A chemical industry consolidation will see the sector become more competitive with its competitor in the pharmaceutical and pharmaceuticals industries, according to industry experts.
In an interview with The Irish Times, Dr Simon Cooley, executive director of the Irish Chemical Industry Association (ICIA), said that consolidation is coming.
He said the sector is in a good position now to become more market competitive in the coming years.
“The major issues in the chemical industry in the last five years have been competition, price, access to markets, regulation, the role of the regulator and competition in the market,” he said.
“So this is the opportunity we need to consolidate.”
This is going to allow us to become market-oriented.
We are going to be more competitive and able to get out to markets more.
“The ICIA is an industry body representing more than 100 chemical companies.
The organisation has published a paper on the future of the chemical sector.
It outlines a range of measures aimed at addressing the challenges of the sector, including:the need to have a robust regulatory regime, which will include the establishment of an Industry Council; a new, independent regulator to be established by the next Government; the establishment and maintenance of a national procurement system; and an increase in funding for the research and development of new products and processes.
The paper also outlines the roles of regulators in the sector.
According to Cooley it is important to maintain the regulatory structure and structure in place.”
If we want to see consolidation then we need an appropriate regulatory structure which will ensure that there are rules in place to ensure we have the right tools and tools to achieve the goal of the market.
“Dr Cooley said that the future for the sector looks bright.”
We are moving towards consolidation, I think that will be reflected in the industry going forward,” he added.
The chemical industry employs about 1,300 people in the country.
It is one of the fastest growing industries in the world and employs about a quarter of the population.