Petrochemicals
are critical to modern life; they are found in over 96% of all products from
cosmetics to electric devices and in sectors from transport to construction.
The UK
has a long history of chemical production, and the sector has been an important
exporter of products, with exports totaling £61bn in 2022. However,
the industry is challenged by high energy prices and increasing global
competition. As a result, chemical industry exports as a percentage of total
exports have been in steady decline over the last decade.
Although
energy-related emissions dominate the climate change debate, the chemical
industry is increasingly in the emissions spotlight.
Chemical production relies on the use of fossil resources, consuming
significant quantities of oil, natural gas and coal. The use of fossil
resources results in a level of greenhouse gas emissions significantly higher
than that of the aviation industry[4] and
representing up to 10% of all global emissions.
Sustainability
considerations are becoming an increasingly important driver for chemical
markets.
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