Industry 4.0 and Chemical Industry: The Technology Enablers behind Strategic Growth of Chemical Companies

Abstract

Abstract: Industry 4.0, also known as the fourth industrial revolution, focuses on various digital transformations within manufacturing units that help them improve their connections and networks, leading to better product evaluation according to the diversified and changing market. Connections are at the heart of the golden age: the link between a company and its related departments, people and products, and global relationships between consumers, suppliers, and producers. All stakeholders must communicate effectively and agree on best practices to ensure smooth daily operations and prompt problem resolutions to maximise the power and potential of such connections. Inculcating and reviewing the applications of Industry 4.0 aspects in a Chemical Industry is the subject of this paper. The paper would assist enterprises in understanding how digitalisation will help them increase production efficiency and integrate their business. It also explains the various enabling technologies under Industry 4.0 that help capture process data from industrial devices, connectivity for data captured, and business intelligence tools to convert that data into impact. This paper also emphasises the challenges associated with promoting Industry 4.0. Methodologies for putting the fourth revolution strategy into action in the chemical industry would be efficiently carried out as a result of this.