The import of carboxylic acids with a phenol function to the US was approximately 30 million kilograms in 2023. Forecasts indicate a gradual annual increase with imports expected to reach about 33.7 million kilograms by 2028. Year-on-year growth suggests a consistent increase of around 2% annually from 2024 onwards, and the compound annual growth rate (CAGR) over this five-year period also aligns with this 2% average growth rate.
Future trends to watch for include:
- Potential changes in environmental regulations impacting chemical imports.
- Technological advancements in chemical production that may affect demand.
- Global trade dynamics and any geopolitical tensions that could influence import volumes.
- Shifts in domestic production capacities or consumer demand within the US chemical industry.
