The United States chemicals industry has achieved a strong recovery since last year. Despite anticipated pressures from raw material cost inflation for the first half, strong demand for commodity and specialty chemicals is expected to keep prices up this year. Furthermore, U.S. chemical volumes are forecasted to increase by 3% in 2022.
In addition, according to BASF, global chemical production (excluding pharmaceuticals) is predicted to grow by 3.5% in 2022, which is above average for the years prior to the COVID-19 pandemic. Also, the global basic chemicals market is expected to grow at a 4.1% CAGR to $943 billion by 2030.
