The chemicals manufacturing output in Austria stood at 20.56 billion Euros in 2023. From 2013 to 2023, the industry exhibited significant fluctuations, with a notable decline in 2020 at -10.32% year-on-year change due to global disruptions. However, the industry rebounded strongly in 2021 with a substantial 36.77% increase, followed by consistent growth. Over the last five years (2018-2023), the Compound Annual Growth Rate (CAGR) averaged 7.61%, highlighting a robust recovery post-2020.
Looking forward, the sector is expected to maintain steady growth from 2024 to 2028, driven by innovations and increased demand. The predicted five-year CAGR stands at 2.3%, translating to an overall growth rate of 12.06% by 2028.
Trends to watch for in future include:
- Advancements in sustainable and green technologies, driving eco-friendly chemical production.
- Rising demand for specialty chemicals, particularly in pharmaceuticals and electronics sectors.
- Potential supply chain disruptions and how they are managed will be crucial.
