White Paper: AI in Chemicals
With modest growth expectations in the global chemicals market and margins continuing to tighten, the chemicals industry is facing growing pressure to transform their operations. For example, ARC Advisory Group estimates that up to 5% of production is lost to unplanned downtime.
What’s more, the cost of just three days of unplanned downtime can cost a plant more than $5 Million. Beyond their plant floor, the chemicals industry is also facing a sustainability challenge. According to the U.S. Energy Information Administration, the chemical industry accounts for about 10% of global total final energy consumption and 7% of greenhouse gas emissions. The U.S. Environmental Protection Agency continues by estimating that the chemical industry has produced more than 800 million tons of greenhouse gas emissions since 2011.
There is a growing need for data-driven insights to control and improve process and asset utilization in the chemical sector. The good news is that most chemical companies have been capturing massive volumes of sensor data. In the next five years, IDC estimates that that operational data in the chemical sector will quadruple. Unfortunately, these companies are not utilizing that data to its fullest potential due to operational teams struggling to extract value.
Download Canvass’s latest whitepaper to learn how Chemical manufacturers can reduce downtime, improve yield and reduce energy usage within their operations.