In 2024, the chemical industry companies are witnessing a surge of innovation and the introduction of new products and technologies. Here are some of the notable developments:
1. Green Chemistry and Sustainability: There is a significant focus on green chemistry, which aims to minimize the environmental impact of chemical processes. This includes improving predictions and outcomes in green chemistry, reducing plastic waste, developing alternative battery chemistries, and creating more sustainable catalysts.
2. Battery Recycling: Lithium-ion battery recycling is gaining attention and is expected to grow in 2024. The U.S. and Europe are accelerating development in this space, with initiatives like the Inflation Reduction Act (IRA) qualifying EV batteries recycled in the U.S. for domestic manufacturing subsidies.
3. Bio-based Feedstocks: The Biden administration has set goals to displace 90% of plastics with bio-based alternatives over the next two decades, indicating a significant shift towards sustainable materials.
4. Localizing Supply Chains: There is a trend towards building more resilient and localized supply chains, which is crucial for circular economy solutions and minimizing risks associated with feedstock sourcing.
5. Sustainability and Trust: The chemical industry companies are increasingly focusing on transparency and collaboration to build trust with stakeholders. This includes differentiating products and brands by increasing transparency and improving collaboration with stakeholders, especially in response to concerns like PFAS (per- and polyfluoroalkyl substances).
6. Advanced Technologies: Investments in advanced technologies such as artificial intelligence and machine learning are expected to support applications in the chemical industry companies, with a focus on sustainability and efficiency.
7. Electric Vehicles and Transport: The adoption of battery electric commercial vehicles (BECVs) is forecasted to contribute to the decarbonization of the transport sector, with significant sales penetration expected in 2024.
8. Renewable Energy and Clean Technology: The clean energy technology sector foresees a 15% increase in investments in 2024, focusing on decarbonization opportunities related to using low-carbon electricity resources and reducing materials consumption.
9. Industry 5.0: This concept focuses on human-centricity, sustainability, and integrating advanced technologies, representing an evolution of Industry 4.0. It emphasizes the synergy between humans and machines to drive sustainable business growth and societal well-being.
10. Digitalization: The chemical industry companies are also experiencing a transition towards proactive and predictive models in areas like water treatment, ensuring sustainable practices that are efficient and resilient.
These developments indicate that the chemical industry companies are not only responding to global challenges but also leading the way in innovation for a more sustainable future.
