The chemical industry is in a period of significant change and readjustment. This movement represents an opportunity for industry leaders to embrace big changes to strengthen their companies’ positions and gain market share. Conversely, companies that fail to adapt to the current environment quickly enough may find their competitiveness severely hampered, and find it difficult, if not impossible, to catch up.
There are four broad trends currently defining the chemical industry, each affecting a different element of business, from operations through production and compliance.
Rising standards of living and a growing middle class in emerging markets will drive ongoing strong demand for chemicals, as more end-users purchase appliances, consumer goods, automobiles, and other products that require the use of chemicals and plastics.
But to capitalize on the growth opportunities, the trend toward digital transformation has become an urgent need that will enable chemical companies to modernize their development, planning, and production processes.
As the chemical industry looks for ways to differentiate and excel in a fiercely competitive consolidated environment, leading companies will accelerate their digital transformations–via technology, processes, and people. The most successful companies may be those willing to take the most disruptive, challenge-the-conventional-industry-wisdom approaches to their business models.
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