The world of chemicals is a big business that's always in motion. From new studies and developments to industry buy-outs, there's always something interesting happening. Here are some of the latest developments from around the chemical industry:
Canada chemical investment
Early in June, the government of Canada announced that it would invest $378 million in the management of chemicals over the next five years, according to Chemicals-Technology. The Canadian government is taking a serious look at how chemicals can affect the environment and will use this investment to better manage how chemical substances are disposed of after they are useful. The money will also be used to further research into the effects of certain chemicals on human beings, much like the recent U.S. bill, the Frank R. Lautenberg Chemical Safety for the 21st Century Act.
Indonesian chemical industry looking up
With many of the chemicals used in the U.S. being manufactured overseas, it's important to keep up with foreign chemical markets. Tempco reported that the Indonesian chemical industry in particular has been turning upward. Interestingly, half of the industry's expected six percent growth in 2016 is expected to come from the foreign market. According to Chemical Watch, the Indonesian government has also been furthering its regulations on chemical use and management, which could be why the industry as a whole is turning upward.
Brexit speculation continues
The effects of brexit will be felt across all industries and chemicals will be no exception. That said, current industry trends have stayed about equal to what they had been before the brexit vote. Energy Global reported on a Chemical Industry Association's survey that found that the majority of chemical businesses expected their funding to remain the same or increase. Nevertheless, there is still some uncertainty for the future. With the British pound down, exports are likely to increase.
U.S. manufacturers are adjusting to the new law
It's only been a month since President Obama signed the new chemical act into law, but chemical businesses have already begun to adjust. The cost of potential testing and regulation fees will have to be considered as the U.S. Environmental Protection Agency moves to examine chemicals on the market. There's still not much information regarding which substances will be the first to be exposed to scrutiny, but manufacturers will need to be prepared for increased government involvement.
