Report highlights urgency to improve asset performance as global demand for chemicals skyrockets
PASADENA, Texas, October 21, 2021 (GLOBE NEWSWIRE) – Pinnacle, the world’s largest reliability analytics company, today released its report on the reliability economics for the global chemical industry. This report is the fourth installment in Pinnacle’s Reliability Economics series, which also includes reports for the refining, water and wastewater treatment, and metal and fertilizer extraction Industries.
âThe urgency to improve asset performance is very real in this sector of the global economy,â said Jeff Krimmel, chief strategy officer at Pinnacle. âIn addition to seeing two consecutive years of declining revenues and profits, our analysis found that the productive asset base of some of the world’s largest chemical companies is stagnating, indicating the deterioration of asset productivity in the world. ‘industry. As the global economy continues to recover from the initial shock of COVID-19 and skyrocketing demand for chemicals, facilities must find a way to generate more profit on their existing machinery and equipment. “
Using data from the World Bank and the United States Bureau of Labor Statistics, the report analyzes reliability spending at 18 major publicly traded chemical companies, including Air Liquide, Dow and LyondellBasell. Further, the report analyzes the economic value added by the chemical industry country by country as well as the impact of chemical prices on the supply and demand dynamics of the industry. Pinnacle analysts estimate that the global chemicals industry spends about $ 236 billion annually on reliability initiatives, more than four times what the mining and refining industries spend on reliability.
âThe dynamic nature of the chemicals market has placed more emphasis on the need to optimize asset reliability and performance,â said Ryan Sitton, Founder and CEO of Pinnacle. âAs we have seen with the current supply chain shortages around the world, the chemical industry plays a vital role in the global economy. After years of reduced capital spending and reduced asset productivity, chemical plants are struggling to meet rapidly increasing demand with their current assets, further compounding supply chain challenges. Reliability will continue to be an essential tool for these companies to navigate today’s turbulent market and maintain long-term profitability. “
For more information or to download the report, visit pinnaclereliability.com.
Headquartered in Pasadena, Texas, Pinnacle is exclusively dedicated to helping industrial facilities in the oil and gas, chemical, mining, water and wastewater industries better leverage their data to improve reliability performance, resulting in through increased production, improved reliability and maintenance costs, and improved process safety and environmental impact. Pinnacle is privately held and has always been recognized for its growth by Inc. Magazine, the Houston Business Journal, and more. For more information visit pinnaclereliability.com.
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Customer Solutions & Marketing Manager
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