Unlike the recession in other industries, which is essentially cyclical, chemical companies are now experiencing major changes in the way they operate and serve their customers. Before the covid-19 pandemic, the trend of digitization in all industries was obvious, but now it is accelerating. The change of customer behavior during the pandemic may last until after the current crisis, which requires enterprises to build lasting digital capabilities. This paper discusses the deployment of industry 4.0 in the region and the world, and provides the latest development and challenges of GCC chemical industry.
Deployment status of industry 4.0 in global chemical industry
Most industries around the world recognize the role of digital technology in promoting innovation, efficiency and growth. Digitalization provides opportunities for the transformation of multiple business functions, but more importantly, it lays the foundation for further value creation. While digitization is changing most industries today, the pace of change depends on the Department that deploys digital technology. In 2020, the digital maturity of global manufacturing industry is 39% (100% indicates that all digital capabilities are being deployed and launched). According to the data of consulting firm Accenture [1], most manufacturing enterprises, including chemical companies, have passed the proof of concept stage and are now in the pilot stage or partially expanding scale. Among all industries, the industries that have made good progress include upstream oil and gas, aerospace and national defense, chemical and high-tech enterprises.
The digital maturity of the global chemical industry is 42.2%, higher than 39% of the manufacturing industry, which means that most chemical manufacturers in the world are in the stage of expanding the pilot and deploying digital solutions in various locations or functions of the company.
Deployment of industry 4.0 in GCC chemical industry
In the GCC region, companies are increasingly using digital technology to unleash new sources of competitive advantage, growth and value. At the macro level, governments in the GCC region have recognized the economic and social benefits of digitization, and have formulated ambitious plans and strategies. These include, but are not limited to, Saudi Arabia's vision 2030 and 2020 national transformation plan (also including digital space), "smart Dubai", Qatar's "connect 2020" ICT policy, and Oman's digital strategy (e-oman).
With the advent of New Coronavirus at the end of 2019, the pace of digital transformation is quickening. For GCC chemical industry, the impact related to product and service demand, supply chain disruption, and changes in labor force and customer interaction all emphasize the need for digital transformation. The pandemic has made digitization a key asset. Data is the new fuel of chemical industry, and digitalization is the competitive advantage. In the past year, we have seen several milestones for the production giants in the GCC region.
ADNOC and 24 group formed a joint venture to develop and commercialize artificial intelligence (AI) products and applications for the UAE energy industry
Saudi Aramco and Google cloud signed an agreement to build a new cloud in Saudi Arabia and launch a cloud service
Saudi Aramco and cognite have formed a joint venture to develop digital solutions for Industry in the Middle East and North Africa
Saudi Aramco and SAP form alliance to expand digital system
Saudi Aramco and magic leap signed a cooperation agreement to develop remote collaboration and 3D visualization
SABIC won the "best financial technology solution" award in 2020 for its fully digital trading solutions and its efforts in enterprise digitalization in supply chain management
In addition, GCC chemical is opening a center to accelerate its progress towards industry 4.0.
In various industries in the region, including the chemical industry, the development of digital capabilities is becoming more and more urgent. Even before the covid-19 pandemic, the GCC chemical industry scored higher in digitization than the region's total, although it was still seen as a "digital follower.". This means that most enterprises adopt proven technologies and digital models, which will still bring incremental benefits. About 80% of GPCA member companies have deployed targeted digital solutions, especially in terms of manufacturing functions, which are developed by external parties such as digital technology developers and suppliers.
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As our interviewees can see, the current situation of the chemical market can be summarized in three aspects: state-owned chemical companies are becoming more and more complex, multinational companies are generally operating in an unfair competitive environment, and the Chinese government is using its power to shape domestic industries.Executives say the sophistication of state-owned chemical companies lies first and foremost in sales and distribution: their skills are less technically complex, but they are catching up quickly.
Interestingly, only one executive believes that as SOEs become more capitalist and more interested in financial performance, competition will become fairer as they integrate into a more regulated global market.
In terms of competitive environment, state-owned enterprises have obvious advantages in obtaining government, capital, preferential license and supervision, and environmental control.Respondents said inflation - especially wages - was the biggest macroeconomic risk to profits.
The overall strategy of multinational chemical companies to deal with macroeconomic risks is to have in-depth understanding of customers, make costs more flexible, increase the number of localizations, and develop a broader portfolio to minimize the impact of changes in individual businesses or product lines.
The risk mitigation strategy of MNCs is a mixture of tactical measures, compliance and "corporate citizenship" actions, including the following methods:Show the government how the products support the five-year plan.Keep a low profile and don't confront the state-owned enterprises with political background, especially the smaller ones.Lobbying and managing relationships with government agencies.Affect industry standards and norms.Keep in touch with the local, not just at the provincial or national level.
