Only a handful of businesses and industries have managed to thrive during these trying times. Those that have survived either have enough financial clout to pull through, the ability to adapt and transform digitally, or provide a service that is still in high demand despite the sharp drop in consumer spending. Some examples of industries that have survived are petrochemicals and plastics.
Ask any business savvy person a decade ago about what they thought about the future of petrochemicals and plastics, and they would probably have given a bleak answer. Despite their useful application in our everyday lives, the growing global realisation of the consequences of environmental damage has put new hurdles for the petrochemicals and plastics industry to tackle.
Since the acknowledgement of climate change in the mid-1950s, concerted efforts have been made in order to ensure businesses and organisations limit the amount of pollution that their respective industries create. Plastics in particular gained an especially bad reputation due to its incredibly long lifespan and durability; which ironically is also technically why plastics are so useful.
In recent years, both the petrochemicals and plastics industries have been making efforts to limit their carbon footprint and waste production in order to conform to the environmental demands of both the public and governments. As such, growth for these industries has been less than stellar as of late.
However, both the COVID-19 pandemic and the falling popularity of internal combustion engines may ironically be the catalysts that pave the way for a triumphant return of petrochemicals and plastics.
ENVIRONMENTAL SIGNIFICANCE OF PETROCHEMICALS
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Denne historien er fra August 2020-utgaven av SME Magazine Singapore.
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