Five characteristics and four trends of the development of the global chemical industry

In essence, digitalization is part of the innovation drive, but its importance lies in the fact that the field of digitalization will replace product innovation and solutions as the main battlefield for chemical companies in the next stage of competition, and leading chemical companies such as BASF are actively embracing the digital wave as a top-level strategy. Digitalization not only reduces costs and increases efficiency, but also new business models, technology development models, and organizational models are emerging.

The general trend of the development of the international petrochemical and chemical industry is:

• Crude oil prices remain lower

• The industrial center of gravity has shifted across regional restrictions and increased differentiation

• Accelerate the adjustment of industrial structure and diversify the structure of raw materials

• Innovative development, including digitalization, is the most important driver

• Product differentiation and specialization become important trends

• Energy conservation and environmental protection are important themes for future development

• Industry consolidation and mergers to enhance their competitiveness