For example, the nanoscale revolution — the remarkable discoveries of two-dimensional, single atom materials such as graphene from carbon or silicene from silicon — has resulted in new materials that are lighter, stronger, more malleable, and more temperature-resistant than any chemical products in history. As these regions undertook ambitious new projects, many Western chemicals companies moved production into these regions. Meet modern compliance: Using AI and data to manage business risk better, The urgent need for sophisticated leadership, Case for change: Ensuring equal opportunity digital access for global youth, Get Ready for Eight Surprising Disruptions, Ten Steps to a Global Human Resources Strategy, Top shelf picks: Best Business Books 2020, Asset and wealth management revolution: The power to shape the future, Get your company in shape by redefining how people work. New analysis from Houston-based IHS Markit signals the convergence of two significant and revolutionary technological developments in the petrochemical industry: crude oil-to-chemicals (COTC) and oxidative coupling of methane (OCM). Some of the biggest chemical companies that are dominating the industry include BASF, Dow Chemical, ExxonMobil Chemical, LyondellBasell Industries, and INEOS.. And if robots can learn to do this sort of talking, the applications could be far-reaching. , Machine Learning The first route to new opportunities for the chemical industry is the flexible use of raw materials. PwC refers to the PwC network and/or one or more of its member firms, each of which is a separate legal entity. The world is potentially on the brink of an age of new powerful materials, ushered in by innovation in the chemicals industry. Digitalization is increasing the pace of change in all industries and advances in biotechnology and additive manufacturing are changing the base of business in the chemical industry. , Digital Transformation Although the sources of chemical innovation were diverse, a major factor was the role played by American specialized engineering contractors. During his time in the chemical industry, he watched as a paint outfit completely shifted its marketing strategy and to some extent, its customer base by integrating virtual technology. Meanwhile, innovation in the materials world has taken on a new life — largely outside the established chemicals industry. Read the Digitalist Magazine and get the latest insights about the digital economy that you can capitalize on today. For example, the nanoscale revolution — the remarkable discoveries of two-dimensional, single atom materials such as graphene from carbon or silicene from silicon — has resulted in new materials that are lighter, stronger, more malleable, and more temperature-resistant than any chemical products in history. Instead, to succeed in this landscape, chemicals companies needed a competitive cost structure and a plan for growing market share against local players selling “good enough” products (products with 80 percent of the functionality at 50 percent of the price). Meanwhile, innovation in the materials world has taken on a new life — largely outside the established chemicals industry. Some chemicals companies are adopting digital technologies that will allow them to become true materials and solutions providers to their customers. Crude Oil-to-Chemicals and Other Disruptive Technologies Will Have a Significant Impact on Chemical Industry, IHS Markit Says Recent Innovations in Chemical Engineering publishes full-length/mini reviews, research articles and guest edited thematic issues on recent innovations in chemical engineering.. Dec 12th, 2020 The item has been saved. Strictly Necessary Cookie should be enabled at all times so that we can save your preferences for cookie settings. By manipulating molecules, it has the power to resolve many of our most pressing challenges. PwC. Endorsing portfolio coherence and digitization doesn’t by itself make a company more innovative. The incumbent large chemicals companies, with their R&D centers in a state of neglect, are barely involved. In some cases, wholly new approaches will have to be adopted, such as outcomes-based pricing and sharing the risk with customers in implementing new materials and products. If you disable this cookie, we will not be able to save your preferences. But in the future, chemicals producers could compete more on how closely they collaborate with customers’ (and customers’ customers) needs for products that meet new preferences and values. Key uncertainty 1: The customer forces a new innovation age. When this quest for portfolio coherence is complete, the chemicals industry will be populated by more targeted companies, each of which can more fully dedicate its resources to enhancing its individual market narrative. The quest for portfolio coherence. , SAP Leonardo Learn how to innovate at scale by incorporating individual innovations back to the core business to drive tangible business value by reading Accelerating Digital Transformation in Chemicals. “A digital transformation is not really new for the chemical industry,” Wenzel says. Its history since World War II can be divided into two broad eras. What comes next will depend on how well they face up to them. They rely on revenues from best-selling chemicals that are decades old. New roadmap explores technologies that improve chemical industry energy use, emissions intensity The IEA, ICCA and DECHEMA jointly released today their new roadmap that explores how the chemical industry can further amplify catalysis and other related technology advances to boost energy efficiency in its production processes. © Digitalist 2020. Achieve chemical industry innovation performance success with Sopheon’s solutions for driving sustainable growth and competitive differentiation globally Three new developments could help the chemicals industry lead a new age of materials innovation. It is well recognized that there is a high degree of variability in innovation performance, and companies have thought hard about the drivers of success. These programs allowed them to go into high-end corporate spaces, photograph, image, and create design proposals for the customer. 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