These areas that will require special focus include the Internet of Things (IoT), actionable information, and standards and best practices. Other challenges — such as meeting standards and implementing best practices — are issues that all companies face, and are key to maximizing partnerships and collaborations. Privacy Policy the Altmetric Attention Score and how the score is calculated. Article Views are the COUNTER-compliant sum of full text article downloads since November 2008 (both PDF and HTML) across all institutions and individuals. Citations are the number of other articles citing this article, calculated by Crossref and updated daily. Today’s chemical companies are quickly adapting to the digital world, recognizing the power of “connection” among products, production equipment and personnel. Find more information about Crossref citation counts. The new white paper “Industry 4.0: Top Challenges for Chemical Manufacturing” presents three major challenges that chemical manufacturers need to address right now in order to stay competitive. This could change in the near future as the Chinese launch new production processes. The percentage of revenue spent on research varies from one branch to another; companies specializing in large-volume products that have been widely used for many years spend less, whereas competition in … In lieu of an abstract, this is the article's first page. Get article recommendations from ACS based on references in your Mendeley library. Although the industry has struggled against the direct commoditization of their products for decades (more a factor of oversupply), there has been a profound impact from commoditization and disruption in industries downstream from the chemical industry. However, the chemical industry and its rapid growth also bring many negative problems, such as safety problems, pollution problems, ecological and environmental problems, high energy consumption, excess manufacturing capacity, etc. You’ve supercharged your research process with ACS and Mendeley! Transitioning to Industry 4.0 is both a challenge and an opportunity to grow, connect, streamline and build your chemical manufacturing value chain. Sitemap, Industry 4.0: Top Challenges for Chemical Manufacturing, https://www.elsevier.com/rd-solutions/chemicals-and-materials, Data Can Help Drive Clean Infrastructure—But It’s Not Enough, 3D Printed “Smart Particles” Promise Revolutionary Micro Structures, The Plastic Bank Addressing Human Problems, Imminent Challenges Threatening The Supply Of Lithium Ion Batteries, Naphtha Margins Pushing Petchem Profits Higher in 2017. Note: Yet it’s useless unless converted into actionable information. The new white paper “Industry 4.0: Top Challenges for Chemical Manufacturing” presents three major challenges that chemical manufacturers need to address right now in order to stay competitive. All opinions shared in this post are the author’s own. Your Mendeley pairing has expired. While the industry’s 15-year performance still looks good, a closer look at the past five years is less favorable: not only have chemicals lagged the total stock market since 2011 in TRS performance but the industry’s return on invested capital (ROIC) performance has flattened, and for some chemical subsectors, decreased. Public and community concerns about the performance of chemical manufacturers (particularly following negative publicity associated with contaminated waste sites such as Love Canal or chemical accidents such as the tragedy in Bhopal, India) led the industry to establish a set of minimum environmental performance standards. Now is the time for chemical manufacturers to take stock of their current status and create a strategy to adapt. This is because as simple, monotonous processes become automated, other processes become more complex and intertwined. Because of the competitiveness within the chemical industry and among the chemicals, the chemical industry spends large amounts on research, particularly in the highly industrialized countries. The impact of commoditization results in lower margins and switching costs. Please note: If you switch to a different device, you may be asked to login again with only your ACS ID. The right technologies include systems with analytical and visualization capabilities that enable predictive manufacturing, technical problem solving, process design and hazard analysis, environmental impact mitigation as well as energy efficiency and safety. But awareness is the first step to addressing some of the key components. Read the white paper to find out more about how today’s chemical companies can address key challenges and move forward into the era of Industry 4.0. Find more information on the Altmetric Attention Score and how the score is calculated. Our latest report details massive but gradual shifts in the global petrochemicals industry (petchem) that are changing the way base chemicals capacities are added and utilized. But with transformation also comes challenges. These metrics are regularly updated to reflect usage leading up to the last few days. This article has not yet been cited by other publications. Senior Manager of Strategic Segment Marketing - Chemicals, Connect on LinkedIn Follow on Twitter https://www.elsevier.com/rd-solutions/chemicals-and-materials, Copyright © 2020 Elsevier, except certain content provided by third parties, Cookies are used by this site. 4 For some companies the costs of complying with … Clicking on the donut icon will load a page at altmetric.com with additional details about the score and the social media presence for the given article. Cookie Settings, Terms and Conditions The Future Environmental Impact from the Chemicals Industry The current lack of information on the safety of chemicals on the market as well as the amount of hazardous substances being released into the environment during use and disposal of chemical products will pose a major challenge to policy makers over the next two decades. Cookie Notice The PO Problem Posted on August 3rd, 2017 by Rhian O’Connor in Chemicals Industry News and Analysis Propylene oxide (PO) is in strong demand, especially for polyurethanes applications, but tight control of the technology is limiting the building of new plants. Chemical manufacturing is being transformed by Industry 4.0. These areas that will require special focus include the Internet of Things (IoT), actionable information, and standards and best practices. When components of a chemical manufacturing organization — equipment, products and personnel — are connected, the amount of data produced is enormous. Matt Weber Article Views are the COUNTER-compliant sum of full text article downloads since November 2008 (both PDF and HTML) across all institutions and individuals. You have to login with your ACS ID befor you can login with your Mendeley account. Please reconnect. Find more information about Crossref citation counts. Some are specific to organizations and depend on where they currently stand regarding technology, operations and resources. The right people are those who can take on more strategic, coordinating and creative activities. The Altmetric Attention Score is a quantitative measure of the attention that a research article has received online. Transforming data into actionable information, however, requires both the right technologies and the right people. Forces from end-markets and the upstream oil and gas sector are influencing how regional base chemicals capacity additions are happening and which chemical feedstocks remain the most preferred. This data overload is the result of Industry 4.0’s reliance on the IoT.