Last year was generally positive for the U.S. chemical industry but the outlook for 2014 is even better, according to an industry analysis published by the chemical industry trade group American Chemistry Council (ACC), as reported by NASDAQ.
The ACC's December monthly report revealed that U.S. chemical industry output increased by 0.8% in the last month of 2013, following growth recorded in the previous month of 0.3%. For 2013 as a whole, the production rose 1.2% compared to the total for the previous year, the report found.
The industry trade group also estimated that output in the American manufacturing sector, which is the largest consumer of chemical products, moved up by 0.6% in December. Along with this rise, output also increased in a series of chemistry end-user markets, such as appliances, vehicles, construction materials, computers, plastic products, apparel and furniture. In fact, as many as 96% of all manufactured goods involve chemical industry products, the ACC pointed out.
December output varied within the chemical industry segments. There was a production rise in some categories, including pesticides, man-made fibers, industrial gases, adhesives, coatings, synthetic rubber, organic chemicals and plastic resins, but these were offset by the drop in output of acids, inorganic chemicals, fertilizers and pharmaceuticals, the ACC said.