The survey of 6,000 consumers in 11 countries across North America, Europe and Asia, outcomes of which were previewed at the American Chemistry Council (ACC) Annual Meeting today, revealed that while consumers remain primarily centered on quality and price, 83 percent believe it is necessary or excessively important for companies to make products that are intended as reused or recycled. Nearly three-quarters (72 percent) of respondents said they are currently buying more environmentally safe products compared with they were five years ago, and 81 percent said they assume to buy more over the next five years. 

 

“The shift in consumer buying, with more consumers willing to pay extra for environmentally friendly products, reinforces the need for companies to increase their commitments to responsible business practices,” said Jessica Long, a managing director in Accenture Strategy. “Companies across industries have started to lead with purpose, including embracing the circular economy as a greater opportunity to drive growth and competitive agility.” 

 

Unsurprisingly, quality and price led consumers’ considerations when making purchases, cited by 89 percent and 84 percent of participants, correspondingly, likened to 49 percent who cited health and safety factors and 37% who cited environmental impact. 

 

The analysis discoveries also imply that buyers believe that the chemical industry — which plays a crucial role in driving recycled and reusable technologies and materials — lacks concern about its environmental outcome. Mainly, one in four consumers (26 percent) said they believe that the chemical industry is the least concerned of nine industries involved in the survey regarding its impact on the environment.  

 

Consumers also scored chemical companies the lowest among industries for the reliability of communications regarding the environmental impact of their products and services, with 72 percent not too confident or not confident at all in these communications. 

 

“While some of the survey results are encouraging, there are also implications for chemical companies, including the need to overcome negative consumer sentiment and to produce sustainable materials at a competitive price,” replied Rachael Bartels, a senior managing director at Accenture who leads its chemicals and natural resources practice. “The chemical industry is a critical enabler to the circular economy and can speed up its adoption, and the reality is the industry must get in front of this now, or risk being left behind.”  

 

In other survey findings, plastics was identified to be the lowest environmentally friendly type of packaging, reported by more than three-fourths (77 percent) of customers, with paper products perceived to be the most environmentally friendly, cited by 55 percent of respondents.  

 

Working out these and other challenges could help chemical companies fuel growth. An example, the ACC forecasts that a circular economy for plastics could add 38,500 jobs and billions of dollars to the U.S. economy by expanding the use of pyrolysis and different advanced plastic recycling technologies. Chemical companies have an opportunity to catalyze and capture a significant share of the $4.5 trillion in opportunity presented by a move to a circular economy, in accordance with circular economy research from Accenture Strategy.  

 

This article is originally posted on tronserve.com