In the second half of 2022, demand slowly dropped off, and now, with talks of recessions around the globe, 2023 is a bit unpredictable. When considering specifically the chemical industry, markets like construction will experience more volatility, due to high material costs coupled with rising interest rates.
Already, experts are expecting global economic growth to slow to 2.7 percent, down from 3.2 percent in 2022.
While we don’t have a crystal ball, there is no doubt that 2023 will bring new challenges and opportunities to the chemical industry when it comes to sustainability, formulations, and sourcing. We are watching the market and demand closely to keep a pulse on how global trends can impact our customers and partners. Subscribe to our Industrial Solutions newsletter to get updated on the latest news, trends and challenges impacting the industry.