Innovation in the chemical industry: a growth engine! This is confirmed by the increasing importance Chemical companies are using innovation … Broaden your perspective on chemical industry trends and the changing resources landscape. Fullwidth SCC. Dozens of new chemicals and compounds were discovered and commercialized. Telecommunications, Media & Entertainment, Unlocking value: Innovation in the chemical industry, Discover a winning formula for innovation in the chemical industry, Stay ahead of trends in the chemical industry, The future of digitalization in the chemical industry, Drive efficiencies by leveraging advanced digital technologies like material informatics, analytics and, Accelerate innovation by collaborating in partnerships across the chemicals’ ecosystem, Learn how AMS can compound innovation opportunities to reduce overall costs and create new products. Ultimately, it is essential for the chemical industry to continuously improve its cost structure by new processes and operational excellence. Innovation will be a key driver for success in the chemical industry, but only if the concept of innovation itself is reinvented. The digital revolution could move the chemical industry toward new business models, driven by digital ecosystems that combine products and services, enabled by technology. About 80% of all chemical products are passed on as semi-finished products to other branches of industry, such as the automotive, construction, or microelectronics industry. The traditional methodology for innovation in the chemical industry has created value, but significant work may be required in our increasingly agile and digital world that’s being disrupted. Since coming into force in June 2007, REACH has prompted the chemical industry to increase its innovative capabilities and competitiveness. SPEDIZIONE GRATUITA su ordini idonei Innovation in the chemical industry can be clustered into four main categories: Product innovation, manufacturing process innovation, business process innovation and business & … Mutual trust, understanding of market needs and technological capabilities, as well as speed of innovation are key to success. It's only through collaboration that the industry can develop cutting-edge applications and products. Everyone Benefits from Collaboration We rely on our partnerships with customers to develop and enable market breakthroughs—that’s how we uncover and meet their needs. EUROPEAN INNOVATION MONITORING SYSTEM (ElMS) ElMS PUBLICATION N° 38 INNOVATION IN THE EUROPEAN CHEMICAL INDUSTRY BY H. Albach, D. B. Audretsch, M. Fleischer, R. Greb, E. Hofs, L.-H. Roller and L Schulz WZB-WISSENSCHAFTSZENTRUM BERLIN FUR SOZIALFORSCHUNG EUROPEAN COMMISSION DIRECTORATE GENERAL XIII The Innovation Programme Social login not available on Microsoft Edge browser at this time. © 2020. The chemical sector has suffered from the impact of the COVID-19 pandemic and its related economic downturn. Compared to electronics, optical technology has the distinct advantages of both lower power and lower latency, which are two elements of particular significance to AI. Brussels, 14 th of October 2020 – Commenting on the publication of the EU’s new Chemicals Strategy for Sustainability, Cefic Director General Marco Mensink, today said: “Cefic welcomes the new compliance, enforcement and innovation proposals in this new Chemical Strategy for Sustainability, which we have been calling for as being much-needed in Europe. Innovation in the Chemical Processing Industries Ralph Landau and Nathan Rosenberg Chemicals and allied products (Standard Industrial Classification 28) is the high-tech sector about which the general public probably has the least knowledge. And to increase our competitiveness by continuously improving production processes. The ever-shortening product-cycles in the end-consumer market keep challenging the pace of the innovation process in the chemical industry. Cooperation with universities, institutes, and startup companies provide a ‘window on technology’, such as biotechnology, or nanotechnology in the earliest stages of development. Collaborative innovation in the chemical sector has a long history and can bring many benefits, but it creates tension over intellectual property and openness – companies need to address these issues going forward Deloitte refers to one or more of Deloitte Touche Tohmatsu Limited, a UK private company limited by guarantee ("DTTL"), its network of member firms, and their related entities. Success in innovation is therefore determined by our ability to provide products that give our customers a competitive advantage in their respective market place. A podcast by our professionals who share a sneak peek at life inside Deloitte. Taking action against systemic bias, racism, and unequal treatment, Key opportunities, trends, and challenges, Go straight to smart with daily updates on your mobile device, See what's happening this week and the impact on your business. This presentation addresses the opportunities and challenges of the chemical industry as an innovation motor in the global market place with examples from our daily business. Business model innovation is one of the ‘hot topics’ in the chemical industry. Innovation Needs More Collaboration Posted on June 16th, 2017 by John Baker in Chemical R&D. As nearly 200 VCI member companies took part in the survey and ca. DTTL and each of its member firms are legally separate and independent entities. 