The recent Chem Show Business Outlook Survey distributed to professionals across the chemical process industry (CPI), including chemical and processing manufacturers, equipment suppliers, engineers and plant managers, indicates growth in business prospects and sales throughout 2019. According to survey results, 76 percent of respondents expect to experience sales growth in the coming year, with 81 percent rating the 2019 business climate as good or excellent.
When asked to rate overall industry business prospects heading into 2019, 96 percent of respondents reported positive projections. Of these responses, 23 percent answered "excellent," 58 percent responded "good," and 15 percent responded "fair." Only 3 percent responded with poor projections. These numbers indicate an increase from the last survey, conducted at the close of 2016, with more than a 12-percent increase in "excellent" business forecasts.
Of the 76 percent of respondents who specified an increase from 2018 business prospects, 56 percent expect to experience growth of more than 5 percent over last year. A total of 19 percent expect business to remain steady at the same rate.
Additionally, the survey indicates an increase in capital investments across the CPI with regard to new or upgraded equipment purchases expected in 2019. Half of those surveyed (50 percent) responded with their intent to invest in equipment in the coming year, with 25 percent not yet sure if they will require new equipment or upgrades for 2019.
When asked about potential trends or issues that could impact the CPI, respondents replied most frequently with concern over increased tariffs or volatile global trade. Despite these concerns, respondents are optimistic for business prospects, even reporting opportunities for growth in new industries such as new specialized coatings and hydroponics.
For more information, visit www.chemshow.com or call (203) 221-9232.