Article | July 13, 2021
SOMEHOW, despite the still very serious container freight shortages that have limited imports, buying sentiment seems to have weakened in the European polyolefins market, according to my outstanding ICIS colleague, Linda Naylor.
Article | July 22, 2021
Global IoT in Chemical market research report provides the newest industry data and industry future trends. It allows you to identify the products and end users driving Revenue growth and profitability. The IoT in Chemical industry report lists the leading competitors and provides the game-changing strategic analysis of the key factors driving the market. The report includes the forecasts by 2020-2028, analysis by 2014-2019, and discussion of important industry trends, market size, market share predictions and profiles of the top IoT in Chemical industry players.
Article | August 2, 2022
The chemical business is intricate, with numerous sub-sectors dealing with various challenges. Thus, there are some differences in the sector's main areas of digitalization. For instance, while specialty chemicals with smaller batches but larger profit margins are concerned with improving quality, large factories are concentrated on accelerating throughput speed.
To be able to react to quick and repeated changes in demand, supply, and working circumstances, however, every plant must optimize output, reduce waste, improve safety and sustainability, and become more nimble. Therefore, the Industrial Internet of Things (IIoT), artificial intelligence (AI), and cloud computing are expected to be the three most popular applications for digital transformation during the coming two years.
The first and most valuable use cases of digitalization in chemical plants center on production optimization through improved equipment performance, process automation, remote and predictive monitoring, and simplified maintenance.
Chemical factories, which often provide basic chemicals for use as end products in other sectors, have a special responsibility to maintain consistently high product quality. However, doing so can be challenging given the significant variations in raw material supply and quality. In addition, as process engineers can change the mix on the fly in reaction to fluctuations in quality, feedstock, or ambient temperatures, better data and analytics enable finer and more frequent adjustments.
The main advantage of digitally transformed plants so far has been cost reduction. The price volatility of raw materials is a problem for the chemical production sector because customers naturally want constant low prices. Minimizing waste is critical since facilities must contend with rising energy costs.
Analytics tools that monitor fluctuating raw material prices aid factories in negotiating the best deals with suppliers and preparing in advance for price spikes. The risk of oversupply is reduced since plants can prepare the proper quantities of various products thanks to more precise demand predictions.
Sustainability, Compliance, and Safety
The chemical industry is heavily regulated as a result of the quantity of hazardous chemicals and the number of end-use industries that rely on it. Businesses are adopting digital transformation to boost safety awareness, reduce emissions and dangerous flare incidents, and guarantee a transparent and accurate audit trail.
Plants that quickly adopt digital solutions for remote monitoring, supply chain visibility, waste reduction, production optimization, raising their safety profile, and opening up new opportunities will profit from higher profits and increased revenue, whereas those that hesitate for too long risk failing in the long run.
Article | June 3, 2021
ONE OF THE GREATEST achievements of the last 30 years has been the fall in the number of people living in extreme poverty.In 1999, 1.9bn of the world’s population were living on less than $1.90, the Word Bank’s definition of extreme poverty. Despite setbacks caused by the pandemic, this had fallen to 698m by October 2020.
Income levels alone are not enough to escape the life-threatening agony of extreme poverty. There is no point in having money if the essential goods and services to spend your money on are not available.
Critical to poverty alleviation has been sufficient supply of all the things that people in the rich world take for granted. The raw materials to make the vast majority of manufactured goods include petrochemicals and polymers.
Nearly all the major manufacturing chains would not have been able to function without petrochemicals.
Think of medical equipment, syringes, blood bags, hospital gowns, face masks, pill bottles and medicine blister packs. None of the above could have been produced without petrochemicals.
As people emerged out of extreme poverty and as economies became wealthier, modern-day medical services became more widely available.