Chemical Industry – Snapshot At Pandemic
The Chemical industry, serving diverse sectors and itself, proved highly resilient during the pandemic, with limited export decline. A moderate 5.5% recovery is expected post-2020, with stable prices following earlier increases.
The Chemical industry has two unique characteristics. It has the most diversified end-use markets across all manufacturing industries, and its biggest customer is the Chemical industry itself (27%).
Size & Diversification
According to the European Chemical Industry Council (CEFIC) and the American Chemistry Council (ACC), the total global Chemical market in 2019 was US$4,164 B, as shown in Graph I below.
Graph I
Based on the data from CEFIC, ACC, and Accenture, I have created a snapshot of the end-use market in the USA for 2019, shown in Graph II below. As there is no global data by end-use market, I am using the USA as a reference to show the diversification of end-use markets.
Graph II
I believe there is no other manufacturing industry that is serving so many different industries. There are 16 specific end-use markets (industries), plus Intra-industry (or Chemical) (27%), and Other Industries (13%) not specifically described.
Resilient
According to Merriam-Webster, “resilient” means tending to recover from or adjust easily to misfortune or change. There is no doubt that 2019 and 2020 brought huge changes across all industries due to the global pandemic. Because there is not much data available to translate the impact on the…
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