A new US report finds significant market growth potential for safer, less toxic chemicals. The report from Trucost, an independent research firm, builds a strong case for the growing market potential for safer chemicals based on an in depth examination of economic research, market trends, and interviews with business across the value chain. The research was commissioned by the Green Chemistry & Commerce Council (CG3) and the American Sustainable Business Council (ASBC).
The report entitled, Making the Business & Economic Case for Safer Chemistry, evaluates the potential business and economic value of safer chemistry. This includes reducing the use and generation of hazardous substances, reducing the human health and environmental impacts of processes and products, and creating safer products. The research included interviews with 17 industry experts, as well as a review of literature and available data on the business and economic opportunities achievable through safer chemistry and the business and economic value at risk from not adopting safer chemistry.
Report Key Findings:
- The market for safer chemicals is estimated to have 24 times the growth of conventional chemicals market worldwide, from 2011 to 2020.
- A growing market demand for safer ingredients across various products, including personal care, cleaning products, baby products, apparel and footwear, healthcare, electronics, building materials and furnishings.
- Potential financial costs of conventional chemistry, including regulatory fines, loss of access to markets, and social costs of accidents and incidents are driving the market for safer alternatives.
- Job growth in safer goods and services is well ahead of conventional chemical industry.