The US chemicals manufacturing output showed significant fluctuations from 2013 to 2023. Starting in 2013, the output was on an upward trend but saw notable declines between 2014 and 2016. A minor recovery occurred in 2017 and 2018, but 2019 and 2020 experienced reductions again, exacerbated by the pandemic in 2020. A strong rebound in 2021 was followed by stabilization in 2022 and a moderate increase in 2023, where the output stood at 539.87 billion US dollars.
Key Trends:
- Year-on-year variation over the past two years shows a positive development, with a 4.24% increase in 2023.
- When considering the last five-year CAGR, the trend reflects a minor decline, indicating an average annual contraction of -0.4%.
Forecast for the next five years suggests steady growth with a forecasted CAGR of 1.54%, culminating in an expected 7.92% increase by 2028. Future trends to watch for include technological advancements, regulatory changes, and potential shifts in global supply chains, which could significantly impact US chemicals manufacturing output. Keeping an eye on these factors will be critical for anticipating market dynamics.
