US chemical industry is expected to see a CAGR of 2.0% during the period (2019-2025). The US region is dominated by the improving business investment combined with strong consumer spending aided GDP growth. Owing to the chemical industry being a source of strength as its customer industries and emerging markets improve; the effects of enhanced feedstock competitiveness bolster the growth. Despite, the manufacturing sector declined due to the trade war, there has been an increase in the chemical industry. This is due to the low-cost energy and feedstocks that assisted in supporting the chemical industry growth before the coronavirus pandemic.
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US chemical industry is segmented into petrochemicals, basic inorganic, polymers, specialty chemicals, consumer chemicals, and others. Based on the segmentation, the petrochemical industry is expected to see a considerable downfall in 2020, due to the COVID-19 pandemic. On the other hand, the consumer chemical industry is least impacted with the substantial demand for soap and detergents even during the pandemic. Therefore, the consumer chemical industry is expected to see a least impact, with a downfall of around 1.5% in 2020, due to the outbreak. Consumer chemical essentially includes cosmetics, vitamins, and health supplements, soaps, detergents, and household chemicals, perfumes, and flavors. The demand for consumer chemicals has increased significantly during the COVID-19 pandemic and to ensure the proper supply of the products related to consumer chemical government is taking essential steps.
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Verticals Affected Most
• Basic Inorganic
• Specialty Chemicals
• Consumer Chemicals
• Others(Auxiliaries for Industry)
• Air Products and Chemicals, Inc.
• Chevron Phillips Chemical Company LLC
• DuPont De Nemours, Inc.
• Eastman Chemical Co.
• ExxonMobil Chemical Co., Inc.
• Huntsman Corp.
• The Dow Chemical Co.
• The Lubrizol Corp.
• The Mosaic Co.
• Westlake Chemical
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