The advent of continuous data collection and analysis has the potential to change the face of the chemical industry, and will create the need for platforms allowing companies to analyse a material throughout its value chain, consultants at PricewaterhouseCoopers (PwC) said.

The use of plastics in the production of light vehicles is continuing to grow, with more than $18.1bn worth of finished automotive plastic products incorporated into vehicles assembled in the U.S. and Canada last year, the American Chemistry Council (ACC) said.

Europe's chemical producers will have to fight hard for growth in 2015 in an uncertain global economic environment.