15-16 May 2019 InterContinental Hotel Berlin Key topics: Reinventing business models by moving beyond traditional product development to co-creation and partnership approach The growth ambitions of many companies face tough challenges due to rare white spots for new products and new applications, limited market growth and expensive M&A targets. Innovation in the chemical industry historically has been focused on molecule discovery or application development, all with a focus on selling a solid or liquid. Achieve chemical industry innovation performance success with Sopheon’s solutions for driving sustainable growth and competitive differentiation globally Exploring chemical market trends and the continued impact of COVID-19. Figure 1). Please see www.deloitte.com/about to learn more about our global network of member firms. Chemical companies must adapt quickly to maintain a competitive edge, overcome challenges, and embrace new market opportunities. Today, innovation is still important, but it’s more about revamping existing products to deliver things that business customers really need. This article describes three major chemical industry trends to watch in the coming years, based on studies published by MarketsandMarkets, a global market research firm. In the United States, Deloitte refers to one or more of the US member firms of DTTL, their related entities that operate using the "Deloitte" name in the United States and their respective affiliates. Though, the impact of innovation on chemical industry can be seen as even vaster due to its worldwide impact on economic, social and environmental aspects. But even with an uncertain future, there’s always opportunity. This message will not be visible when page is activated. Please enable JavaScript to view the site. The first period (from the 1950s through the 1970s) was a time of constant innovation. But innovation in chemical industry doesn’t stop at chemistry and manufacturing. Compra Innovation in the Chemical Industry. Specifically, it investigates the impact of regulatory stringency on innovation in the chemical industry by analyzing the evolution of innovative activity in highly regulated technological areas in the European Union from 1976 to 2003. Innovation in the chemical industry doesn't happen in a vacuum. Chemical companies looking to break the mold and move toward solutions should consider rethinking traditional innovation approaches focused on molecules (see sidebar, “A day in the life of an innovator”). Overview of the chemical innovation system worldwide The chemical market is a very large one, representing one trillion US dollars in 1990, 1991, p. 104), dominated by very large companies. It has also delivered several modern innovations, from lightweight energy-saving composites for automobiles and airplanes to nanomaterials with groundbreaking applications in the technology, healthcare and energy industries, to name a few. Application scouting is a part of competitive intelligence which is applied as a tool for making competitive strategies for companies. Application scouting: Innovation in Chemical Industry – Competitive Intelligence is an information-gathering and analysis process that helps a company develop its strategy and identify competitive gaps. Do not delete! It is well recognized that there is a high degree of variability in innovation performance, and companies have thought hard about the drivers of success. By continuing you agree to the use of cookies. Accenture research shows that by 2025, digitization could unlock up to $550 billion of value for the chemical industry. NPD & Innovation in the Chemical Industry. For now, focus on smaller, achievable near-term goals to generate new growth. The traditional methodology for innovation in the chemical industry has created value, but significant work may be required in our increasingly agile and digital world that’s being disrupted. Collaboration with value-adding customers in form of strategic patnerships is important to identify relevant product solutions and market trends. Copyright © 2020 Elsevier B.V. or its licensors or contributors. The objective of chemical R&D is to enable product and system innovations by putting market trends and ideas from science into practice as rapidly as possible. Navigating innovation in the chemical industry has been saved, Navigating innovation in the chemical industry has been removed, An Article Titled Navigating innovation in the chemical industry already exists in Saved items. In the run-up to CIEX 2019 we asked our speakers to share their thoughts on the industry’s innovation efforts and what must be done to successfully prepare for the future. Chemical companies that seek to survive the recent challenges ahead should reevaluate their traditional approaches to innovation. Moreover, the Regulation has enshrined the substitution principle within the industry’s regulations, ensuring the most dangerous chemicals will be replaced by more suitable alternatives. The chemical industry’s new value propositions While chemical companies are facing broad economic and social challenges, they can exploit these new value propositions to capture 21st century consumer-driven opportunities. The underlying reasons for the struggle of chemical companies are related to the number of projects and long decision paths before an innovation is actually implemented. This goes from innovation in business processes, such as improved human resource processes to select better talents, to new innovative business models of a company, e. g. separate commodity businesses. ScienceDirect ® is a registered trademark of Elsevier B.V. ScienceDirect ® is a registered trademark of Elsevier B.V. The chemical industry directly or indirectly touches over 95 percent of all manufactured products. We use cookies to help provide