The petrochemical and chemical industry was the first science-based high-tech industry in the world, and the first to establish industrial research facilities.
Chemistry plays a crucial role in creating a prosperous, healthier, happier and more accessible world around us. It touches our everyday lives in any conceivable way. From fertilizers and vaccines to fireproof fabric and penicillin, chemistry innovations provide a solution to some of the greatest challenges faced by humanity. Without chemical innovations the world would not be the same place.
Globally, the chemical industry is beginning to spend more on basic research, driven by the need to improve returns from innovation efforts and stimulated by demand for advanced materials such as batteries, electric vehicles, 3D printing, space exploration and satellites, robotics, electronics, and their like. Industry innovation strategy has been shifting towards customer-led applications, leading to incremental advancements.
Every dollar invested in R&D by the chemical industry generates two dollars in increased operating income
From a sample of 15 organizations for Economic Cooperation and Development (OECD) countries, including the United States, it is estimated that a 1% increase in R&D spending could grow the economy by 0.61%. This means that as countries invest more in R&D, their economy will grow faster. In chemical industry, impact of research and development has been quantified by the Council for Chemical Research (CCR). Based on their study, every dollar invested in R&D by the chemical industry generates two dollars in increased operating income.
The GCC is currently home to 14 world-class innovation centers dedicated to chemical exploration and the creation of new products with innovative applications.
The industry in the GCC enjoys the fastest growing R&D investment rate anywhere on the globe. It has been spending no less than 500 million dollars on R&D investments each year since 2014 achieving a 12.4% CAGR for the period of 2010 and 2016.
GCC R&D spend in chemicals industry (2010 – 2016) in USD Million