According to a Recent Report, the Global Chemical Industry is Expected to Reach a Value of $24.4 Trillion in 2024
According to a report by MarketsandMarkets (MNM) titled, "Global Chemical Industry Outlook 2024 - Navigating the sustainable and disruptive Horizon of Tomorrow," the top seven chemical sub-industries will grow from $2.2 trillion in 2023 to $24.4 trillion by 2024 at a year-on-year increase of 8%. These segments will offer new opportunities, worth $165 billion in 2024, in the form of new technologies, sustainable solutions, new materials, and energy transition.
The industry is entering 2024 with a positive outlook. Despite the challenges in the past two years, the chemical industry is set to rebound with moderate growth in 2024. While challenges remain, the combined effect of rising demand, favorable regulations, and industry focus on sustainability, decarbonization, digitalization, and innovation is creating a strong foundation for growth and success in the years ahead.