The value added of chemicals manufacturing in Spain has seen significant fluctuations over the past decade. Starting in 2013, the sector experienced a steady increase until 2015, followed by a steep decline in 2016. The industry somewhat stabilized thereafter with minor year-on-year variations but peaked in 2021. However, it faced a notable decline in 2022 and has been on a slight downward trend since, standing at 9.36 Billion Euros in 2023. The CAGR over the past five years (2018-2023) indicates an average annual growth of 0.82%, showing resilience amidst the volatility.
Looking forward, the forecast data from 2024 to 2028 show a marginal decline, with a projected CAGR of -0.48%. This suggests a modest but steady decrease in value added in the coming years. The overall five-year forecasted growth rate till 2028 is -2.39%, indicating a challenging outlook for the sector.
Future trends to watch for include the impact of digitalization on production efficiency, the role of sustainability initiatives in reshaping the industry, and the influence of geopolitical factors on raw material availability and costs.
