups resulted in domestic dependency that narrowed down where products could be found. However, the news is not all bad, especially with the fresh take on digital marketplaces and the expansion range of prospects for businesses.
Small and medium businesses get direct exposure to international customers and seem to be coming out as the winners in the chemical market game. People in the chemical sector have been testing new online capabilities as they end a challenging chapter and begin anew with exciting possibilities.
In reality, the digital Transformation in Supply Chain is revolutionary in each sector of business; the same is true with the chemical industry.
Accordingly, the Chemical and pharmaceutical industries are also growing business With Technology. In similar conditions, modern firms can leverage supply chain management through digital transformation.
- Obtain a competitive advantage
- Improve consistency and quality while maximizing efficiency
- Better cater to their clients.
Obtaining a competitive advantage while improving consistency and quality ensures that the supply chain will soon embrace flexible business models and become more efficient. Each of these conditions then helps these companies find new and better clients while filling each business’s unique needs.
“Almost Half of Chemical Companies Fear Losing Markets Due to Not Meeting Customers’ Needs.” — Accenture’s Global Buyer Study.
There has been a Significant Interruption in Traditional Channels for Sales and Sourcing
Winds of Change in the Chemical Marketplace
As a result of the pandemic, there is a significant interruption in traditional channels for sales and sourcing. Accordingly, people were obliged to look for opportunities on online B2B chemical marketplaces. Eventually, remote employment and working from home have become the norm.
Changes have occurred in most businesses, from children’s education to corporate meetings that involve digital technologies for interactivity.
- Microsoft Teams
- Skype
- Google Meet
- Zoom
People in the chemical industries became closer even before COVID-19,
B2B digital marketplaces: A New Era
Further, many start-ups have been stimulated by fresh concepts and technologies. Correspondingly, the chemical industry does not leave behind. Also, people in the chemical sector use several digital products and services developed during the past ten years.
Essentially, the scenario is that there are flexible aggregators as
- Seller side platforms
- Buyer side platforms
- eCommerce platforms
- Catalog companies
- Comparison sites
- Sourcing specialists
- Online distributors
At first, there were just chemical marketplaces in the Chinese market.
- Lookchem
- Molbase
- Echemi
But in recent years, there has been a flurry of activity in the German, Indian, US, and EU chemical markets. To illustrate, all of these chemical marketplaces fly over boundaries and are dynamically shaped to cater to various buyer personas.
- Sourcing
- Selling
- To close the space between everything and create fresh paths to meet the demands of all parties involved.
“The? €3.35?billion?global?chemical industry is set to take on a massive opportunity for digital marketplaces” Nevertheless, Chemical marketplaces have given great hope to small and medium-sized pharmaceutical businesses to reach international customers.
Meanwhile, Marketplaces also provides real-time digital solutions and services for the illustrated pain points for buyers and sellers. Here are a few we can recommend.
Keep in mind that digital marketplaces reinvigorate the customer experience, exchange, transact, and set new customs in terms of process efficiency, data integrity, high standards, and dynamic marketing. It’s not just “modernize the old world” but rather digitalize and accelerate the way buyers and sellers exchange information. — Gaurang Pancholi; Sales and Sourcing; Rasayanconnect.com; a B2B Chemical Sourcing Marketplace.
Knowde
Knowde was established in 2017 in San Jose, California, by Ali Amin-Javaheri (caesium inc).
You can search, compare, sample, quote, and buy chemicals on one platform on Knowde’s website.
Knowde provides a marketplace for chemicals, polymers, and additives.
According to Crunchbase, the company has received $ 90.8 million from various investors.
Chemondis
CheMondis was founded in 2017 in Cologne, Nordrhein-Westfalen, Germany by David Kunisch (LANXESS).
Presently, It provides a marketplace for all different kinds of chemicals.
One can search, compare, request samples, and order chemicals from thousands of distributors and manufacturers to get competitive offers.
According to Crunchbase, CheMondis GmbH received seed funding from LANXESS for an unknown sum.
Rasayan Connect
Rasayan Connect was founded in 2021 in Ahmedabad, India, by Connect Technologies.
Mainly, it provides a database of 50000+ chemical intermediates and active pharmaceutical ingredients.
You can directly connect with the manufacturer and supplier’s contact information.
In addition, it provides end-to-end sourcing solutions, including contract research and manufacturing.
According to Crunchbase, Rasayan Connect received seed funding from Connect Technologies for an unknown sum.
Blue Pallet
BluePallet was established in 2020 in Austin, Texas, by Esther Lopez (SimpleTrade Inc).
