Forecast: Value Added of Chemical and Pharmaceutical Products in the US

The value added of chemical and pharmaceutical products in the US stood at 419.44 billion USD in 2023. From 2013 to 2023, the industry demonstrated consistent growth, marked by a peak year-on-year variation in 2016 of 7.53% and an average annual growth rate (CAGR) over five years of 2.47% by 2023. In the immediate preceding years, the year-on-year growth rate was 2.04%, indicating steady, albeit slowing, growth in the sector.

Looking forward, from 2024 to 2028, the forecasted CAGR is 1.42%, with an overall growth rate of 7.31% over five years. This implies a more moderate expansion trajectory compared to the past decade.

Future trends to watch for:

• Shift towards sustainable and green chemistry practices driven by stringent environmental regulations and consumer preferences.
• Increasing adoption of digital transformation and automation in manufacturing processes for efficiency gains.
• Continued investment in R&D, particularly in biotechnology and advanced pharmaceuticals, to drive innovation and new product development.