The chemicals manufacturing value added in Australia exhibited fluctuating growth patterns from 2013 to 2023. In 2023, the value stood at 9.2 Units of Manufacturing Value Added. While there were notable growth years, such as 2014 with a 6.02% increase and 2020 with an 8.73% rise, the sector also experienced declines, especially in 2017 with an 11.45% decrease. Over the last two years, the growth was relatively moderate, with increases of 0.37% in 2022 and 0.36% in 2023. The CAGR over the past five years remained at an average of 2.25% annually.
Forecasts indicate a gradual upward trend from 2024 to 2028, with the CAGR expected to slow down to just 0.28% per year. By 2028, the sector is projected to reach a value of 9.36 Units of Manufacturing Value Added, reflecting a forecasted growth of 1.42% over five years.
Future trends to watch for include:
- Technological advancements and their impact on production efficiency and sustainability.
- Shifts in global supply chain dynamics and their repercussions on the Australian chemicals sector.
- Regulatory changes and their implications for production processes and costs.
- The evolving demand for chemical products in both domestic and international markets.
