Global Chemical Industry Outlook 2024: New Opportunities worth USD 165 Billion by 2024 in Chemical Industry

The global chemical industry is entering 2024 with a positive outlook. Despite the challenging years 2022 and 2023, the chemical industry is set to rebound with moderate growth in 2024. While challenges remain, the combined effect of rising demand, favorable regulations, and industry focus on sustainability & decarbonization, digitalization, and innovation is creating a strong foundation for growth and success in the years ahead.

The chemical industry anticipates a transformative journey from 2023 to 2024, with a focus on sustainable practices, energy transition, the rise of digital initiatives, innovative technologies, changing geopolitical scenario, customization and deglobalization. To remain successful, rubber raw materials company will have to adopt dramatic step-changes that are likely to include deglobalization and supply chain localization. Increased health and geopolitical concerns will result in risk mitigation and business continuity, just-in-time delivery, and precise plant footprint and supply chain strategy. The chemical industry must confront diverging standards in supply chains and other economic activities or business lines. However, most chemicals are intrinsically multiregional rather than truly global products, and intercontinental trade is still significant for many players.

Chemical companies around the globe are likely to enter the new year with utmost caution, keeping their focus more on reducing overall costs and improving process efficiencies to offset the losses incurred during the past years.

Decarbonization, Digitalization, Sustainability, Circularity, And Energy Transition Are Some Of The Key Trends Expected To Drive The Global Chemical Industry In 2024 And Beyond.