Research and development expenditures in the chemical industry is expected to reach 70.45 billion dollars. The industry is beginning to spend more on basic research again, in the search for step-out innovations. In part, this is being driven by a need to improve returns from innovation efforts, and in part it is being stimulated by the need for advanced materials in areas such as batteries, electric vehicles, 3D printing, space exploration and satellites, robotics, electronics, and the like.
The nature of innovation has changed, and there are fewer breakthrough chemicals and compounds. Innovation is still important, but increasingly, it’s applied to enhancing functionality, customizing existing products or adapting products to new market opportunities.
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