Chemical industry is one of the largest industries that produces various chemical compounds and related products. The global chemicals industry is presently going through a remarkable period of change that will help define challenges and opportunities for both short and long term. The industry is witnessing a shift from late 20th century blockbuster breakthroughs towards gradual advances in customized solutions targeting specific concerns.
The global chemical industry is classified into consumer, specialty and basic chemicals. Basic chemicals are produced in large quantities and then sold off in the market or used within the industry as a raw material. Whereas, specialty chemicals are manufactured to fulfil specific function. Paints, adhesives, dyes and pigments are some examples of speciality chemicals. Consumer chemicals include detergents and soaps, which target direct consumer applications.
Innovation in advanced manufacturing and digital design are expected to open up new frontiers in the chemical manufacturing industry. Internet of Things (IoT) and other advanced technologies are further anticipated to transform the chemical manufacturing methods by streamlining operations and promoting strategic growth. Advanced technologies such as additive manufacturing, artificial intelligence, advanced analytics, robotics and advanced materials are being implemented in the industry to improve both operational cost and performance. In addition, these technologies are being integrated with marketing and core conversion processes of chemical companies to implement smart supply chain through digitally transforming the operations.
Chemical companies undergoing portfolio realignment and consolidation
In addition, key players are focusing on enhancement of core strengths through consolidation and realignment of portfolios especially involving renewable and biotechnology sectors. This trend of consolidation among key players through mergers and acquisitions (M&A) is expected to drive growth in key chemical segments such as agriculture & fertilizers, industrial gases and other diversified chemicals. Also, Asia Pacific region is anticipated to experience relatively high demand for specialty, agriculture and fine chemicals.
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