The global chemical industry has been rebounding quickly since last year, thanks to robust demand for commodity and specialty chemicals for industrial activities. Strong consumer demand and distributor restocking are expected to drive the U.S. chemical industry’s growth this year.
The American Chemistry Council (ACC) expects domestic chemical production to rise 4.3% year-over-year in 2022. ACC chief economist Martha Moore said, “While risks for the global economy remain, the U.S. chemical industry is in a strong position going into 2022.” In addition, the specialty chemicals market is expected to grow at a 3.41% CAGR over the next three years to $155.04 billion by 2025.
