Future Growth Potential Enhanced by Growth Opportunities in Innovative Digital Business Models
The chemicals and materials sector is focused on restructuring business processes using advanced digital technologies in keeping with similar trends being pursued by all major industries.
The publisher's November 2019 report: Global Digital Transformation in Paints and Coatings, 2019, found that leading coating formulators have invested significantly in digital initiatives across all domains. However, most companies in the global adhesives and sealants industry are still in the early adoption stages of digital transformation in many domains and have put digitalisation to use in only a limited number of digital domains. Company research suggests digitalisation provides several growth opportunities for companies in the adhesives and sealants industry.
This report tracks the industry’s transformation and seeks to identify future opportunities for digital technology. The use of innovative digital technologies in business models will enable easier management of key operations, deep and wide databases, customer interactivity, and diverse applications and verticals. Such innovative business models are expected to take center stage in the next 5 to 7 years in the global adhesives and sealants industry.
Nearly 50% of revenue from the global adhesives and sealants market is contributed by a small number of large global participants while the rest of the market is fragmented among several smaller companies. Of which, 7 of these 10 companies mostly operate in the formulation and sale of adhesives and sealants. The way in which digital technology will affect these companies will be strongly influenced by the specific requirements of the adhesives and sealants industry.
The findings in this report will be presented using the same 7 domains identified in the previous study. These domains are as follows:
- Digital Innovation investigates the use of digital technology in research and development and new product innovation.
- Digital Sourcing tracks the use of digital technology in the process of finding and procuring raw materials.
- Digital Business Models covers strategies designed to make a company’s general business processes more digitalised.
- Digital Plant looks at how adhesives and sealants plants themselves can benefit from digital technology.
- Digital Product investigates the potential for adhesives and sealants (as a product) to be complemented by a digital offering.
- Digital Customers looks at how digital transformation within the key end-markets (customers) is transforming their demand for adhesives and sealants.
- Digital Marketing tracks the use of digital technology in marketing products to potential customers.
In summary, this study will explore:
- The enabling technologies behind digital transformation
- Current activity among adhesive and sealant formulators and raw materials suppliers in the 7 digital domains
- Future scenarios for adhesives and sealants in an increasingly digital world
