The chemical industry has a reputation for being a cash-strapped industry, but some industrial chemicals suppliers are actually making millions of dollars on awards.
The industry is also rife with scams, as it is plagued by fraud and is subject to widespread corruption.
In 2016, the Irish Institute of Chemical Industry (IICI) released the latest edition of its Industrial Chemical Awards (ICAs) list.ICAs were created by the industry to award a prize for chemicals with the highest potential for use in industrial processes.
The award process has been controversial, with industry groups claiming that it was designed to reward the winners of research and development projects rather than industrial chemicals.
However, IICI has since admitted that there was a “lack of scientific rigour” in the awards process.
In the first ICAs, awarded in January 2017, more than 2,200 chemicals were given out.
In 2017, the ICAs went to the next stage, in which the winners were chosen from a shortlist of nominations.ICI said that this second round had been designed to increase the diversity of the industry and help to encourage innovation.
It said that a third ICAs was due to be held in 2019.
The winners of the third ICIs will be announced on March 28, 2019.
There have been more than 700 awards in total.
The awards have been split between three categories: industrial chemicals, chemical processes and industrial processes systems.