Over recent years there has been steady growth in the chemical industry.  This is particularly true in the United States, where industrial production grew by 3.2% during the third quarter of 2014. This is in comparison to developments in the EU, where the recovery process after the trauma of 2008 has been slow. Meanwhile, the prospects of emerging Asian economies in this sector remain unclear.

The production growth in the United States will largely be supported by two key sectors, the automotive and construction industries. Car sales continued to improve last year (up a further 1.4% in 2014), together with household consumption, whilst the construction sector also showed an increase in both prices and the volume of construction, although they have yet to surpass pre-crisis levels. Thus the U.S. represents a suitable region for investment, as it matches home market growth with price competitiveness in production costs.

These American trends have been matched worldwide by growth in the transport sector, a key area for the chemicals industry. This is in part due to the large amount of restructuring that has been undertaken over the last few years.  This has contributed significantly to the recovery in demand for freight transport, which in turn has aided trade.

Only in Europe has the transportation industry suffered, this is as a result of the Russian embargo and strong competition between low-cost airlines, driving prices down.

Generally, however, higher global growth and an expected increase in trade should positively impact even the slowest economies over time, making a bright outlook for the chemicals industry in 2015.