Within the specific type of commodity chemical, however, there are usually only a few, big manufacturers of each chemical. Specialty chemicals depend more on the product. Here companies with the best product are the successful ones. A successful research and development department is the key in specialty chemical. Wright Killen surveyed 100 executives from 57 petrochemical firms.
Petrochemical falls into the commodity chemical sector.
Petrochemical leaders believe they have already identified the technology that compliance will require,' says their survey. Moreover, the industry should ensure an 'appropriate balance between basic and applied research'. In the long run, fundamental science offers larger returns on investment than applied research, it argues. As chemical manufacturers expand into foreign markets and partner with foreign chemical producers the need for information technology becomes even greater. In a market driven by efficiency, improvements in information handling can make an impact on the cost of handling information.