The Downstream 2022 Producer Survey showed 27 percent of players are struggling with technology and 14 percent see getting a return on their investments as a challenge
The Downstream 2022 Producer Survey was carried out among downstream companies such as Ascend Performance Materials, BASF, Celanese, Ineos and LyondellBasell. (Credit: SatyaPrem from Pixabay)
The biggest challenge facing downstream operators today is technology adoption and implementation, according to a survey released by Reuters Events today.
The Downstream 2022 Producer Survey, carried out among downstream companies such as Ascend Performance Materials, BASF, Celanese, Ineos and LyondellBasell, showed 27 percent of players are struggling with technology and 14 percent see getting a return on their investments as a challenge.
The threat of new COVID-19 variants, supply chain issues and product demand volatility also emerged as important concerns, each cited by 12 percent of the sample.
“This original research demonstrates the importance of grappling with technology and digitalisation in the downstream industry,” said Alexander Bird, global project director at Reuters Events. “Only 14 percent of the sample claimed to be leaders in this field.”
In contrast, 25 percent of respondents said they were behind the curve on technology adoption and a further 29 percent were only just beginning to understand the business case for digitalisation. Elsewhere, the research found that:
– The technologies companies are most hoping to implement are advanced analytics (cited by 15 percent of respondents), digital twins (14 percent) and artificial intelligence or machine learning (12 percent).
-The most-used technology tools today relate to project management (cited by 17 percent of respondents), automation (15 percent) and mobile working (12 percent).
– Improving reliability and operations are the two top areas for downstream investment, cited by 20 percent and 19 percent of the sample, respectively.
“The impact of technology will be a major agenda item at our Downstream USA 2022 event in Houston this June,” said Bird. “Attendees with be able to learn about this topic from industry leaders such as Baystar Polymers, Chemours, Chevron, Dow and Shell.”
The exclusive Downstream 2022 Producer Survey, produced in advance of the Downstream USA 2022 conference and exhibition at the NRG Center in Houston on June 8 and 9, is available for free download here.
For more information about Downstream USA 2022, visit https://events.reutersevents.com/petchem/downstream-usa or write to becky.christmas@thomsonreuters.com.
Source: Company Article