Chemical Industry Chemical Industry in the Americas – Part 1: North America
North America was especially affected by the economy crisis of 2008. Now, four years after, the US chemical industry is cautiously optimistic as shale gas and specialities fuel the growth. Also Mexico has reasons to expect further development, while Canada fears the 2010 boom could soon be over.
The accelerating industrial recovery is the course of cautious optimism for North and Central America's chemical industry. Several industries with high demands for chemical products are currently picking up momentum, boosting the demand for speciality and basic chemicals. Now the industry hopes to profit from investments in petrochemical projects, driven by a recent boom of shale gas and oil slates in the US and Canada.
US Chemical Industry Cautiously Optimistic
After a long lean time, the chemical industry in the US has reason for optimism: According to the industrial association ACC, 2012 could see a moderate grow of product output and value, as all important customer industries are picking up again.
The demand for lightweight materials for automotive and aerospace industries, the search for modern insulants and alternative plastics and polymers as well as the demand for agraic–chemicals will most certainly not decrease, ACC analyses predict. With cheap natural gas from slate gas productions, the US industry has both a new source of energy but also an economic raw material for petrochemical processes.
Now, with plans for capacity expansions and technological revamps of US $ 25 to 30 billion worth announced, especially the manufacturers of process components for oil, gas, petrochemical or polymer industries expect further orders.