From 2013 to 2023, South Africa's Chemicals Manufacturing Value Added remained relatively stable, hovering around 7 units until 2022 when it slightly declined. The year-on-year variation for 2022 was -0.52%, followed by a further decline of -0.43% in 2023, indicating a downtrend. The Compound Annual Growth Rate (CAGR) for the last five years up to 2023 was -0.19%. Moving forward, the forecasted data from 2024 to 2028 shows a continued decline, with a forecasted five-year CAGR of -0.35% and a five-year growth rate of -1.71%.
Future trends to watch for:
- Global chemical market trends influencing local production.
- Technological advancements and sustainability practices impacting efficiency.
- Regulatory changes and economic conditions in South Africa.
