Based on the data, Basic Inorganic Chemical sales in the US have shown a general declining trend from 2013 to 2023. Specifically, the market value in 2023 stood at $25.294 billion. The year-on-year declines and variations highlight a consistent downward movement, with notable drops in 2016, 2020, and again from 2022 onwards. Over the last two years, the market shrank by approximately 2.45%, showing gradual erosion. The compound annual growth rate (CAGR) over the past five years was approximately -1.24% annually.
Looking ahead, the forecasted annual decline from 2024 to 2028 is projected at an average of -1.06%, with a cumulative five-year decrease of 5.17%. Future trends to watch for include any technological advances or regulatory changes that could impact production efficiencies and costs, as well as potential shifts in global supply chains that might affect domestic sales.
