Middle East 2023 Top 5 Trends to Watch in Chemicals
2022 Round Up
2022 marked another volatile year in the chemicals industry across GCC. While the industry witnessed a rebound in demand after the pandemic, new challenges emerged in the form of high raw material costs, geopolitical turbulences and continued supply chain disruptions.
Top 5 Trends to Watch in 2023
- Investment in Circularity: Circular economy remains at the forefront with increasing focus across the value chain, including product design and recycling infrastructure.
- Focus on Value Addition: Embrace transformation through diversification; focus on value-added chemicals, evident through initiatives stemming from Vision 2030.
- Carbon Footprint Reduction: Lower emission pathways, such as carbon capture and sequestration, as well as alternate fuels like hydrogen, gain rising importance.
- China’s Rising Self-Reliance: Increasing self-sufficiency in China, a key trade partner, will result in the development of various end sectors, bringing new localization opportunities.
- Digital Transformation: The gap in the implementation of digital technologies will reduce, and there will be investments in improving supply chains, productivity and customer experience.
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