Economics

ACC Offers Economic Profile Of $553B Chemistry Business

By Chemical Processing Staff

Aug 27, 2019

The American Chemistry Council (ACC) issues its 2019 edition of the Guide to the Business of Chemistry, a detailed economic profile of the chemistry industry and its contributions to the U.S. and global economies.

American chemistry is the world’s second-largest producer, according to ACC, providing 14% of its chemicals and representing 10% of all U.S. goods exports. It is also one of America’s largest manufacturing industries, a $553 billion enterprise providing 542,000 skilled, high-paying jobs. For every chemistry industry job, 7.2 jobs are generated elsewhere in the economy, totaling over 4.4 million chemistry-dependent jobs. Construction, transportation and agriculture are among the many sectors that rely on the chemistry industry.

“As we move into the second decade of the shale revolution, the U.S. chemical industry has positioned itself as a global leader,” says Kevin Swift, chief economist at ACC. “More than $200 billion in new investment has been announced since 2010. Growth will accelerate as the competitive advantage in the availability and cost of natural gas and natural gas liquids leads companies to build or expand their production capacity in the United States.”

Prepared annually by ACC’s Economics and Statistics Department, the Guide to the Business of Chemistry divides the $553 billion business into more than thirty categories of production, ranging from inorganic chemicals to plastic resins, from adhesives and sealants to oilfield chemicals, and from fertilizers to consumer products. Within each segment, the report highlights distinct characteristics, including growth dynamics, markets, new developments and other issues affecting each sector. Individual sections of the guide cover a variety of topics in detail, including financial performance, U.S. and global trade, innovation, capital investment, employment, environmental, health and safety statistics, energy and distribution. Charts and graphs help illustrate data and provide comparisons for the past several years.

For more information, visit: www.americanchemistry.com