The chemical industry consists of companies that produce industrial chemicals and various other products. In 2019, the chemical industry’s total global revenue was estimated at USD 3.94 trillion. Asian region contributed to over half of the chemical industry’s growth since 25 years. The industry is central to the world economy. It utilizes chemical processes such as chemical reactions and other refining methods to convert raw materials such as oil, natural gas, air, water, metals, and minerals into more than 70,000 different products. The products manufactured by the chemical industry include petrochemicals, agrochemicals, ceramics, adhesives and sealants, polymers and elastomers, oleochemicals, paints and coatings, etc.. The coronavirus pandemic has adversely impacted the chemicals and materials industry. The chemical industry is being impacted by four major megatrends which include feedstock and resource transformation, sustainability, change in consumer demand, and digital transformation. Hence, it is imperative for the chemical companies to adapt to changing dynamics and invest in sustainability initiatives and digital transformation in order to survive in the long run.