By Namrata Sharma
Being an important financial hub, South East Asia is home to some of the preeminent emerging countries in the world. The region, by and large, has continued to export raw materials and import manufactured goods. The chemical industry in the region is on a solid footing, with Indonesia, Malaysia, and Thailand among the lucrative markets. Singapore too has emerged as one of the leading chemical industry hubs with petrochemical and speciality chemical products creating a window of opportunity. Singapore is further expanding its chemical industry by focusing on high value-added speciality chemicals. A majority of leading chemical companies run their manufacturing and research & development centres in South East Asia. South East Asia chemical sector produces all three ie. basic, speciality and consumer chemicals.
Singapore Offers Promising Outlook for Specialty Chemicals
Singapore is home to some of the world’s largest chemical plants. The hub of the chemical industry in Singapore is Jurong Island. Singapore currently plays host to over 100 leading chemical companies. Specialty chemical companies are shifting from developing products to solutions. Hence, various research institutes in Singapore offer industry-relevant research and development through collaboration with companies to develop innovative solutions. For instance, the Institute of Chemical and Engineering Sciences (ICES) located at Jurong Island is focusing on supporting top chemical companies to develop new solutions. Moreover, in order to comply with regulatory and environmental standards, companies are focusing on developing eco-friendly solutions.
Read More: Rise of the chemical sector
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