How Economic Theories Shape Chemical Technology Profile

Abstract

The chemical industry, a cornerstone of the global economy essential for modern life, has raised significant concerns due to its unique nature. Chemical technologies often require high energy inputs, involving ecotoxic reagents thus assessing risks from an economic standpoint becomes complex. While the economic aspects of chemical technologies have been discussed and economic tools have been used to inform investment decisions in this field, many fundamental issues remain unexplored, such as the clear definition of chemical technology economics and the reasons for its importance. The primary contribution of this article is to synthesize insights into these fundamental issues and propose pathways for future research in chemical technology economics. This review is divided into two sections: the first provides an overview of the significance of economic factors in chemical technologies, and the second explores the fundamentals of economics and their application to chemical technology considerations. Our research underscores that economic theories significantly influence the profile of chemical technologies, viewing the chemical sector as a dual asset. First, the sector has a unique opportunity to lead the way in promoting sustainable economic development, and second, it can adopt economic behaviors that align with environmental and societal needs.

Keywords

• chemical technologies
• physical methods
• chemical methods
• techno-economic analysis
• cost–benefit analysis
• circular economy