Sinopec Group may be Asia’s largest oil refiner, but that hasn't stopped the company from shifting gears and re-focusing on a more sustainable model. Moving away from oil, Sinopec Group will be delving into clean energy, environmental protection and new materials. It is these new materials, however, that will intrigue most since they will involve 3D printing.
Hoping to become "China’s DuPont," compares Shi Yan, an analyst at UOB-Kay Hian Ltd., Sinopec Group is at the forefront of a large shift that brings attention to the changing needs and wants of the world. With the huge drop in oil prices, this comes as no surprise. Yet the environmental demand for sustainable living is also a huge driver behind the decision made by Sinopec Group and many will most likely follow suit.
Sustainable Business Shifts
Sinopec Group Moves Away from the Oil Market to 3D Printing
Trend Themes
1. Clean Energy Transition - Sinopec Group's move away from oil and into clean energy presents disruptive innovation opportunities for renewable energy companies to collaborate with traditional fossil fuel companies.
2. Sustainable Material Innovation - Sinopec Group's venture into new materials through 3D printing creates opportunities for other industries to explore sustainable material innovations for their products and processes.
3. Environmental Protection Solutions - Sinopec Group's shift towards environmental protection presents a window of opportunity for companies to offer sustainable solutions to mitigate the impact of industrial activities on the environment.
Industry Implications
1. Renewable Energy - Sinopec Group's transition to clean energy opens up collaboration opportunities for renewable energy companies to work with traditional oil companies to accelerate the expansion of renewable energy sources.
2. Additive Manufacturing - Sinopec Group's move into 3D printing serves as an inspiration for the additive manufacturing industry to explore sustainable material innovation using advanced manufacturing technologies.
3. Environmental Consulting - Sinopec Group's focus on environmental protection creates new business opportunities for environmental consulting firms to provide services that help companies incorporate sustainable practices into their operations.