Chemical Product Manufacturing in the US - Industry Market Research Report

Chemical Product Manufacturing in the US - Industry Market Research Report

Chemical Product Manufacturing in the US

Over the five years to 2023, revenue has grown at an annualized rate of 3.9% to $58.7 billion, largely due to rapid demand increases as the COVID-19 pandemic wanes. The fluctuation of raw material prices has affected revenue for chemical manufacturers. In particular, the world price of crude oil grew a staggering 52.5% in 2022 alone, enabling the industry to rebound as it passed off increased costs to consumers. Industry revenue increased 17.6% in 2022 alone. In 2023, revenue is expected to fall 5.8% as the price of oil stabilizes. Industry profit is expected to decrease to 4.3% of revenue due to volatile input costs. Chemical manufacturers rely heavily on downstream demand from the manufacturing sector, especially from the automotive and appliance industries. Meanwhile, demand for photographic chemicals and materials has waned for more than a decade. The photographic materials segment is declining rapidly as consumers continue to switch from traditional analog film to digital photography.

Operators in this industry manufacture a diverse range of chemical products. Key activities include custom compounding of plastic resins and manufacturing toners, toner cartridges, photographic chemicals and sensitized photographic film, paper and plates. Custom compounding of plastic resins includes custom mixing and blending of purchased plastic resins and reformulating plastic resins from recycled plastic products.

This report covers the scope, size, disposition and growth of the industry including the key sensitivities and success factors. Also included are five year industry forecasts, growth rates and an analysis of the industry key players and their market shares.