DIGITALIZATION OF CHEMCIAL INDUSTRY - A NEED OF 21ST CENTURY

 “The chemical sector is undergoing significant transformations, from revolutionary process technologies to sustainable plastics. Now, digital transformation in the chemical industry is bringing enormous, hitherto untapped potential for not only increasing efficiencies but also assisting companies in developing new products and processes.”

The energy and chemical industries are known for its conservatism. Its processes may be more complicated and riskier, but its outmoded technology needs to be updated if businesses are to progress into the digital age. It takes a similar path that the music industry did in the 1980s and continues to this day. Both industries digitised 30 years ago and are currently doing so.

What Does It Mean for the Chemical Industry?

Chemical firms may increase their profitability by embracing digital technology, which enhances agility, productivity, and creativity. Companies might, for example, significantly accelerate innovation to obtain a competitive advantage by leveraging complicated analytics tools for collaborative research and development. To achieve strategic agility and operational excellence, companies are turning to predictive models to undertake what-if simulations based on data. In addition, big data analytics is critical for managing ongoing price volatility in energy and raw commodities, as well as reacting to shifting client demand.

Companies can simulate the effect of price changes on customer demand and final margins thanks to digital transformation, allowing them to produce real-time pricing quotes for their prospects. They can also share the information with suppliers in order to collaborate and combat price and supply volatility.

READ MORE :-  https://www.pukkapartners.com/insight/digitalization-of-chemcial-industry-a-need-of-21st-century

Major Market Highlights:       

  • Solvay has stated that the capacity of its hydrogen peroxide plant in Jemeppe-sur-Sambre (Belgium) will be increased, allowing for increased H2O2 production. The company also intends to enhance the capacity of its plants in Bernburg (Germany) and Voikkaa (Finland) (Finland). These expenditures are in response to increased product demand in Europe, both for existing and new applications.
  • Kanto Chemical Co., Inc. committed around USD 63.7 million in expanding its production facilities in Taiwan to suit the growing demand of key local semiconductor clients. The annual output of semiconductor products will expand from 120,000 to 200,000 tonnes at this facility.
  • Cabot Microelectronics purchased KMG Chemicals (US) and became the North American region's biggest chemical distributor of semiconductor consumable materials. Cabot's existing portfolio will be supplemented by this acquisition, which will expand customer touchpoints with leading semiconductor manufacturers.
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