Accounting for 18% of global chemical shipments, the United States is a world leader in chemical production and exports. The industry had a solid recovery from pandemic lows last year on rising industrial and agricultural demand in a recovering economy. With the easing of supply chain bottlenecks and rising manufacturing activity, the industry’s production volume is expected to increase this year.
Furthermore, a strong 2021 fourth-quarter GDP growth indicates a steady economic recovery this year. This should drive the demand for chemicals. In addition, the ongoing efforts to achieve decarbonization and sustainability goals brighten the industry’s long-term prospects. The global specialty chemicals market is expected to grow at a 6.2% CAGR to $894.14 billion by 2028.
