As Singapore positions itself for the next phase of sustainable growth in the Energy and Chemical Industry, it aims to continue to be a role model for its neighbors in the area of sustainable development.
Proprietary manufacturing processes are key to the competitiveness of chemical companies. Billions of dollars are invested in automation and technology, which in turn brings about reliability, cost and operational efficiencies. With the current revolution in digital technology, the Industry can leverage on this revolution to retrofit or redesign their equipment that are employed in the operations, to improve performance.
Being one of the most energy intensive industries, the Energy and Chemical Industry is constantly on the lookout for new ways to be more energy efficient. With the increasing concerns on climate change and decline in global resources, it has become increasingly crucial for the Industry to be sustainable. New technologies are being employed to reduce the energy consumption of the plants and new sources of feedstock are being developed to meet the global resource constraints. The Singapore government is also actively encouraging the adoption of energy efficiency improvement projects through grants and awards.
Research and Development (R&D) is particularly important for the Energy and Chemical Industry. Innovations do not only benefit the Industry but the downstream industries as well. In addition, customers no longer require only bulk chemical products but more customized and specialized solutions to meet their needs. As the Industry moves from products to customized solutions, chemical companies are strengthening their presence by setting up R&D facilities, leveraging on Singapore’s well-developed capabilities and facilities, not to mention its strategic location.
Singapore will continue to support the Energy and Chemical Industry, ensuring the city state retains its status as a major global hub for the sectors. To achieve this goal, initiatives such as the enhancement of Jurong Island infrastructure and introduction of alternative feedstock are launched. These developments will ensure that the energy and chemicals companies continue to find Singapore the ideal energy and chemical hub in the region for their future growth strategies.