Contrary to the manufacturing sector, the chemicals industry may profit more from executing digital transformation.
Fremont, CA: Over the next two decades, movements like sustainability and digitalization are awaited to bring about major shifts in the chemical and materials industry. To stay competitive, businesses must make notable investments in designing new technologies. In addition, the chemical industry will be forced to adapt to the circular economy, resulting in waste plastic becoming the most precious feedstock. The implications of climate variations and digital transformation will be important. Hence, the sector will turn more decentralized and will turn growingly dependent on economies of multiples. Concurrently, digital sales platforms will commoditize adjustment, further blurring the lines between firms specializing in a particular product or service and those selling a commodity.
Technologies that will transform the chemical industry:
Plastic waste recycling
There is a possible loss of billions of dollars owing to the rising worries around waste plastic. More developed recycling technology is needed to solve this issue, which also opens the gate for products with a greater value.
Materials informatics
Using machine learning to design new materials can not just reduce the cost and raise the efficiency of research and development. Still, it can also help allow new business models and improve agility.
Digital sales platforms
E-commerce and sales automation are on their way to the chemical industry, as are services rotating around product customization and usage.
3D printing
The advent of 3D printing gives remarkable expansion possibilities for the material industries. Still, these industries must be ready to move down the value chain to raise their share of earnings.
Synthetic biology
Synbio can bolster sustainability claims and allow more flexible and distributed manufacturing of chemicals. Therefore, it can pioneer new markets and lower costs in specific circumstances.
