In one way or another, chemicals contribute to almost every manufactured product. The chemical industry converts petroleum and natural gas into intermediate materials, which are ultimately converted into products we use daily. With more than 20 million people employed and annual sales of $5 trillion, the global chemicals industry serves as the backbone of many end-market industries such as agriculture, automotive, construction, and pharmaceuticals. Changes in the chemicals industry are thus likely to have a ripple effect on a number of other industries.
Advancements in chemical technology are leading the way in revolutionizing the manufacturing industry. During the pre-Covid time, the global chemical industry reported revenue of $3.9 trillion and employed over 7 million people, indicating the scale and size of the manufacturing operations. The stats are impressive, without any exaggeration, but the industry is all set to break its own records. According to many projections, chemical technology will scale up a wide range of industrial operations in the foreseeable future. One prominent example of this can be the semiconductor manufacturing sector—which, indeed, serves as the mainstay of modern human civilization, supporting our dreams, from smart homes to connected healthcare.
However, to utilize the chemical technology in their best interest, semiconductor manufacturers need to deal with one pertinent problem (that has assumed diabolic dimensions after the pandemic): supply chain disruptions. Given that chemicals need to be stored at a specific temperature and pressure, and that too for a limited timeframe, any logistical delay can be catastrophic.
In this edition, we aim to provide readers with comprehensive insights into the current chemical tech space and how it is evolving every alternate day.
Let us know your thoughts.
