In 2023, labor costs in the chemical, rubber, plastics, fuel products, and other non-metallic mineral products sectors stood at $226 billion. From 2024 onwards, forecasts predict a steady increase: 1.47% in 2025, 1.46% in 2026, 1.41% in 2027, and 1.36% in 2028. The compound annual growth rate (CAGR) over these years is expected to be approximately 1.43%.
Future trends to watch include potential disruptions from technological advancements, shifts in global demand, and regulatory changes affecting production processes and labor dynamics. Monitoring these factors will be crucial to understanding their impact on labor costs in this sector.
