According to analysts, the demand for the Internet of Things (IoT) in the chemical industry is growing because of the mounting need for efficient and augmented chemical production. According to a recent report by Global Forecast to 2024, the IoT in the chemical industry is estimated to cross USD 79.9 billion by 2024.
Chemical industry and nanotechnology will continue to develop hand in hand. Several polymers that are created within the chemical industry still fall under the dominion of this technology. Firms like DuPont have created many such polymers like Kevlar® and Teflon®.
The COVID-19 crisis has highlighted the importance of digitally connected logistics to a chemical industry’s responsiveness and emergency planning. The chemical firm manufacturers can thereby respond to supply chain and demand signals and act per the supply chain partners, government entities, and healthcare providers.
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