Midland, MI - October 18, 2005
Dr. Rich Myers, vice president of Research and Development for Performance Chemicals and Thermosets, The Dow Chemical Company, presented the keynote address at the Joint China/Japan/U.S. Chemical Engineering Conference on October 10, 2005.
In his keynote address titled, "The Chemical Industry in the 21st Century: Challenges and Strategies for Success," Myers described key challenges in the global chemical industry and how these challenges present opportunities for innovation.
Myers highlighted critical issues facing the industry today and in the future -- including rising energy and feedstock costs; the cyclical nature of the industry; commoditization and the need for innovation; and the heightened regulatory standards facing the chemical industry today.
"The most powerful innovation is innovation that creates true value as defined by the customer," said Myers. "The next blockbuster product or technology will be something that solves a major want or need of customers and consumers -- that will create entirely new categories of their own. To achieve this kind of innovation depends on the ability to identify market gaps and needs of significant value, and then innovate into those gaps."
Myers cited seven examples of opportunities for innovation:
- Alternative feedstocks and routes, which could allow production of chemicals and plastics from raw materials other than oil and gas.
- Clean water technologies.
- Improvements in infrastructure including reliable power and more affordable transportation.
- Food technologies that improve diet and health.
- Greener products and processes.
- Products that are designed specifically for the vast number of people in the developing world, who desire a better quality of life.
- A solution for greenhouse gas generation: the development of technology for carbon dioxide sequestration or emission prevention.
He also highlighted the important role of people in innovation. "The most important component in addressing innovation is people. -- the right people, with the right competencies, in the right places, working on the right things," Myers said. "Recruiting, of course, is a top priority. Once you have attracted talented people, you have the more important challenges: orienting, training and integrating them into your organization, and deploying them onto the right projects so they are productive quickly."
To illustrate, Myers pointed out that in August Dow announced plans to build a new R&D Tech Center in China in Shanghai, which could house more than 1,000 employees. The center will include a state-of-the-art R&D facility, as well as a global information technology center. The location was chosen because it is close to customers, offers excellent infrastructure and gives Dow the ability to recruit top talent from across China to Shanghai. Scientists and engineers at the R&D Center will work on market-driven scientific and technological innovations, enhance current product platforms and create the product platforms of the future.
"I believe our industry and our science hold the key to meeting many of the challenges the world faces today. The chemical industry can be a catalyst for profitable and sustainable growth, and achieve favorable public perception in the 21st century. We are an integral part of society and we are part of the solution to the challenges and opportunities that lie ahead," said Myers. "We are a $2.2 trillion industry today and growing. Our three countries - the U.S., China, and Japan - each play a substantial role in the world of chemicals and the overall economy of the world. Together we have the skills to meet the many challenges facing our industry."
The sixth annual Joint China/Japan/U.S. Chemical Engineering (CUJCHE) provides an international forum for chemical manufacturers involved in research and development to exchange information and ideas. Held in Beijing, China, October 10-13, the CUJCHE conference is sponsored by The Chemical Industry and Engineering Society of China (CIESC), The American Institute of Chemical Engineers (AIChE), and The Society of Chemical Engineers, Japan (SCEJ).
A copy of Myers presentation is available on Dow's website at http://news.dow.com/speeches/index.html.
About Dow
Dow is a leader in science and technology, providing innovative chemical, plastic and agricultural products and services to many essential consumer markets. With annual sales of $40 billion, Dow serves customers in 175 countries and a wide range of markets that are vital to human progress: food, transportation, health and medicine, personal and home care, and building and construction, among others. Committed to the principles of sustainable development, Dow and its 43,000 employees seek to balance economic, environmental and social responsibilities. References to "Dow" or the "Company" mean The Dow Chemical Company and its consolidated subsidiaries unless otherwise expressly noted.
For Editorial Information:
Catherine Maxey
The Dow Chemical Company
(989) 636-4506
