This overview is an attempt to position product technology as a scientific discipline that covers the area of product design and engineering. In industry a distinct difference can be observed between large-scale bulk or specification products and performance products that show a large variety and that are produced because of the specific functionality requirements of the market. In this review, first the main elements of product technology are structured. Then production plant design and operation are discussed, followed by strategies for product development, product technology R&D and teaching of product technology. In the Appendix a number of typical product technology R&D results are summarized. In our view product technology comprises more than chemical products only. Further, an important difference with process engineering is that the entire production chain is taken into account. At a first glance, the product development processes of various products are distinctly different. However, when examined in more detail, many similarities are present and a broader approach is considered appropriate. By studying the similarities and the differences the methodology of developing new products can be improved. In this way inspiring innovative products and processes can be developed and at the same time the time to market can be shortened. Further the relation with process engineering is clear: products are made by processes. In the twentieth century chemical engineering research and application was developed substantially leading to the growth of a very large industry. The recognition of the underlying physical principles of the unit operations can be called the first paradigm. The second is how the role of the physical transport phenomena in obtaining physical and chemical thermodynamic equilibrium. Will product technology become the third paradigm of chemical engineering? An outline of the challenges to be met in the first part of the twenty-first century is given at the end. They comprise, for example, the generics of product technology, process-product relations and defining performance. The authors intend to formulate a number of answers to some of these challenges in a subsequent paper.