Chemical Market

The chemical industry has been an integral part of the global economic landscape for many centuries. The first chemical plants were built in Europe during the Industrial Revolution. Since then, the industry has evolved into a productivity bulwark that permeates almost all good-producing sectors.

Today, the chemical industry plays a crucial role in regional economies in every corner of the world – and in most sectors of those economies. As a provider of life-enhancing innovative products and technologies, it is also critical to achieving the global goals set out in many of the United Nations 17 Sustainable Development Goals (SDGs). The industry produces a wide range of finished products for general consumption, including fertilizers, pesticides and other agrochemicals that play a crucial role in feeding a growing global population.

The industry also produces key inputs and enables processes for other manufacturing activities to benefit living standards and consumers worldwide.

These include:

· water chemistry, which allows the treatment, delivery and preservation of clean drinking water.

· plastics used for packaging, which plays an important role in the protection of fresh, processed and prepared foods, extending their shelf life.

· Synthetic fibers, such as nylon and polyester

In 2002, chemical industry revenues worldwide were around $1.78 trillion. A decade later, revenues for the first time totaled $5 trillion. In 2018, the industry's total turnover was approximately US$4.1 trillion

A forecast of annual production growth in the chemical industry worldwide from 2020 to 2024, by region, has shown that, from 2020 to 2021 the production volume of the chemical industry in Europe is expected to increase by 1.4