'Reengineering Chemistry' report unveiled
Tata Strategic Management Group, the largest Indian-owned management consulting firm, on Friday presented the report on 'Reengineering Chemistry for better tomorrow'as the knowledge and strategy partner for the Industrial Green Chemistry World 2013.
The report explains the necessity and importance of Green Chemistry and Engineering practices for the current Chemical Industry.
The report builds upon the globally recognized green chemistry and engineering principles and identifies the four metrics through which companies can evaluate their current performance and take necessary actions for transition to green practices.
Based on inputs from various experts, it is estimated that India alone is responsible for approximately 20 percent of global liquid effluents amounting to 15 to 20 billion litres annually.
According to industry estimates, the global green chemistry industry which stood at USD 2.8 billion in 2011 is expected to grow at 48.5 percent annually to reach USD 98.5 billion by 2020.
The estimated direct and indirect savings for the industry would be about USD 65.5 billion by 2020.
The key industries where green chemistry applications are expected in the next decade are pharmaceuticals, fine chemicals, plastics, textiles, paints and coatings, paper and pulp, agrochemicals and adhesives. The key growth regions for green chemicals are Asia Pacific followed by Western Europe and North America
Commenting on the report, Raju Bhinge, Chief Executive Officer, Tata Strategic Management Group said, "Through this report we aim to highlight the importance of Green Chemistry and how the chemical sector needs to evolve from conventional chemistry to green chemistry and engineering. The chemical industry touches all facets of human lives and is an important source of the world's energy and raw materials requirements. Hence it is imperative that this industry implements green practices and moves away from the perception of being Dirty, Dangerous and Demanding".
Manish Panchal, Practice Head - Chemical & Energy, Tata Strategic Management Group, said, "Green Chemistry and engineering helps companies to design new products and processes with sustainability as the core principle. This helps the companies not only in improving their top and bottom line but also helps them to differentiate themselves and gain competitive advantage."
(Posted on 06-12-2013)