The U.S. chemical industry made a strong recovery from the pandemic-era lows since last year, driven by growing demand from major end markets, including construction, healthcare, electronics, automotive, manufacturing, etc. This trend will likely continue this year, as the sustained demand for commodity and specialty chemicals is expected to keep the prices booming throughout the year.
Furthermore, the industry should witness increased capital expenditures as leading companies focus on building capacity and expanding into end markets. According to a report by Industry Research, the global specialty chemicals market is projected to reach $644.50 billion in 2022 and $769.56 billion by 2028, growing at a CAGR of 3%.
