Industry - Global Industry Forecasts - Chemicals

Industry - Global Industry Forecasts - Chemicals

Meagre global demand for chemical output will ensure that the production recovery will be gradual. Global sectoral production will be flat this year, before gathering momentum with 3.1% and 4.4% growth in 2024 and 2025. The chemical industry was amongst the worst impacted by the energy crisis. Output is heavily reliant on oil and gas as feedstock and requires energy-intensive manufacturing processes. Whilst energy prices have fallen sharply, we do not expect sectoral production to pick up meaningfully until H2 2024. Demand will be insufficient to support strong growth.