4 Changing Trends In The Chemical Industry In 2018 That Are Here To Stay

We are already in 2018 and it’s time now to look into the latest trends and drivers for the chemical industry this year. Here are the three major trends that will hopefully drive the chemical industry in 2018.

Accelerated globalization

Due to the advent of shale gas in the US or coal in China, the supply centers are shifting now. The demand centers are also shifting in the side of rapidly growing middle class in all the emerging countries. A rapid commoditization of products and shrinking lifecycles can be noticed in the new market entrants.

The circular economy

There is now a scarcity of key raw materials. The regulatory requirements are increasing exponentially because the environmental impact of waste and emissions are becoming more and more evident with time. Chemical companies are yet to respond to this matter as they are sitting in the driver’s seat now. Although some companies have already decided to extend their ecosystems with the purpose to establish end-to-end concepts.

Digitalization

Digitalization is one of the greatest trends in the chemical industry as it will drive a tremendous wave of innovation. Unpredictable levels of connectivity are being offered by all the recent advancements in digital technology. Granularity, speed in accessing, and analyzing huge amounts of data are also being promised. There will be great mobility, cloud, and in-memory computing also as the part of the deal. There will be machine learning and blockchain starting to act as game-changers in the chemical industry.

Development of packing products

Another big aspect of the innovations of the chemical industry is to adopt new packaging processes. Developing new packaging ideas will only help the industry to grow longer. The high-quality batch mixing bags or chemical mixing bags are one of the greatest in mixing products. They are built with good quality and help to mix products in the right way. Adopting this will also broaden another profitable aspect of this issue.

Wrapping up

All of these trends are going to come together to challenge all the existing strategies in the market and they will create the perfect storm for the chemical industry. Certain facts like customer and feedstock proximity, intellectual property and technology know-how may fail to secure a sustainable competitive advantage in the market. In this situation, the only survivors would be the early adopters of these innovative business models, who will have the opportunity to be the digital disruptors or act as the game-changers.

This article is written by Lind. She is associated with the organization Modwrap. This company is a renowned Tamper Proof Bags Supplier.