Deep Dive into the chemical industry: What defines its …
Jan 4, 2024 · The chemical industry is crucial in the energy transition, tackling emissions and enabling renewable technologies. The industry's transformation focuses on increased responsibility, resilience and productivity, striving for sustainability and greater societal impact through collaborative efforts.
2023 has defined the transformation of the chemical industry
Jan 4, 2024 · As we enter 2024, we examine how these issues will affect the chemical industry. As competition intensifies, organizations must remain focused on sustainability. Recently, the IMF announced the global economic growth rate to be 3% for 2023.
Next decade will define transformation of chemical industry
Jan 4, 2024 · The chemical industry cannot change its image without a deliberate and significant sustainability transformation. This agenda must be both broad and deep. The magnitude of investments required to become more sustainable is daunting and the challenge is to pace initiatives and investments that balance progress on sustainability objectives with ...
3 trends that are changing the chemical industry in 2024
Jan 4, 2024 · Global collaboration across the whole chemical industry and value chain would be paramount to ensure the right regulatory framework. As well as agreement on the Science Based Targets initiative (SBTi) targets for the sector to support a mass balance approach that enables the right regulatory framework (supply/demand/financial side).
How the chemical industry can usher in a circular economy
Mar 29, 2023 · While the chemical industry’s transition will not take place overnight, industry leaders are already making headway on the complex, multi-decade effort required. SABIC has developed a two-phase plan to achieve its carbon neutrality goals — and the approach could offer a template for others to follow suit.
Net-Zero Industry Tracker 2024 | World Economic Forum
Dec 12, 2024 · This is primarily due to the industry prioritizing addressing supply chain disruptions and commodity price volatility. – The absolute emissions 456 for primary chemicals has seen 6% 457 rise in the 2019-2023 period, driven by an increase in demand for ammonia by 4%, methanol by 19% and high-value chemicals by 9%. 458
This new collaboration will move the chemical sector closer to net …
Jan 30, 2024 · Decarbonizing chemicals is critical to the fight against climate change and collaboration is a powerful tool. The industry generates about 2% of global CO2 emissions, but it consumes 14% of all oil and 8% of all gas supply as feedstock and fuel and is, therefore, one of the largest consumers of fossil carbon supply for material us
COVID-19 is challenging the way we think of chemical industry …
Mar 17, 2021 · The chemical and advanced materials industry has been shaped by long-term, stable trends, like its pattern of feedstocks, the evolutionary perfection of technologies, the incremental capacity investments that shift the industry’s centre of gravity to new regions and balance economic cycles.
Compound benefits: Why a shared vision is key to a more …
Oct 7, 2024 · The chemical industry: How 2023 defined its transformation - and what's in store for 2024 According to the International Energy Agency , to meet global emissions reduction targets and reach net zero by 2050, the chemicals sector needs to reduce emissions by 18% by 2030, a challenge given the sector’s growth.
Why the global trade of chemicals is key to COVID-19 recovery
Dec 15, 2020 · The pursuit of efficiency has defined the chemical industry landscape in the last two decades. Between 1998 and 2008, enabled by trade agreements, harmonization of standards and regulatory adjustments, chemical companies located plants in the lowest cost locations or near the largest demand centres, while investing globally in world scale increments.