As one of the oldest business sectors, the paint and coatings industry faces a significant challenge: commoditization. It’s a difficult truth that groundbreaking scientific innovation (rubber and polyethylene, to name a few examples) is less common today. As a result, it should come as no surprise that companies operating in this segment are working hard to develop alternative ways to differentiate themselves from growing competition.

In fact, competitive differentiation is driving digital transformation efforts in nearly 58 percent of chemical companies globally, making the paint and coatings segment of the chemical industry a leader in digital technology implementation and predictive analytics that fuel sustainable competitive advantages. After all, commoditization challenges market players to take a holistic approach to innovation in the form of a service-oriented business model.