Survey Says: Raw Materials, Labor and Energy Are Scarce Resources
Feb. 5, 2024
New report shows resource scarcity is leading to increased costs, supply chain disruption and slowdowns in production.
By Chemical Processing Staff
A report from ABB Motion, "Circularity: No Time to Waste," reveals that 91% of chemical businesses are impacted by resource scarcity, leading 66% to increase investment in circularity initiatives within three years. Scarce resources include raw materials (47%), energy (32%) and labor (28%), causing increased costs, supply chain disruptions and production slowdowns. Despite energy scarcity, 39% consider it their largest source of waste, emphasizing the need for energy efficiency. The survey, conducted by Sapio Research in October 2023 with 337 chemical decision-makers across 12 countries, highlights challenges such as a lack of consensus on circularity definition. However, 73% believe the circular economy fosters innovation and competitiveness, urging immediate action.
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