In 2023, the Basic Chemical and Chemical Product Manufacturing industry in Australia stood at 10.22 Billion Australian Dollars. Notably, the sector has shown fluctuations throughout the years. Between 2013 and 2016, there was a modest growth trend, followed by a significant dip in 2017. Recovery was observed from 2018 onwards, peaking in 2022 with the highest value recorded at 11.73 Billion AUD—an impressive 19.63% year-on-year increase. However, 2023 saw a decline of 12.93% from the previous year.
Over the last two years, there was volatility with high growth in 2022, followed by a notable decrease in 2023. The average annual growth rate (CAGR) over the last five years ending 2023 was 3.33%. The forecasted data suggests a more stable but modest growth trend with a 1.23% forecasted CAGR from 2024 to 2028, projecting a total growth of 6.3% over this period.
Future trends to watch for include advancements in sustainable and green chemistry, which could influence the industry's growth. Additionally, changes in global trade policies, raw material availability, and technological innovations will play crucial roles in shaping the sector's trajectory.
