Chemicals industry is witnessing revival all over the world after the global economic recession by spurt in demand. Shifting from oil based feedstock to gas has given chemical companies in developed world a sharp cost advantage making them competitive to their Middle East oil based counterparts. Decreasing margins are forcing specialty chemical companies to shift their sourcing destinations to become lean and focusing on Asian markets to drive sales.This requires shift in global supply chain strategies to design a flexible model of doing business with changes in markets.