Since last 40 years, the development in the production of chemical has been rushed out at a rapid pace showing entire yield of $171 billion in 1970 and increased heavily to reach at $4trillion by 2010.
This means that around 2000% increment has been observed in the chemical production. The industry is likely to further accelerate the revenue up to $14 trillion by the end of 2050 (growth more than 250% as compared to 2010), placing BRIC countries at leading spot and reporting above $6 trillion altogether (china would make $4 trillion all alone).
As a matter of fact, this is not a business unit that will be over. This is the world of revolution with modern lifestyles values and everything is totally or slightly obsessed over chemicals such as consumer items (soaps, detergents), medicines, petro-chemicals, colorants, beauty products and food production.
Just like drugs have adverse side effects, the chemicals also entail some severe negative attributes. According to WHO, the chemical industry is one of the major reason causes about million of fatalities and around 21 million various disabilities every year. The primary reasons for causing health related issues are severe toxics, environmental pollution and industrial exposure. The report prepared by WHO was highly abandoned due to some exclusion regarding growth of chronic patients by chemicals and exposure of chronic due to pesticides plus toxic metals such as lead and mercury.
Therefore, it has been proven that chemical poses horrible impacts over Human health and most of the time; it becomes the reason for fatalities. However, at the same time, the usage of chemicals has its imperative role in human’s lives for gaining various benefits. To this time, the eradication of chemical is more than impossible whether the renewable energy sector and other organic farming measures may continue to rise with a vigorous pace.
The chemical industry has its regulatory compliance named responsible care, which was initiated in 1985, but it is not strictly adhering by the industry for avoiding repulsive affects over the universe. The report of international Council of Chemical Association (ICCA) published in 2012 revealed that 85% of the influential chemical corporations have already enlisted to its global agreement for pursuing industry regulatory programs. The association further stated that there has been a significant growth recorded concerning to deaths, disabilities, carbon emissions and transportation incidents since 2002, and these factors are still routing to false path.
ICCAs regulatory program is supporting the vision of UN related to international chemical management aiming to enforce “green chemical management” that helps in saving the life of human and trimming down the negative impacts over the environment and human health by 2020.
That looks something improvising, but will it really works? On the basis of data, the industry still needs a long way to move on. For instance, North America single-handedly accounting 4.9 million m/t of global chemicals produced yearly which is either discharged into the environment or disposed of, as referenced to 2009 global chemical outlook.
Apart from certain impacts due to these emissions, the disrupting influence over eco-system may also cause crucial economic upshots.
The global economy has already been stumbled with an estimated cost of $546 billion in account of chemical pollution which is likely to hit 1.9 trillion by 2050. More than 57% of the given externalities are mingled with private listed companies and their supply chain system, while 314 billion can be represented by biggest public limited companies across the world.
The above facts mirroring some dreadful statistics but the chemical industry claims that situation is under control. They are very much familiar from the facts and they should treat with all the dilemmas through multilaterally.