Evonik has announced that the value of its innovative pipeline increased by half a billion euros last year, placing the total value of the pipeline in the lower single-digit billion euro range.

“Our innovation campaign is bearing fruit. The constant flow of new products, applications, and business models is a major driver of profitable growth at Evonik. Innovations are to make an even larger contribution to sales and profit going forward,” said Chairman of the Executive Board Klaus Engel.

The company’s goal is for products and applications developed in the past five years to account for over 16 percent of sales, up from the current 10 percent. Evonik spent €434 million on R&D in 2015, a sum that has increased 6 percent per year on average since 2010.

“It’s an ambitious goal and we have taken additional steps in order to meet it,” said Chief Innovation Officer Ulrich Kusthardt. “We have a total of six growth fields, which we expect to contribute over €1 billion in additional sales by the year 2025.” Fields include sustainable nutrition, healthcare solutions and cosmetic solutions.