Evonik Unveils Bold Innovation Strategy to Drive €1.5 Billion Growth Through Sustainability

Evonik Unveils Bold Innovation Strategy to Drive €1.5 Billion Growth Through Sustainability

(IN BRIEF) Evonik has launched a new innovation strategy aimed at generating €1.5 billion in additional sales by 2032. The strategy focuses on three key areas: bio-based solutions, the energy transition, and the circular economy. These initiatives will help drive sustainability and contribute to the green transformation of industries. Evonik is investing in technologies like biosurfactants, carbon capture, and advanced recycling solutions. With continued focus on research and development, the company aims to strengthen its leadership in sustainable chemical innovation while supporting its customers’ efforts to reduce their environmental impact.

(PRESS RELEASE) ESSEN, 17-Sep-2024 — /EuropaWire/ — Evonik, a global leader in specialty chemicals, has announced an ambitious new innovation strategy designed to capitalize on emerging sustainability trends and accelerate its contribution to the green transformation of industry. The strategy focuses on three key innovation growth areas: bio-based solutions, the energy transition, and the circular economy. By 2032, these initiatives are projected to generate an additional €1.5 billion in sales compared to 2023.

Focus on Sustainability

Evonik’s new innovation strategy is closely tied to its broader goal of promoting sustainability across its product portfolio and business operations. Harald Schwager, deputy chairman of Evonik’s executive board, highlighted the importance of sustainable solutions in driving future growth, noting that the company’s new innovations will not only enhance profitability but also reduce its customers’ environmental footprint.

Evonik’s Chief Innovation Officer, Ralph Marquardt, emphasized the alignment of these growth areas with key global sustainability trends. “With our technologies, we are shaping a future worth living,” Marquardt stated. Each of the three innovation areas focuses on different sustainability challenges, from advancing biotechnology to supporting the energy transition and fostering a circular economy.

Three Innovation Growth Areas

1. Advance Precision Biosolutions:
   In this area, Evonik is leveraging biotechnology to create solutions that improve health, conserve resources, and protect ecosystems. A key example is the development of rhamnolipids, a new class of biosurfactants produced at industrial scale in Slovakia. These biosurfactants are used in a variety of applications, including eco-friendly cleaning products. Evonik continues to explore new areas for rhamnolipid application, further expanding its bio-based product offerings.
2. Accelerate Energy Transition:
   This area focuses on Evonik’s contributions to the global shift towards renewable energy and lower-carbon solutions. Evonik’s technologies in this field include carbon capture systems and advanced membrane technologies for purifying biomethane and producing hydrogen. The company has expanded its production facility for membranes in Austria and is actively researching additional membrane solutions to support the growth of the hydrogen economy. These innovations are critical to helping industries reduce their carbon emissions and improve energy efficiency.
3. Enable Circular Economy:
   Evonik’s circular economy initiatives focus on closing material loops, improving recycling processes, and reducing waste. The company is working on advanced catalyst recycling techniques and developing solutions to enhance the recyclability of materials like polyurethane and rubber. By advancing circular economy practices, Evonik aims to help its customers achieve their own sustainability goals and reduce reliance on virgin materials.

Building on Past Success

Evonik’s new strategy builds on the success of its previous innovation initiatives, which targeted an additional €1 billion in sales by 2025. As of 2023, the company had already achieved €650 million in additional sales, despite unforeseen global challenges like the COVID-19 pandemic and geopolitical disruptions in Europe. This track record of innovation and adaptability positions Evonik well to achieve its new targets.

Commitment to Research & Development

Evonik continues to invest heavily in research and development (R&D), with a particular focus on its chemical production divisions. In 2023, the company maintained its R&D spending at €443 million, despite a challenging economic environment. This investment underscores Evonik’s commitment to innovation as a key driver of growth. A significant portion of this R&D activity is channeled through Creavis, the company’s strategic research unit and business incubator, which plays a critical role in advancing long-term innovation projects.

Driving Green Transformation

Evonik’s innovation strategy is firmly rooted in its vision of a sustainable future. By focusing on bio-based products, energy efficiency, and circular economy solutions, the company is positioning itself as a key player in the green transformation of industries worldwide. As Evonik continues to develop cutting-edge solutions, it is not only improving its own sustainability performance but also helping its customers reduce their environmental impact.

As part of its ongoing commitment to sustainability, Evonik is determined to lead the chemical industry’s transition to greener, more efficient practices. With its sights set on €1.5 billion in additional sales by 2032, the company is well-positioned to drive long-term growth while making a meaningful contribution to the global sustainability agenda.

About Evonik

Evonik is one of the world leaders in specialty chemicals. The company is active in more than 100 countries around the world and generated sales of €15.3 billion and an operating profit (adjusted EBITDA) of €1.66 billion in 2023. Evonik goes far beyond chemistry to create innovative, profitable, and sustainable solutions for customers. More than 33,000 employees work together for a common purpose: We want to improve life today and tomorrow.

Disclaimer

In so far as forecasts or expectations are expressed in this release or where our statements concern the future, these forecasts, expectations or statements may involve known or unknown risks and uncertainties. Actual results or developments may vary, depending on changes in the operating environment. Neither Evonik Industries AG nor its group companies assume an obligation to update the forecasts, expectations or statements contained in this release.

Media Contact:

Dr. Bernd Kaltwaßer
External Communications: Sustainability
Tel +49 6181 59-12248
bernd.kaltwasser@evonik.com

SOURCE: Evonik