Shradhha Nangare

Sector Expert

$5.7 trillion The chemical industry’s total contribution to global GDP
Chemical industry has remained an integral part of the global economic landscape for many centuries. The first chemical plants were built in Europe during industrial revolution, when chemical processes for making concrete and waterproof clothing were invented. Since then, the industry has evolved to become a projection of productivity that permeates through nearly every good-producing sector. Global chemical production (excluding pharmaceuticals) is projected to grow by 1.2% in 2020, much slower than in 2019. In China, the world’s largest chemical market, forecasted a significantly lower growth rate (2020: +3.0%, 2019: +4.7%). The chemical industry paid $313 billion in gross wages globally in 2017. After paying taxes, employees in the chemical industry are estimated to have earned $239 billion. Weaker final demand and production stoppages in customer industries will likely have a significant negative impact on chemical growth in China. It is least expected that the drop in demand caused by the coronavirus outbreak will be able to be fully recouped over the course of the year. Also, it is assumed that the trade conflict with the United States does not intensify again.
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