Megatrends to propel global chemical industry achieve high growth: Deloitte

A new report by Deloitte, The Chemical Multiverse: Preparing for quantum changes in the global chemical industry, reveals actionable ways that chemical companies can leverage cultural and market changes in their product lines in order to swiftly capitalise on the future needs of the marketplace.

These cultural and market changes, called ''megatrends,'' present tremendous opportunities for chemical companies, the company said.

Current megatrends identified in the report include demographic changes, quality healthcare, new patterns of mobility, convergence of technologies, globalisation, new patterns of consumption, resource scarcity (energy, water, and food), climate change / green, and urbanisation.

The report analyses the impact megatrends play in the industry landscape and offers practical solutions for companies to use to strategically position themselves to take advantage of those trends.

According to the report, chemical companies cannot ignore the importance of capitalising on megatrends, which will create disruption and opportunity for chemical companies over the next decade. ''Companies focused on pursuing megatrends will generate growth in new markets, therefore triggering unprecedented shifts in the industry,'' said Tim Hanley, group leader at Deloitte's global chemical industry group.