The chemicals and materials sector is focused on restructuring business processes using advanced digital technologies, keeping in line with similar trends being pursued by all major industries.
Download the “Global Digital Transformation” report here.
The report, “Global Digital Transformation in Paints and Coatings,” found that leading coating formulators have invested significantly in digital initiatives across all domains.
The research suggests digitalization provides several growth opportunities for companies in the adhesives and sealants industry. However, most companies in the sector are still in the early adoption stages of digital transformation in many domains and have put digitalization to use in only a limited number of areas.
The 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 five to seven years. Nearly 50% of revenue from the 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, even out of 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 seven domains identified in the previous study.
These domains are:
• 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 explores the enabling technologies behind digital transformation and current activity among adhesive and sealant formulators and raw materials suppliers in these seven digital domains.
Filed Under: Fastener industry news