The basic chemicals sector in Spain showed notable fluctuations over the past decade with periods of both growth and decline. From 2013 to 2016, the sector experienced volatility with observable dips in 2014 and 2016. A significant recovery period occurred from 2017 to 2019, peaking in 2019. The pandemic impacted 2020 substantially, with a sharp decline in turnover. However, the sector bounced back in 2021 and 2022, increasing steadily. By 2023, the turnover stood at €13.4 billion, reflecting a 6.19% increase from the previous year. The 5-year CAGR leading up to 2023 was 0.2%, indicating moderate growth.
Looking forward, the turnover is forecasted to continue growing, reaching €14.99 billion by 2028. The forecasted 5-year CAGR is 1.78%, suggesting a more stable growth trajectory. This growth is expected to be propelled by innovations in chemical manufacturing, increased demand for sustainable chemicals, economic recovery post-pandemic, and potential policy shifts supporting industrial growth.
Future trends to watch for:
- Sustainable and green chemical innovations
- Economic policies impacting industrial sectors
- Supply chain disruptions and their impacts
- Global and regional demand fluctuations sparked by macroeconomic conditions
