Rising industrial and agricultural demand for chemicals amid an ongoing economic recovery should drive the chemical industry’s growth. Analysts expect the easing of supply chain disruptions and rising manufacturing activity to boost the industry’s production volume this year. The global specialty chemicals market is expected to grow at a 6.2% CAGR to $894.14 billion by 2028.
However, growing concerns over the ongoing Russia-Ukraine war and the aftermath of the economic sanctions imposed on Russia have been driving immense volatility and sell-offs in the global stock markets and inflating the prices of oil and natural gas worldwide. Although chemical companies are concerned about this scenario, the strong global demand and rising prices should enable domestic companies to keep growing.
