Forrester Research predicts that by 2003, e-commerce between businesses will balloon to US$1.3 trillion globally. Business Week reported that e-commerce between businesses was five times as much as consumer e-commerce, at about US$43 billion last year.
The combination of regional growth in the chemicals industry, and the exploding interest in B2B e-commerce, has fueled ChemConnect, claimed to be the world’s largest global Internet exchange for all types of chemicals and plastics, to announce the launch of its Asian operations in Singapore.
Manufacturers, buyers and intermediaries around the world may use ChemConnect’s commission-based World Chemical Exchange (an open, neutral market) e-service to find trading partners, negotiate pricing and transactions online.
Companies can use the service to convert chemicals and plastics needs into trading offers that reach the global market instantly. Access to new markets, reduced transaction costs, and up-to-the-minute market information are also expected from this exchange service. About 1,400 Asian companies are currently trading members of the service, which was launched last year in July and called the "eBay of the chemistry world" by Dow Jones Business Directory.
ChemConnect is headquartered in San Francisco, with offices in Houston, Philadelphia, Singapore and London, and backing from investment firms Institutional Venture Partners (IVP), Weiss, Peck & Greer, Goldman Sachs, CMEA Ventures, and Highland Capital Partners. Equity investors in ChemConnect include Andersen Consulting, The Dow Chemical Company, Eastman Chemical Company and Rohm & Haas.