The chemical industry in the U.S. is poised for significant growth in 2019, according to the American Chemistry Council (ACC).1 “High demand for chemicals used in manufacturing will dovetail with a rise in production capacity as new chemical facilities open to take advantage of the shale gas boom,” says Kevin Swift, chief economist of the ACC. U.S. chemical output will increase 3.6% in 2019, thanks to the rise in consumer spending.
However, in looking at the global chemical market, the numbers are not as positive, primarily due to the threat of slow global economic growth. With currency fluctuations, trade tariffs, geopolitical challenges, and energy volatility, the global economy is in a state of flux. Couple these issues with a focus on sustainability, and the global chemical market will likely experience less growth and lower demand.