Top 10 Growth Opportunities in Chemicals, 2024

Top 10 Growth Opportunities in Chemicals, 2024

Alternative Feedstocks and Product Innovation Will Create Major Opportunities in 2024

RELEASE DATE
07-Feb-2024
REGION
Global
Research Code: MH24-01-00-00-00
SKU: CM_2024_569
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Description

As we enter 2024, the chemical industry is going through a period of unprecedented change. Three interrelated Mega Trends are underpinning this change.

For chemical companies today, sustainability is the top challenge. The pressure to migrate away from fossil fuels as a feedstock is combined with a desire to reduce the direct carbon emissions (and broader environmental footprint) of the chemical industry itself—all whilst supporting the development of low-carbon downstream customer industries.

At the same time, technologies such as AI will create enormous opportunities to develop new chemicals and materials. The industry will experience a major upswing in new product development activity in 2024.

Finally, the current geopolitical tensions will have several knock-on effects on the industry. One outcome will be to accelerate the interest in localization. Advances in digital and automation technologies are increasingly making this feasible, so more chemical plants in the future will no longer be world-scale, but smaller, more flexible, closer to the customer, and in many cases even more cost-effective than the world-scale plants they will replace.

Author: Brian Balmer

Table of Contents

Strategic Imperatives

Top 10 Growth Opportunities

Growth Opportunity 1: Diversification

Growth Opportunity 2: Regulations to Boost Research and New Product Development Activities

Growth Opportunity 3: Alternative Fuels

Growth Opportunity 4: Decarbonization of Downstream Industries

Growth Opportunity 5: Taking Advantage of Competitive Changes

Growth Opportunity 6: The Influence of Geopolitical Factors on Chemicals

Growth Opportunity 7: Decarbonization of Chemicals

Growth Opportunity 8: Bio-based Chemicals

Growth Opportunity 9: Ensuring the Supply of Critical Raw Materials

Growth Opportunity 10: AI for Material Design and Chemical Infrastructure Management

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As we enter 2024, the chemical industry is going through a period of unprecedented change. Three interrelated Mega Trends are underpinning this change. For chemical companies today, sustainability is the top challenge. The pressure to migrate away from fossil fuels as a feedstock is combined with a desire to reduce the direct carbon emissions (and broader environmental footprint) of the chemical industry itself all whilst supporting the development of low-carbon downstream customer industries. At the same time, technologies such as AI will create enormous opportunities to develop new chemicals and materials. The industry will experience a major upswing in new product development activity in 2024. Finally, the current geopolitical tensions will have several knock-on effects on the industry. One outcome will be to accelerate the interest in localization. Advances in digital and automation technologies are increasingly making this feasible, so more chemical plants in the future will no longer be world-scale, but smaller, more flexible, closer to the customer, and in many cases even more cost-effective than the world-scale plants they will replace. Author: Brian Balmer
More Information
Author Brian Balmer
Industries Chemicals and Materials
No Index No
Is Prebook No
Podcast No
WIP Number MH24-01-00-00-00