Chemicals And Materials

chemicals and materials

The chemical industry is expected to spend more than US$ 2.8 trillion over the next 18 years as new sources of feed stock have brought about a change in the chemical industry thereby resulting in an increase in capacity addition. The past few years have resulted in an expansion in coal-based processes in China and shale gas has brought about a significant change in the chemical industry in North America. By 2019 North America is expected to add 63 million metric tons of chemical capacity, which is expected to surpass the chemical capacity of the Middle East. Further, till 2015, Asia Pacific added more than 433 million metric tons chemical capacity. Among key products, the capacity addition of aromatics is expected to surpass 90 million metric tons between 2016-2022, while the capacity addition of plastics and olefins are expected to surpass 130 million metric tons and 120 million metric tons respectively.

According to Insights and Reports, the research and development spending in the chemical industry in the U.S. was valued at US$ 93.4 billion in 2016, down from US$ 94.1 billion in the previous year. In addition the research and development spending on the chemicals industry in the European Union was valued at more than US$ 11 billion in 2016. Further, according to the government on India, the research and development spending on the chemical industry in the country is expected to account for more than 4.3% in the future of the revenue generated from this industry, up from the current 0.7%.

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