The use of advanced modeling and simulation tools for both design and operations has long since become routine in industry, and their development has been well documented at previous FOCAPD meetings. Nevertheless many long-existent needs and new requirements are not met, and both the enabling technologies and application of these tools continues to evolve. This paper provides an industrial perspective on the current state of modeling and simulation technology, with an emphasis on recent developments, emerging technologies, and new industrial applications that promise to have a significant impact on industrial practice and economic effectiveness, as well as gaps requiring further research. Three main subject areas are covered. The first is physical property modeling, the technology for representing the properties and phase behavior of material. The second is systems and architectures for modeling and simulation. The third is design environments that enable effective use of models.