Trends that are Catalyzing Chemical Innovations

A look at the evolving landscape shaping the chemicals industry

The Coronavirus outbreak is catalyzing innovations in the global chemicals industry. Customers are witnessing the influx of antiviral and antimicrobial materials, machine learning for better testing of chemicals and 3D printing amongst other trends. Manufacturers are increasing efforts to strike the right balance between innovation and the future for a circular economy to boost their credibility credentials.

Circular economy goals

Chemical companies are taking cues from the European Green Deal of 2019 to tackle climate change and environmental degradation. Growing e-waste from smartphones is suggested to be recycled. Since recycling also contributes for a large carbon footprint during production process, smartphone companies are bullish on increasing the lifespan of mobile devices. Repairable and upgradeable smartphones are becoming the new rage in forming a circular economy.

Deep Dive in Chemicals for Oil & Gas Industry

Production chemists are gaining cognizance about key aspects like improved oil recovery and enhanced oil recovery. However, the issue of greenhouse gas emissions is stifling market growth. Since increasing number of chemical companies are keen on adding value to their business operations, they are joining forces with researchers and technicians to adopt a proactive approach at knowing emission inventories, the emission sources and the parameters required to control individual emissions.

Hydrogen economy and the rising customer expectations

Hydrogen technology is gaining prominence in automobiles and the overall mobility sector. Proton exchange membrane cells are paving the way for emission-free vehicles with a long range and the advantage of having a quick refueling. But high implemention cost in the current early stages of fuel cell technology is inhibiting market growth. Thus, companies should maximize production of hydrogen using high temperature solid oxide electrolysis (SOEC), proton exchange membrane electrolysis (PEM) and alkaline electrolysis (AWE) to lower its cost during the coming years.

Increasing number of customers are willing to associate with environmental-conscious companies. Chemical companies are using strategies like improved waste recovery, water management and power to X technologies, where the latter is a method that uses CO2 to convert it into useful chemicals via biomass combustion & waste combustion techniques. Biotechnology holds potentials to produce useful industrial enzymes and remediate environmental pollution.

In all aspects, investment in R&D by partnering with think-tanks and technicians will help chemical companies to build a sustainable future for customers in the value chain.

Technology Makeover: A Global Industry Outlook for 2022

A holistic approach at some of the biggest trends in technology

Since the COVID-19 pandemic has altered the way the global society functions, technological innovations are anticipated to grow in 2022. But are industries able to keep up with this shift in new technological trends? Let us look at four game-changing technological innovations that will help to increase bottom lines.

Opportunities for long-term business growth

As the world is witnessing a sea change where Facebook has renamed itself as Meta, early adopters of new technologies tend to gain a competitive edge over other market players. Advancements in machine learning, automation and robotics are helping to accelerate business processes.

Despite the influx of new technologies, stakeholders from various industries like healthcare, information technology and BFSI of developing economies are experiencing a technological gap due to the lack of resources. This indicates that tech giants hold untapped revenue opportunities in developing countries since mature and developed economies are nearing a saturation point, where innovation becomes a key differentiator.

Here are key insights about specific technologies that play a fundamental role in business success for 2022:

  • Cloud and the hybrid workforce: As increasing number of businesses demand transparency, flexibility and convenience, the hybrid workforce is taking new forms in both MNCs and SMEs. The adoption of Microsoft Teams has been a prominent trend in this space. Thus, increasing number of businesses are making sure that employees are enabled and empowered to have successful work-at-home and in-office productivity.
  • Sustainability acts as value addition: Businesses are going beyond suit and tie to bolster their credibility credentials. The pandemic has spurred additional interest in ESG (environmental, social, and governance) investing. This means, commitment to the ESG model translates into not just business stability, but also greater social equality and inclusion of communities.
  • Everything-as-a-Service (XaaS) helps in business leap: Seamless communication, security of IT systems and scalable business models to name a few are helping in greater adoption of XaaS to enhance operational efficiencies.
  • Resilient supply chains: Since the pandemic has exposed the vulnerabilities of most businesses, sourcing alternative supply partners is emerging as a winning strategy. Digitalization of processes is delivering cost efficiency in supply chain management.

Despite technological gap in most industries, investment in training of company executives, technicians and operators with job security holds promising potentials to overcome technology adoption challenges in 2022.