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SUSTAINABILITY IN THE CHEMICAL INDUSTRY - NEED OF THE HOUR

 “In an attempt to help treat malaria, English chemist William Perkin set out to synthesis the alkaloid quinine from coal tar about 150 years ago. He failed to synthesise quinine, but he did produce mauve, a stunning purple dye that would permanently affect everything from fundamental chemical synthesis to the design of the current trends, as well as the state of the physical environment and human health. The cornerstone of the twentieth century industrial revolution was the use of fossil fuel-derived hydrocarbons.”

To create dyes and develop practically every chemical or substance on the market, modern society continues to rely on fossil fuel-based hydrocarbons. Fossil fuels are also the primary energy source. However, it is unclear if this reliance will last indefinitely. One of the major drawbacks of this reliance is that the combustion of fossil fuels produces carbon dioxide (CO2) and other waste products such as particulate matter, which end up in the atmosphere and have serious health and environmental repercussions.

In the chemical business, sustainability is not a new concept. So, what's different now? The chemical sector is critical in addressing key societal issues like climate change, global food shortages, and how we dispose of plastic trash. Chemical firms face high expectations: in addition to reducing their own carbon footprint, they are expected to support sustainable solutions and new tactics in every industry they service. After all, the chemicals industry's innovative materials and processes enable many breakthroughs, from bringing new mobility concepts to providing inexpensive housing and guaranteeing a sufficient food supply for the world's population. However, leveraging opportunities in that new environment necessitates a shift away from a reactive, compliance-driven approach and toward generating and capturing value in a long-term manner. Strategy& and PwC have industry experts who can assist you with this.

Read More :- https://www.pukkapartners.com/insight/sustainability-in-the-chemical-industry-need-of-the-hour

Three variables that require responses impact the chemical environment and industry dialogue on sustainability:

  • Regulation: Investment in new alternative materials and processes is required to comply with recently enacted, more stringent laws such as the EU's gradual ban on single-use plastic bottles and regulations governing potentially hazardous compounds.
  • Technology: New technologies are developed at a breakneck speed. Biotechnologies and chemo lysis for recycling, as well as renewable raw materials for manufacturing, are only a few examples. These must be scalable and reasonably priced if they are to be effective.
  • Ecosystems: Existing value chains are being reconfigured as new participants, such as recyclers, pre-processors, and tech start-ups, enter the ecosystem. Established businesses will have to rethink their strategies and even reposition themselves.

Major Market Highlights:

  • Braskem launched I'm green, a recycled polypropylene brand, in the United States to enhance its circular-economy product portfolio. This was done as part of the company's efforts to move from a linear to a circular economy in the plastics industry, so that its products may be appropriately disposed of and recycled after use.
  • Eastman Chemical Company introduced Cristal EV600 Copolyester and Eastman Trva Engineering Bioplastic. Trva, a cellulose-based plastic, is used to create color-tinted and opaque packaging that performs better and has a lesser environmental effect. The material is intended to eventually replace acrylonitrile butadiene styrene (ABS) resin.

Conclusion: On the way to a sustainable future

When it comes to improving processes to address the emergence of sustainability, chemical businesses may run into problems if they try to do so on their own. Few operational stakeholders and executives have the time or bandwidth to oversee chemical manufacturing processes while also looking for and implementing shop floor innovations in an extremely competitive market.

 

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