3 Upcoming Mega Trends in the Chemical Industry a Student Should Know
Major Trends for the Chemical Industry in the Year 2019
31 Aug, 2018
The chemical industry has experienced some tremendous changes in the last few years and will continue to undergo rapid changes in the next decade. Therefore, chemical companies must adapt quickly to maintain the competitive edge, overcome challenges, and embrace new market opportunities. As we are approaching toward the end of this decade, it’s time to look over those upcoming trends in the field of chemical industry. Here are the three major trends enlisted by our expert writers of Chemistry Assignment Help service.
Due to the overpopulation and over usage of products, raw materials and energy supplies are decreasing every day. To overcome this, global chemical companies are operating on sustainable development, which will result in consumption of less energy and resources. The critical node of this development is to reduce usage of raw materials, chemical production, and their application according the number of users. Companies are trying to focus on organic matter substitution and maximize the use of renewable energies. They are also trying to recover and recycle the used products to achieve their objective of the circular economy, and thereby conserving the resources. A few examples of sustainable development are mentioned below:
Bio-based plastics:- Bio-based plastics are not compostable or biodegradable, rather they are fully recyclable in existing system without compromising with the quality and increasing cost.
Recycled Batteries:- The recycled batteries are expected to use at a mass level to reduce the quantity of chemical used while making it number of electric vehicles are increasing everyday.
Improving Efficiency of Renewable Resources:- Asian and European countries meet around 11% of its electricity demand from wind energy, and this dependency is expected to reach 25% by 2030. Governments of these countries are planning to reduce its blade weight which will improve the efficiency.
Digitalization is leading the innovation in all major sectors, and chemical industries are not too far behind in embracing its role in development. Digital technologies will help chemical companies in many way, such as capturing critical data and calculating it to achieve improved output. By its implementation, it is expected to result in increased revenue. Many companies have already started to use Internet of Things, machine learning, and Blockchain. Below are the few specific examples of how this trend is in action:
AI to Enhance Efficiency:- Manually working in any refineries and automotive coating is time-consuming. Many industries have started to use artificial intelligence to make it fast and efficient.
Sensors and IoT for Safety:- Chemical factories require sensors to monitor temperature, humidity, and shock. The real-time data are calculated from these sensors and fed into software which generates timely alerts to avoid hazards.
Machines for Perfection:- Many companies have developed an automated system for manufacturing premium-quality lubricants and fuel for various aerospace, marine, and piping industries.
The demand for chemicals continues to grow in emerging markets as the huge population is still a massive driver for chemical industries. Shrinking life cycles and reduced quality products have increased the pace of innovation. These are the examples of how they can be implemented:
Novel Manufacturing Process:- Carbon fiber, and automotive manufacturers are exploring ways to increase the applications of composite in automobiles. Various industries are trying to develop “one-shot process” that will not only improve quality but also reduce manufacturing cost.
Advanced Materials for Better Insulation:- Insulating materials, such as aerogels and phase change materials will be energy saving and provide better thermal applications in comparison to traditional insulating materials.
All these three trends converge to challenge the chemical industries and influence them to become a leading chemical producer. The early adopters of these changes and future requirements will have a competitive advantage over others. They have to build more strategies and execute it according to the demand. Without this execution, companies will lack the financial strength and credibility to lead in the market.