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The chemical industry accounts for 7% of global income and 9% of global trade. Production is
projected to increase 85% by 2020 compared to the 1995 levels. This will be in pace with
GDP growth in the United States. Over the past half-century, the largest growth in volume of
any category of materials has been in petrochemical-based plastics; and in terms of revenue
it was pharmaceuticals. The latter, in the past two decades, has become number one. Overall
production has shifted from predominantly commodity chemicals to fine and specialty
chemicals, and now it is the life sciences. This information speaks volumes about the
importance of chemical industries in our day-to-day life and in supporting the nation's
economy. But it is plagued with several problems, such as running out of petrochemical
feedstock, environmental issues, toxic discharge, depletion of nonrenewable resources.