Accounting for 18% of global chemical shipments, the United States is a world leader in chemical production and exports. The resumption of industrial, agricultural, and construction activities has rebounded the demand for specialty and commodity chemicals over the past one and a half years. However, intensifying supply chain disruptions and surging oil and gas prices have been troubling chemical companies with higher raw material, energy, and distribution costs.
But the strong demand, rising prices, and efficient cost management should enable chemical companies to overcome these challenges and keep growing. Moreover, significant funding from the bipartisan Infrastructure bill supporting domestic production and companies’ progress toward 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.
