The market for safer chemicals is estimated to have 24 times the growth of conventional chemicals market worldwide, from 2011 to 2020, according to a report from independent research firm Trucost.
The Green Chemistry & Commerce Council and the American Sustainable Business Council commissioned the research.
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.
Among the findings:
- 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.
In an Environmental Defense Fund blog posted last month, the nonprofit identifies a blueprint for safer chemicals in the marketplace that it says it has discovered in working with Walmart and other businesses. The blueprint lists five things companies can do to ensure safer products.