Key U.S. chemical industry metrics will be lower this year, according to the American Chemistry Council’s (ACC) Mid-Year 2020 Chemical Industry Situation and Outlook. Production volumes, shipments and capital spending will fall due to economic and business disruption caused by COVID-19. A rebound in 2021 is projected, although significant uncertainty remains.
ACC’s Outlook begins with a review of the global economy. Data suggest that the global recession may have bottomed out, yet the 2020 outlook is one of the poorest in decades. Global GDP will contract 4.6% in 2020 before expanding 5.3% in 2021. Global industrial production will contract 3.8% in 2020 before increasing by 5.3% in 2021.