The client’s company is engaged in the manufacturing and marketing of a wide variety of chemicals. It is one of the largest trading companies which has an extensive product portfolio and provides products across six market segments: chemicals, materials, industrial solutions, surface technologies, nutrition & care, and agricultural solutions.
The company was facing crossroads on the factor of sustainability and didn’t understand what is the best choice of option.
The client approached Research Nester to help them understand and achieve sustainability and find proactive solutions against their burdening reliance on fossil fuels.
The company envisioned the need to choose sustainable sources of energy for their market development and needed to reduce fossil fuels in their production processes.
Methanol is often used as an industrial solvent in many different sectors, including the production of inks, resins, adhesives, and colors in the paint industry. To produce a range of goods including plastics, plywood, paints, explosives, and different press fabrics, methanol must first be transformed into formaldehyde. Methanol has a wide range of industrial uses as an intermediary, solvent, or indirect raw material, including colors, biodiesel, explosives, and medications (derivative). The uses of methanol are not restricted to certain sectors as it can be transformed into a variety of compounds, including formaldehyde dimethyl ether, and others. Methanol is added to gasoline as an additive to provide the resulting combination of high-octane ratings with fewer emissions than regular gasoline. Most of the methanol produced is from natural gas which is a fossil fuel.
Our clients had about 9% less expenditure on research and development compared to rivals in the sector, which were growing quickly. The number of raw materials on hand was also insufficient owing to the increased demand. The geographical growth was constrained by the supply chain's fragility. The decrease in production led to a more than 5% decrease in revenue. Lack of diversification in business segments was the main reason behind the reduction in 10% sales in the past few years. Furthermore, our client desired to develop sustainable products and focus on core business.
Within the duration of 6 months, our client is devoted to providing high-quality products and application-based expertise to customers throughout the world.
The Company's broad product portfolio serves a diverse set of end-user applications, which includes chemical additives, automotive, construction, industrial adhesives, consumer and medical, energy storage, food and beverage, filtration, industrial and textiles, paints and coatings, paper and packaging, performance, paints, and coatings.
The business's annual capacity to produce methanol expanded to around 3.5 million metric tonnes. The business is currently one of the top three global market leaders in the manufacture of MTBE, Glycols, Methanol, Polycarbonate, Polyethylene, and Polypropylene. Through green methanol technological advancements, the company now has about more than 4,000 patents and a team of 500-plus technology experts worldwide.
To get equipment and thorough technical designs, the firm formed a joint venture with a major chemical company under the direction of our team. The company has a global presence with six manufacturing sites and 241 additional production sites across 90 countries globally.
In 2022, the company announced that they have successfully developed the process for climate-friendly methanol. Furthermore, through strict carbon control, the corporation hopes to achieve net-zero emissions by 2050. In addition, the company has established a goal for 2025 of selling USD 27 billion worth of goods that significantly contribute to sustainability in the value chain.