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Brief Excerpt from Industry Overview Chapter:
Companies in this industry manufacture chemicals, which are usually separate chemical elements or separate chemically-defined compounds, using basic processes, such as thermal crackling and distillation. Major companies include BASF (Germany), Dow (US), Formosa Petrochemical Corporation (Taiwan), Mitsubishi Chemical Corporation (Japan), SABIC (Saudi Arabia), Shell (UK), Sinopec Group (China), and TotalEnergies (France).
The global chemical production is forecast to grow by 3.5% by the end of 2025, according to the American Chemistry Council. China is the world's largest chemical market and will continue to drive growth in the Asia region from the Chinese automotive industry. The European Union and the US will see similar growth trajectories, driven by a rising demand in chemicals.
The US industrial chemical manufacturing industry includes about 2,500 establishments (single-location companies and units of multi-location companies) with combined annual revenue of about $220 billion. Key growth drivers include output in major end-use markets such as automotive manufacturing and construction.