Michael Rezai

The U.S. chemical industry is undergoing a profound transformation in 2023, embarking on a journey of portfolio refinement, supply chain optimization, and groundbreaking material innovation.

As the world emerges from the impacts of the COVID-19 pandemic, the global economy is seeing some positive indicators for growth, with sustained high demand and increases in new orders for all major subsectors. 

Not surprisingly, the global economic recovery is continuing more quickly in regions where COVID-19 is under control and vaccinations have been widely rolled out. After an estimated contraction of 3.3% in 2020, the global economy is projected to grow at 6% in 2021, moderating to 4.4% in 2022, according to the International Monetary Fund (IMF).

The shift from brick-and-mortar to digital shopping had been under way for some time when the COVID-19 pandemic hit. Since 2017, ecommerce revenues have risen from an estimated $1.4 trillion to $2.4 trillion, or about 2.7% of global output.

As a vital industrial link between a turbulent oil and gas market and changing consumer needs, the chemical industry has been tested by the COVID-19 pandemic.