ACC’s Year-End Review Predicts Positive Outlook for American Chemistry After a Tough Year
WASHINGTON – Despite a challenging year, U.S. chemical production expanded in 2021 as the post-lockdown spending surge boosted demand for chemicals and other goods and materials, according to the American Chemistry Council’s (ACC) Year-End 2021 Chemical Industry Situation and Outlook. The rebound in demand swept across many end-use markets for chemistry, driven by savings, stimulus, and shifting demand patterns toward goods. Tangled supply chains and adverse weather events were downside factors.
“While risks for the global economy remain, the U.S. chemical industry is in a strong position going into 2022,” said Martha Moore, ACC Chief Economist and author of the Year-End 2021 Chemical Industry Situation and Outlook. “Supply chain bottlenecks appear to be easing, and momentum is rising as manufacturing activity resumes and inventories are rebuilt. American chemistry is poised to accelerate as strong consumer demand and restocking drive growth.”