An industry can be regarded as the production of goods or
services within a particular economy. The large source of the revenue generated
by a group of company serves as the indicator for its relevant industry. Group
of companies related by the same primary business activity can be classified as
an industry.
Industry, further, can be categorized on the basis of
three-sector theory into sectors such as primary or extractive, secondary or
manufacturing and tertiary or services. But industries can also be classified
according to the products they manufacture or services they provide such as
paper industry, automotive industry, construction industry, chemical industry,
food industry, hospitality industry, software industry, entertainment industry,
petroleum industry, etc.
Chemical Industry is considered to be one of the world’s
fastest growing and major revenue earning industry. Chemical industry
incorporates companies that are into manufacturing of industrial chemicals or Chemical
Products. Production of chemicals were known to be dated way back in
history, but the beginning of the industrial revolution marked the initiation
of heavy chemical industry that are involved in the production of large
quantities of chemical for various uses.
Chemical Products find applications in a variety of
industrial sectors and has been gaining tremendous importance. These can be
broadly classified into Basic Chemicals or Commodity Chemicals, Life Sciences,
Speciality Chemicals and Consumer Products. Polymers and plastics, included
under Basic chemicals, such as polyvinyl chloride, polycarbonate,
polypropylene, polyethylene, polystyrene, etc cover about 80% of the worldwide
output of the industry. Life sciences include biological substances, vitamins,
pesticides, pharmaceuticals, etc whereas speciality chemicals are referred to
those chemicals which are manufactured on the basis of their effect or
performance.
These chemical products involve various kinds of uses. On
one hand, they can be directly used as raw material for the manufacturing of
other products and on the other hand, these chemicals can be used in the
process which leads to the manufacturing of a product. They can help in the
maintenance of machineries as well as can aid in increasing the productivity of
a system.
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