POLYMER giant Covestro has launched a dynamic digitalization program in China as the Chinese government advances a strategic plan on the Industrial Internet of Things.To get more chinese business news, you can visit shine news official website.
Covestro senior executive Daniel Meyer, revealed the company has pushed forward its initiative, Digital@Covestro, in response to the call of the country as a “Chinese company.” Meyer believes Covestro sets an example to the chemical and material industry to realize the Industrial Internet of Things’ business as they are leading producers of raw materials for polyurethane.
Although the Industrial Internet and digitalization, termed by Covestro, have different signifiers, the signifieds are similar. Both of them stress the combination of the Internet of Things, Big Data, Machine Learning, Smart Factory and artificial intelligence with traditional industry. Data and computing power are becoming increasingly important to them. They herald the advent of Industry 4.0, a new Industrial Revolution. Thus the digitalization led by Covestro will provide references for the chemical and material industry to transform and upgrade.
Covestro regards digitalization as a transforming factor for the polyurethane industry because it opens up many new opportunities for the entire chemical and plastic industry.
“It enables step changes in enterprise intelligence, agility, automation personalization and customer engagement,” said Marius Wirtz, Senior Vice President of Covestro.
Klaus Schafer, Chief Technology Officer of Covestro added, “Today, digital solutions contribute significantly in making life easier and simplifying work. They have become standard in everyday life. Digitalization has a huge impact on chemical and material industry, too. With new digital applications, we at Covestro want to make production process even more efficient and sustainable.”
The Accenture consulting firm and the World Economic Forum concluded in a joint study that digitalization’s economic gains in the global chemical and material industry, from 2016 to 2025, are expected to be US$310 billion to US$550 billion. According to McKinsey Global Institute (MGI), China’s digital technologies are set to transform and create 10 to 45 percent of industry revenue by 2030.
“China is not only our single biggest market, but also at the forefront of digitalization. The Chinese government strongly supports the transformation of its economy towards innovation, and the whole country is progressing rapidly down this path,” said Meyer, who is Head of Polyurethanes at Covestro. “We are determined to be part of this transformation, utilizing our experience in this market and applying new learnings on innovation to solve some of the world’s biggest challenges. We intend to lead the digitalization of the chemical industry with the same speed and skill that China has achieved in digital development over the last few years.”
On the occasion of PU China 2018, German materials manufacturer Covestro held an “Innovation PLUS” conference to showcase how one of the leading producers of raw materials for polyurethane is seizing the opportunities of digitalization in China and beyond. The company launched the “Digital@Covestro” initiative and it is working on future-oriented, customer-centric solutions|