Best Sustainable Practices in the Chemical Supply Industry

Industrial chemicals are currently a core need that supports massive industries, be it agriculture, textiles, adhesives, construction, pharmaceuticals, energy, electronics,  cleaning, and many more. But, it is also not deniable that the chemical supply industry also plays an essential role in contributing to climate change. Industrial chemicals emit nearly 18% of global carbon dioxide (CO2), impacting swiftly the climate and raising environmental concerns. This industry is also a major source of Sulphur dioxide, a gas responsible for many respiratory problems.  Thus, there is a critical need to use alternative, yet eco-friendly methods to sustain life on Earth. The chemical industry is seeking more eco-friendly and sustainable ways to mitigate its worldwide impact.  The goal is to become more aware of the emerging trends & best practices in sustainable manufacturing industrial-grade chemicals, keeping in mind the planet’s health. 

6 Emerging Trends in the Chemical Industry:

Rising of Green Chemistry

 The overall rise in the creation of green industrial chemicals has significantly increased its market size to $8.67 billion in 2020, and it has a projected value of $13.52 billion by next year (2025). That means the manufacturing rate will only grow its market size with sustainable chemical practices.  

Increased Demand for Bio-Based Chemicals

 The demand for bio-based chemicals is on the rise, which is driven by various factors such as concerns over petrochemical dependency. Governments of every country worldwide are focusing on sustainable, eco-friendly practices for every manufacturing sector.  Government regulations are presently promoting 21st-century sustainable goals. The sudden rise has been seen in consumer preference, which has now shifted to eco-friendly products. The global market for bio-based chemicals was previously valued at $ 61.9 billion in 2020. The estimated value is to reach $ 97.2 billion by 2025. 

Circular Economy Initiatives

Chemical companies are increasingly adopting circular economy principles, which focus on reducing waste and maximizing the efficient use of resources through recycling, reuse, and remanufacturing.  According to the Ellen MacArthur Foundation, circular economy initiatives could unlock economic benefits worth $ 4.5 trillion by 2030, Which itself is a huge number. 

Global Pressure and Compliance

 Governments globally are under pressure regarding increasing concerns about climate change. Every year various meetings are held on a worldwide basis and almost every country is obliged to attend them.  For instance; at Summits of UNFCCC(United Nations Framework Convention on Climate Change). Governments worldwide are implementing stricter and bolder regulations that aim to reduce carbon emissions, mitigate waste resource generation, and promote sustainable materials.  Compliance with these regulations is becoming a key driver for sustainable practices in the chemical supply industry. 

Growing Consumer Awareness and Rising Demand

Consumers nowadays are becoming more aware of environment-related issues and are actively searching for and seeking out products that are produced sustainably and have minimal environmental impact.  This trend is driving chemical supply companies to focus on innovations and forcing industries to develop more eco-friendly alternatives to traditional products. The demand will continue to increase and is expected to take over all the traditionally prepared, harmful chemical-related products. 

Huge investments in renewable energy resources

Chemical supply companies are increasingly investing in renewable energy sources in order to provide power to their operations.  According to a report by the International Renewable Energy Agency (IRENA), the global renewable energy capacity reached 2,799 gigawatts by the end of 2020, with investments in renewable energy totaling $303.5 billion in 2020, despite the challenges posed by the COVID-19 pandemic. The growing importance of sustainability and innovation and the various trends driving the phenomenal transformation in the vast chemical supply industry.

Some Recommended Sustainable Practices Are:

 

Waste Less, Produce Systematically:

It is now to be seen that the chemical supply industry is focusing on wasting less and producing more of the same quantity to become more efficient and responsible by using them carefully, leaving no leftovers. It is a great idea to use resources in systematic manner and not discharge the leftovers into lakes, or rivers or dump them on the streets in the open. 

Recycling is a new need:

The planet is limited having definite ends. If it starts, it ends somewhere, businesses can’t just manufacture and distribute these industrial-grade chemicals and leave the leftovers behind. Reusing and recycling the ingredients is a good option to carry forward. It is not new that the earth’s rising temperature is killing millions of flora and fauna species, killing millions of marine species, and micro-organisms. Various research papers have revealed that if the degrees exceed the temperature rise limit and cross 1.5 degrees Celsius temperature, then there is no comeback. The earth is on the brink and is dire need to take actionable steps.  

The secret of innovation:

The chemical industry can influence and motivate other industries to fully adopt ESG (environmental, social, and governance) advancements because it is a significant player in the manufacturing value chain. The chemical sector might benefit from its important position by leveraging innovations to address the implementation difficulties of ESG. Innovations that can replace plastics, minimize plastic and deadly pollution emissions and properly recycle at the end. 

Technology:

Technology is a major help in putting sustainability profiles into practice and making them better ingredients. New technologies have the potential to completely transform the sustainability scene by giving platforms more power. In order to maintain and enhance ESG profiles, innovate, and deal with sustainability concerns specific to a given area, research, and development can assist in providing AI-based sustainability solutions and innovative ideas. 

Making maximal use of outside funding sources for innovation:

Although there may be costs associated with using technology, it can play a significant role in enabling ESG compliance. Companies are frequently discouraged from adopting ESG standards due to the associated costs. Nevertheless, governments all over the world are acting to support industries in their ESG reforms by offering significant financial support at the national and international levels. Businesses ought to seize these external funding options because sustained returns on ESG initiatives typically demand a longer time horizon. Companies can save expenses and eventually boost their potential for innovation by gaining access to capital. 

Conclusion:

There is a high demand for sustained products, and the demand for the same will grow extensively shortly. The world is currently witnessing the consequences of climate change and so, the awareness regarding these topics is increasingly incumbent on the young generation. They are the future world, it is beneficial and advantageous with business and environment aspects to adopt the sustainable practices in their Industrial chemical supply.