The circular economy offers vast possibilities for chemical industry innovation in areas like plastics and lithium-ion battery recycling, bio-based feedstocks, and localized supply chains. Connected data and automation are providing chemical companies with greater resilience and improved efficiency. The chemical industry has been digitalizing operations for decades, but the latest market trends have made intelligence from connected systems a must-have for competitive advantage.
Key takeaways:
- Chemical industry leaders are focusing on opportunities arising from the transition to clean energy, the growth of circular economy, and advancements in digitalization to balance cost pressures and future growth.
- Cloud-based platforms like SAP S/4HANA and innovations like GenAI are providing organizations with the flexibility and scalability they need to develop products and flourish in new markets.
- Sustainable energy could power significant growth for the chemical industry, with the industry supporting over 75% of all emissions reduction technologies needed to meet net-zero goals by 2050.
- A circular economy offers vast possibilities for chemical industry innovation in areas such as plastics and lithium-ion battery recycling, bio-based feedstocks, and localized supply chains.