Chemical Engineering and Catalysis

Chemical Industry and Market Analysis

• Worldwide the chemical industry added $1.1 trillion to world GDP and Provides employment to 15 million people, which makes it to the fifth-largest global manufacturing sector.

• For every $1 USD generated by the chemical industry, a further $4.20 USD is generated elsewhere in the global economy.

• Companies in the chemical industry spent an estimated $3 trillion USD with their suppliers in 2017, buying goods and services used in the manufacture of their products. This supply-chain Process spending contributed an estimated $2.6 trillion USD to global GDP and Provided 60 million jobs.

• The largest contributor to GDP and jobs is the Asia-Pacific chemical industry, generating 45 percent of the industry’s total annual economic value, and 69 percent of all jobs supported. Europe made the next most important contribution ($1.3 trillion USD total GDP contribution, 19 million jobs supported) followed by North America ($866 billion USD total GDP contribution, 6 million jobs supported).

• In the United States, we expect somewhat faster growth in chemical production, at just under 2%, as new production capacity, which will also be used for export, comes onstream. Overall chemical growth is likely to decelerate somewhat in the emerging markets of Asia, mainly due to the slowdown in China, which will affect the other developing countries in the region. In Japan, we presume a weak overall economic environment and minimal growth in chemical production. In South America, the anticipated end of the recession in Argentina and Brazil will result in slight growth in chemical production in the region.

• The global aroma chemicals market is forecast to exhibit a CAGR of 6.2% between 2016 and 2024. At this pace, the market’s valuation is expected to reach US$6.57 bn by the end of 2024. In 2015, the market was valued at US$3.85 bn.

• The global market for steam boiler systems is witnessing significant growth in its valuation, thanks to the rising demand for energy across the world. In 2015, the global steam boiler systems market stood at US$12.0 bn. The opportunity in this market is likely to expand at a CAGR of 5.30% between 2016 and 2024 and is expected to reach US$18.9 bn by the end of 2024.

• The increasing economic power and the rise of the middle class in today’s developing countries will drive demand for more materials, energy, products, and access to technology; new, more efficient methods of materials production; process intensification, energy intensity improvements, and zero emissions technologies