The briefing examines how the chemical products industry performs globally in the largest countries in terms of chemical products output. The report also provides data for production, market size, imports, exports, industry’s costs, industry’s profitability and number of companies. The industry and market overview provide benchmarks against other countries in the region.
Stricter emissions standards are being imposed globally, resulting in companies investing in more sustainable production. B2B buyers are expected to increasingly prioritise circularity, driving chemical companies to accelerate their decarbonisation technologies, re-evaluate their existing assets and renounce usage of hydrocarbons.
While low oil prices resulted in plummeting revenue for petrochemical producing companies in 2020, sharp increases in oil prices during 2021 have led to rising chemical production value. Moreover, oil plays a huge role in increasing or decreasing demand for chemicals. The competitiveness of production in regional terms is also highly reliant on oil prices, as oil and natural gas remain widely-used feedstock within the global chemical products industry.
The COVID-19 pandemic has had a significant effect on the chemical industry’s global supply chain. To prevent further disruptions, companies seek to locate their supply chains within the nearby region. Moreover, governments are taking efforts to bring production back to their countries and investing in self-sufficiency.
Due to the rising demand for chemical products among several major industrial sectors, such as construction and automotive, major chemical companies will continue to dedicate generous investment to chemical capacity expansion.
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