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.