and enhance our service and tailor content and ads. Braskem’s European CEO, […] ICL’s innovation strategies in a conservative chemical industry in such volatile times; Hear how DOW is decreasing its fossil dependency and reducing CO2 emissions through alternative energy sources; Novozymes top to down approach on creating and piloting an NPD strategy and knowing where to invest the resources available VINNOVA´s publications are published at www.VINNOVA.se Title: Chemical Industry Companies in Sweden Author: Johanna Mossberg - SP Technical Research Institute of Sweden Series: VINNOVA Analysis VA 2013:01 ISBN: 978-91-86517-79-3 ISSN: 1651-355X Published: February 2013 Publisher: VINNOVA - Swedish Governmental Agency for Innovation Systems/Verket för Innovationssystem The drivers that have been considered touch on strategy (“Which megatrend is for us?”), finance (“Should we spend more?”), organization (“How have we structured our R&D?”), and capabilities, including the degree of technology and market knowledge the company deploys.We bel… This box/component contains JavaScript that is needed on this page. DTTL (also referred to as "Deloitte Global") does not provide services to clients. Most of these were plastics and polymers, many derived from hydrocarbons, particularly petroleum. Agilis Collaborates with UL to Simplify Chemical Material and Ingredient Sourcing October 01, 2020. Our infographic explores a winning formula for innovation in the chemical industry. With some strategic rethinking and a focus on near-term action, chemical companies that transform the established innovation practices can position themselves to synthesize sustainable growth. See Terms of Use for more information. Success in innovation is therefore determined by our ability to provide products that give our customers a competitive advantage in their respective market place. While innovation can be a strategic necessity, we do understand that it may not be a priority as you begin recovery in the current business environment. Duane Dickson is a vice chairman and principal in Deloitte LLP’s Energy Resources & Industrials industry group, as well as the US Oil, Gas & Chemicals sector leader and the Global Energy, Resources & ... More, David Yankovitz is a principal at Deloitte Consulting LP and a Chemical practice leader with more than 25 years of experience developing strategies and innovations leading to the sustained growth and ... More. A study conducted by IW Consult and the management consultants Santiago for the VCI looks at what strengthens and what hinders innovation in the chemical industry in Germany. https://doi.org/10.1016/S1570-7946(06)80020-9. Data research on innovation in the chemical industry reveals that 49 percent of chemical organizations recognize that establishing an innovation culture is a challenge for their organization. It has drastically redesigned and reenergized its new-product-development approach, and at the same time has emerged as a chemical-industry leader in business-model innovation. It could entail capitalizing on innovation by leveraging the advances in digital and materials science technology, collaborating with ecosystem partners, and focusing on business model acuity. The State of Innovation in the GCC Chemical Industry Innovation - a key priority now and in the future For the vast majority of GPCA member companies participating in the survey, innovation continues to be a top priority (79+ %) and is expected to remain so over the next 10 years (85+ % cf. Instead, it has made a significant push in innovation to strengthen its growth momentum. More innovation is happening in the semiconductor industry today than at any time since Silicon Valley’s earliest days. Every process across a company in chemical industry can possibly be transformed by innovation. Certain services may not be available to attest clients under the rules and regulations of public accounting. Talk Technology Podcast delves into the trends that make the global chemical industry tick and how its progressive use of technology appears to be … In order to provide leading-edge products and solutions, capturing technological excellence by cooperation is crucial. Innovation In The Chemical Industry: Real-World Examples Stefan Guertzgen A recent S.M.A.C. BASF Innovation Labs, which works on research and development for innovation in the chemical industry, is focused on connecting internal groups with its value chain, including end users. The digital revolution could move the chemical industry toward new business models, driven by digital ecosystems that combine products and services, enabled by technology. Untold billions of dollars are in play. Our infographic examines how the chemical industry can drive efficiencies, balance the collaboration formula, and implement artificial intelligence and machine learning to unlock valuable opportunities: Explore the full infographic to dig deeper into the role of advanced digital technologies and innovation in the chemical industry. Copyright © 2006 Elsevier B.V. All rights reserved. 2.1 Innovation in chemical industry That innovation leads a company to sustainable growth, success and value is generally acknowledged. About 80% of all chemical products are passed on as semi-finished products to other branches of industry, such as the automotive, construction, or microelectronics industry. Discover Deloitte and learn more about our people and culture. Agilis Chemicals, a leading provider of commerce platform for the chemical industry, announced today a collaboration with UL, a leading safety science company. 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