Establishments primarily engaged in manufacturing miscellaneous chemical preparations, not elsewhere classified, such as fatty acids, essential oils, gelatin (except vegetable), sizes, bluing, laundry sours, writing and stamp pad ink, industrial compounds, such as boiler and heat insulating compounds, metal, oil, and water-treating compounds, waterproofing compounds, and chemical supplies for foundries. Establishments primarily engaged in manufacturing vegetable gelatin (agar-agar) are classified in Industry 2833; those manufacturing dessert preparations based on gelatin are classified in Industry 2099; those manufacturing printing ink are classified in Industry 2893; and those manufacturing drawing ink are classified in Industry 3952.
The NAICS 2899 industry, Chemicals and Chemical Preparations, Not Elsewhere Classified, has experienced significant qualitative trends in recent years. Sustainability continues to be a dominating theme, with companies increasingly focusing on creating eco-friendly products and minimizing environmental impact. There's a marked shift towards green chemistry, safer chemical formulations, and the use of renewable raw materials. This is driven by stringent regulations, consumer demand, and corporate social responsibility initiatives. In terms of innovation, nanotechnology is gaining traction, providing enhanced properties and applications for various chemicals.
Another trend is the increasing adoption of digitalization and automation within manufacturing processes. Industry 4.0 technologies, like IoT and AI, are optimizing production, improving efficiency, and ensuring better compliance with safety standards. Customization and specialty chemicals are also seeing growth as businesses seek to meet specific customer requirements across various industries such as pharmaceuticals, agrochemicals, and personal care.
Looking towards the near future, these trends are expected to strengthen. Sustainability efforts will likely lead to more breakthroughs in biodegradable chemicals and circular economy practices. Digital transformation will continue to evolve, with more sophisticated predictive maintenance and real-time monitoring systems becoming standard. The specialty chemicals sector is projected to expand further, driven by high-performance and tailor-made solutions. These developments will position the industry for robust growth, adaptation, and responsiveness to emerging global challenges.
A review and comparison of financial performance of privately-help companies in specified SIC/NAICS industry segment, using industry standard benchmarks.
Answers come easily with iCFO. Review ROI, sales per employee, profit margins of the top 10%, top 25% and more, to identify areas of concern and opportunity. Examine what if scenarios and P&L impact of reducing costs or adding revenue.
It takes only five minutes to enter your data and produce a concise profile of your company’s fiscal state, including critical business ratios focusing on liquidity, profitability, asset efficiency, and growth.