Sustainable development to boost global chemical industry - WorldOfChemicals

Green Practices to Boost the Chemical Industry

Category : General Chemicals
Published by : Data Research Analyst, Worldofchemicals.com

 

The chemical industry is trending towards sustainability and eco-friendly practices. There is an increasing pressure on chemical companies to keep up with consumer demand, regulations, safety requirements and more importantly the adoption of environmentally friendly practices.


For chemical companies to thrive in the competitive global chemical market, it is important to adhere to green chemistry and sustainability, especially chemical manufacturers.

 

Business Benefits from Adoption of Eco-Friendly Measures


Through the improvement of resource efficiency, chemical companies can become more competitive. This would facilitate chemical companies to use inputs more productively such as energy, raw materials, and labor. This would eventually counterbalance the costs of improving environmental impact.


New regulations are notably driving changes in the chemical industry. When it comes to the design process, there is a high possibility for rejection of registration of new chemicals by the environmental agencies such as EPA, when the guidelines are not met. Investment can be saved by the chemical companies by adhering to the environmental regulations.


Downstream manufacturers, retailers, and consumers are increasingly opting for eco-friendly chemicals and products due to their lower health hazards. Chemical manufacturers can become competitive in the chemical industry through the implementation of green chemistry since customers look for chemical products, which are based on green credentials. 

 

Obstacles to Substantiality

 

Although green chemistry can give health and environmental benefits, it is still hard to identify and quantify in terms of business. It is also quite challenging to link to the economic benefits to the technical changes.


In the chemical market, there is a prevalent lack of information about the composition of chemicals and products concerned with the environment. As per metrics, benefits of adoption of green chemistry is not understood by many as most focus on scientific and toxicological features.

 

Scope


According to a report from Pike Research, the green chemicals industry is expected to grow from USD 2.8 billion in 2011 to nearly USD 100 billion by 2020. Very few chemical industries have been able to implement eco-friendly measures as green chemistry is still in a nascent state, with numerous technologies still at pilot scale or laboratory. 


The way green chemistry can transform chemical technologies, products and infrastructure is uncertain. However, there is a great potential to achieve this through formulations of lower toxicity and lesser energy usage with renewable feedstocks. 

 

Conclusion

The global chemical industry faces the challenge of transitioning toward sustainability. This shift is possible, when companies build more relations across supply chains, produce more information internally and provide more information externally as well. Innovative marketing can be instrumental in advancing the integration of eco-friendly practices into the chemical industry.