The wholesale turnover of chemical materials and products in China has shown robust growth from 2013 to 2023, with the market reaching a value of 4.95 hundred billion Yuans Renminbi in 2023. Over the years, the market experienced significant year-on-year variations, peaking in 2014 with a 13.63% increase. The compound annual growth rate (CAGR) over the last five years was 2.93%, indicating sustained growth despite some fluctuations.
Key trends over the period:
- Steady growth from 2013 to 2018, followed by a plateau in 2019-2021.
- Notable surges in 2017 and 2022, with increases of 11.07% and 7.11%, respectively.
- Moderate growth in 2023 with a 3.89% rise.
Looking forward, the predicted CAGR from 2024 to 2028 is 2.63%, slightly lower than the past five-year average but still indicating consistent market expansion. Factors to watch include technological advancements, regulatory changes, and the potential impact of geopolitical factors on supply chains, which may influence market dynamics and growth trajectories.