It provides a whole sourcing experience for searching, sourcing, and buying chemicals.
In addition, it provides support services like integrated banking, finance, embedded logistics, and vetted suppliers.
According to Crunchbase, Blue Pallet received a series A funding round of $ 12.7M from several investors.
Carbanio
Carbanio was founded in 2015 in Hyderabad, Andhra Pradesh, India, by Vijay Devarakonda and Dr. Rafi Shaik (Innovative Chemical Interchange Pvt. Ltd.)
It offers online chemical sales and purchases.
Additionally, it provides custom manufacturing, integrated logistics, and payment.
According to Crunchbase, Quantico provided $ 1.9M as startup funding for Carbanio.
Chemarc
Chemarc was established in 2017 by Punit Krishna (Treadmill Technologies Pvt. Ltd.) in Mumbai, Maharashtra, India.
Specifically, It is an online trade network for buying and selling.
Additionally, it provides trade financing, intelligence, analytics, and ERP integration.
According to Crunchbase, Dilip Raghavan and Prashant Purker invested 60 million in Chemarc as startup money.
Chembid
Chembid was established in 2016 in Oldenburg, Niedersachsen, Germany, by Chembid GmbH.
The website is a search engine for the chemical industry.
Hence, it compiles millions of offers from thousands of suppliers across more than 150 nations.
According to, Crunchbase, it received an undisclosed sum in unknown series funding from Evonik Venture Capital,
Pinpools
Pinpools was established in 2016 in Haan, Nordrhein-Westfalen, Germany by Heribert-Josef Lakemeyer and Alexander Lakemeyer (PINPOOLS GmbH)
The Pinpools platform targets chemical companies mainly in the European markets.
One can create RFQs, respond to customers for offers, develop their product portfolio, and network with each other.
Covalo
Covalo acquired Chemberry, a division of Clariant, in 2021. Currently, Covalo is one of the leading platforms for finding beauty ingredients that link providers within the beauty industry.
- Ingredients
- Packaging
- Contract manufacturing
- Formulation
- Regulatory
- Compliance
- Testing.
Additionally, it gives suppliers the resources and current market knowledge necessary for successful product marketing.
Kemgo
Kemgo Inc. was established in 2016 in Princeton, New Jersey, by Joseph Naaman and Ralph de Haan.
Kemgo was the first auction-based online marketplace for pharmaceuticals, chemicals, fertilizers, and polymers. In addition, Kemgo assists clients with auction strategy, testing, and administration.
In addition, there are more than 30 different online chemical markets, such as Molbase, Lookchem, Gobuychem, and Chemsec.
Every marketplace has some benefits and drawbacks.
Digital technologies disrupt old ways of working but also reveal opportunities to improve. Chemical companies can capture value by digitizing the entirety of their value chains. — McKinsey estimation
REMEMBER THIS:
“The greatest danger in times of turbulence is not the turbulence; it is to act with (August 04, 2022)’s logic.” – Peter Drucker
Each digital marketplace has a distinctive Unique Selling Point.
On the plus side, they all have a common trait that gives chemical suppliers and manufacturers additional channels to gain international visibility. In my opinion, everyone working in the chemical sector should appreciate it.
Conclusion
These marketplaces will expand and develop as the chemical industry’s global sales reach $ 4 trillion. Additionally, with IoT, consumer accessibility is replacing customer proximity as the new standard.
Market participants, including brokers, traders, and distributors, sometimes feel threatened — and chemical markets will undoubtedly change how chemicals are traded.
Digital marketplaces in the chemical industry should also develop and improve to address the problems experienced by buyers and sellers.
Indeed, all markets must enhance user experience, simplify interactions, ensure smooth transactions, optimize processes, integrate data, and develop dynamic marketing strategies.
Some Additional Sources You May Enjoy Reading:
1. “Almost Half of Chemical Companies Fear Losing Markets Due to Not Meeting Customers’ Needs, New Research from Accenture Shows,“ August 12, 2020, Accenture, https://newsroom.accenture.com/news/almost-half-of-chemical-companies-fear-losing-markets-due-to-not-meeting-customers-needs-new-research-from-accenture-shows.htm.
2. Accenture project experience: https://www.accenture.com/us-en/blogs/chemicals-and-natural-resources-blog/elser-radel-digital-marketplaces-deserve-a-chance-in-chemicals
3. https://www.chemanager-online.com/en/news/disrupting-chemical-sales-rise-online-marketplaces
The post Top 10 Emerging Marketplaces for Chemical Industry in 2022 appeared first on ReadWrite.
(33)
