Industries of any country play the role of backbone for the economy of the country. In modern societies, industries hold a vital position in the growth and development of a country. Even the most modern societies, which are known as post-industrial societies claim to be based on information technology, are powered by the capital flowing from the yield of heavy industries of the country.
Since last few years, manufacturing industries are confronting drastic decline over the globe. The period from 1950 to 1973 was the period of optimum yield from industries around the world and promotion of industries share in the economy. This shear decline has been observed since 1970s in many countries of the world (UN Document, 2016). This report analyses the key issues and challenges encountered by heavy industries of the world to achieve utter success. For this purpose, certain examples of important heavy industries of the world are studied.
Issues in Fishery Industry
Issues in Steel Manufacturing Industry
Another issue faced by steel manufacturing industries worldwide is the transparency in manufacturing of steel. In very transparent industries, prices of raw material and steel are published on daily basis to manage a fool proof system of steel industry.
Environmental pressure is another major yet most concerned issue to the future of steel making industry. With the growing population and global heat, it is becoming unavoidably necessary to consider sustainability of environment.
Issues in Chemical Industry
There is a severe cyclic downturn in the world’s chemical industries in almost all regions. Since long, chemical industries are known for production a wide range of products which are used in different utilities and various purposes. Thus chemical industries contribute largely in the economy of the world. Since last two decades, chemical industry has undergone a serious shift.
Pricing is the key issue presently faced by chemical industries today and likely to rise in future. It is very critical for a chemical industry to maintain prices of the product when cost of raw material is continually rising. This may affect customer relationship if the industry does not match the expectations of the customer (Clark, 1999).
Taking on technological advancements is also a key issue in chemical industry’s success. Many chemical industries stick to the old technologies and methodologies which were in use previously, while it is extremely important to move on and integrate recent machineries and methodologies to yield positive gross output.
The world’s ecosystem is declining drastically, both aquatic and territorial ecosystem. This drastic decline in the environment has increased the pressure on chemical industries to manage their wastes (Sheldon, 1994). Attaining naturally pure raw material in polluted environment is also difficult for chemical industries.