Enabling Innovation in the Chemical Industry: A Novel Approach - White Paper
As markets expand due to globalization, chemical manufacturers are faced with the challenge of meeting the rapidly growing global demand for production at a time when production costs are increasing due to rising feedstock prices. One way for chemical manufacturers to ensure profitability in the current environment is to foster innovation through the use of advanced modeling techniques. The Chemical Industry Vision 2020 Technology Partnership highlights opportunities to address several challenges in the chemical industry through shared pre-competitive research and development activities in many technology areas, and offers a special focus on high-end modeling. In this paper we examine the available technologies in the chemical industry and highlight several areas where major advances have been achieved through innovation fostered by advanced modeling of industrial processes.