The output of chemicals manufacturing in Australia has shown a fluctuating trend from 2013 to 2023, peaking at 18.16 Billion AUD in 2014 and reaching a low of 14.79 Billion AUD in 2016. By 2023, the value stood at 15.86 Billion AUD, reflecting a mixed pattern of modest growth and decline. The recent year-on-year variations indicate a modest decline, with a -1.09% change observed in both 2022 and 2023. Over the last five years, the Compound Annual Growth Rate (CAGR) was calculated at -1.18%, suggesting a gradual but steady decrease. The forecast for the next five years predicts a continuing decline with a -0.87% CAGR, anticipating the output to reach about 15.02 Billion AUD by 2028.
Future trends to watch for include:
- Increasing environmental regulations impacting production costs and processes.
- Technological advancements in chemical manufacturing improving efficiencies and reducing costs.
- Shifts in global demand and supply chains affecting Australian chemical exports.
- Potential increases in raw material costs impacting overall production output.
