The chemical industry is experiencing one of its most dramatic transformations ever. Regional growth is shifting investment, technology and innovation towards markets in Asia and the Middle East. Unconventional feedstocks in North America and other regions are driving new capital investment opportunities. Social and economic forces are reshaping chemical markets, creating new revenue sources via portfolio and product innovation. We call this the "Chemical Renaissance" - an industry that is leveraging new technologies and thinking along its value chain. Sustainability, environmental regulations and usage of renewables are other emerging drivers that are also affecting traditional business models and strategic priorities. This transformation provides the chance to redefine the industry and explore the tremendous opportunities resulting from these changing market conditions.
Significant profits will be made by those market players – specialty and fine chemical producers, petrochemical manufacturers, resin and fibre producers, consumer product companies, agricultural chemical firms, coating companies, inorganic chemical manufacturers – that are able to deliver sustainable customer solutions through innovation in strategy, product/service offerings, business models, R&D, operations and feedstock diversification. We are facing tough challenges but the returns will be significant.
It is not surprising that the world’s chemical companies are so engaged in redefining their industry and excited to establish their new position and value proposition for the future.