U.S. chemical industry expected to grow in 2022 as consumer demand strengthens

Post-lockdown spending surge boosts demand for chemicals and other commodities and materials despite adverse effects from Winter Storm Yuri and Hurricane Ida, the American Chemistry Council (ACC) said in its year-end chemicals outlook, 2021 Annual U.
S.
chemical production growth
.

The U.
S.
chemical industry is set for strong growth in 2022 as consumer demand strengthens and restocking fuels expansion
.

U.
S.
GDP is projected to grow by 4.
4% in 2022
.
In 2021, U.
S.
GDP will grow by 5.
6%, reversing the 3.
4% decline in 2020
.
U.
S.
industrial production will grow 4.
0% in 2022, after rising 5.
5% in 2021, driven largely by a rebound in commodity demand
.

"While risks to the global economy remain, the U.
S.
chemical industry will remain in a strong position in 2022," said ACC chief economist Martha Moore
.

car sales

U.
S.
auto sales were 17 million in 2019, 14.
5 million in 2020, and rose to 15.
3 million in 2021
.
U.
S.
auto sales are expected to reach 16 million in 2022
.

Global auto production has plummeted in 2020 due to shutdowns and production slowdowns due to semiconductor shortages
.

housing starts

Housing starts have risen during the pandemic due to historically low mortgage rates and the rise of working from home
.

Housing starts in 2021 rose to 1.
58 million, the highest number since 2006
.
Housing starts are forecast to slow to 1.
56 million in 2022 and 2023
.

trade outlook

Despite ongoing supply chain and logistics challenges, U.
S.
chemical imports and exports rebounded strongly in 2021
.

Exports will rise to $151 billion in 2021, while imports will rise to $127 billion, creating a trade surplus of $24 billion
.
Exports will rise 7.
3% to $162 billion in 2022, while imports will rise 7.
1% to $136 billion, resulting in a trade surplus of $26 billion
.

According to the outlook, U.
S.
exports will reach $182 billion by 2025
.