Output of U.S. Chemical Producers Grows 3.9% in 2022, ACC Reports
According to the American Chemistry Council’s (ACC) new report, titled Year-End 2022 Chemical Industry Situation and Outlook, the chemical industry posted one of its best years in a decade. Additionally, the United States expanded its dominant position as a leading producer of chemical products, but growth has slowed in recent months.
“We anticipate a shallow recession beginning in early-2023 followed by recovery in the latter part of the year,” said Martha Moore, ACC chief economist and author of the report. “Weak demand in the United States and abroad will weigh on U.S. chemical producers, but chemical manufacturing in the United States will continue to enjoy a competitive advantage on the strength of domestic energy production.”