Chemical Industry Logistics Digitization in a Changing Economy
Adhesives & Sealants Industry Magazine Features article by Elemica
Elemica’s Director of Global Marketing, David Cahn, writes how chemical industry businesses will need to undergo a digital transformation to gain stability in the changing economy. David writes:
The chemical industry in the U.S. is poised for significant growth in 2019, according to the American Chemistry Council (ACC).1 “High demand for chemicals used in manufacturing will dovetail with a rise in production capacity as new chemical facilities open to take advantage of the shale gas boom,” says Kevin Swift, chief economist of the ACC. U.S. chemical output will increase 3.6% in 2019, thanks to the rise in consumer spending.
However, in looking at the global chemical market, the numbers are not as positive, primarily due to the threat of slow global economic growth. With currency fluctuations, trade tariffs, geopolitical challenges, and energy volatility, the global economy is in a state of flux. Couple these issues with a focus on sustainability, and the global chemical market will likely experience less growth and lower demand.
To gain stability in the changing economy, chemical industry businesses—from adhesives and sealants to paint and coatings—will need to undergo a digital transformation. Many businesses are already on a digital transformation journey; if a company hasn’t started to transform, they will need to do so immediately, or get left behind.
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