Innovation is the key to remaining competitive on the chemical market

| Prospects & Investment |

Experts on the sector agree that in the future the chemical industry is bound to face global problems with its competitive position, due to the cheaper resources or better access to them. However, the chemical industry may hope to improve its market position thanks to increasing innovation.

Investment in innovation

The annual expenditure on innovation in Poland is about 1.2 billion euro, or 0.53% of GNP, while the vast majority of EU countries invest about 2% of their GNP in research and development. There are some other countries where the figure is also high, namely China (2.2%), the USA (2.8%) and Japan (3.3%).

Innovation in the chemical business

The chemical sector takes the fourth place on the list of sectors with the largest proportion of companies which introduce innovative products, and the fifth place in the ranking of companies which implement new or improved processes. Products which are new or have been improved considerably have been introduced by 27.3% of Polish companies that produce chemical intermediate and consumer products. 26.3% of those Polish companies have introduced innovation in processes. In the plastics industry, the proportion of such enterprises is 15.3% and 17% respectively.

Innovation helps the export potential

The export potential of the chemical companies soared thanks to introducing innovation in the production processes. New investment in the chemical companies help to improve the export position on the global markets. This is confirmed by the statistics from 2014, when Polish chemical companies sold 8.5% chemical goods more than in the previous year!