ACC Issues 2015 Economy Guide

The US chemical industry is the global leader in production, providing more than 15% of the world’s chemicals and representing 14% of all US exports. It is also one of America’s largest manufacturing industries, an $801 billion enterprise providing 804,000 high-paying jobs. For every one chemistry industry job, 6.3 others are generated in other sectors of the economy, including construction, transportation, and agriculture, totaling nearly six million chemistry-dependent jobs.

As a result, The American Chemistry Council (ACC) released its 2015 edition of the Guide to the Business of Chemistry, a detailed economic profile of the chemistry industry and its contributions to the US and world economies.

“The business of chemistry is the building block for everything around us,” said the publication’s lead author, ACC chief economist Kevin Swift. “Supporting nearly 25% of the US GDP, the business of American chemistry is vital to continued economic expansion, job creation and the return of a strong domestic manufacturing sector.”

Prepared annually by ACC’s economics and statistics department, The Guide to the Business of Chemistry divides the $801 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 pharmaceuticals and consumer products. Within each segment the report highlights distinct characteristics, including growth dynamics, markets, new developments and other issues affecting each sector.

“At the midway point in 2015, the business of chemistry is poised for growth,” said Swift. “Ongoing recovery of end-use markets, sustained competitiveness, and the return of global economic growth will lift demand for American chemistry for several years and in the long-term the industry will grow faster than the overall economy.”