— Chemical Industry Plays Crucial Role in Regional Economies in Every Corner of the World
In conjunction with the beginning of the Fourth United Nations Environment Assembly (UNEA-4) ( https://c212.net/c/link/?t=0&
“The innovations developed and produced by the chemical industry’s longstanding presence worldwide have helped turn the tide of human history. Over time, chemical manufacturers have become an integral part of the global economy and a critical enabler of technologies that improve people’s lives around the globe,” said Cal Dooley, ICCA Council Secretary and President and CEO of the American Chemistry Council (ACC) ( https://c212.net/c/link/?t=0&
Key findings of the report include:
– Directly, the chemical industry added $1.1 trillion to world GDP and employed 15 million people, making it the fifth-largest global manufacturing sector.
– For every $1 USD generated by the chemical industry, a further $4.20 USD is generated elsewhere in the global economy.
– Companies in the chemical industry spent an estimated $3 trillion USD with their suppliers in 2017, buying goods and services used in the manufacture of their products. This supply chain spending contributed an estimated $2.6 trillion USD to global GDP, and supported 60 million jobs.
– The global chemical industry invested an estimated $51 billion USD in Research and Development (R&D), supporting 1.7 million jobs and $92 billion USD in economic activity.
– The largest contributor to GDP and jobs is the Asia-Pacific chemical industry, generating 45 percent of the industry’s total annual economic value, and 69 percent of all jobs supported. Europe made the next most important contribution ($1.3 trillion USD total GDP contribution, 19 million jobs supported) followed by North America ($866 billion USD total GDP contribution, 6 million jobs supported).
“This new analysis underscores the essential role that the chemical industry plays in driving economic growth and creating opportunity for millions of people around the world, but the chemical industry’s impact goes beyond economic value,” said Marco Mensink, Director General, European Chemical Industry (CEFIC) ( https://c212.net/c/link/?t=0&
ICCA commissioned Oxford Economics to provide a detailed assessment of the chemical industry’s contributions to the global economy. The report aims to examine the full extent of the chemical industry’s economic footprint – whereby production of chemical products supports activity not just in the industry itself (direct impact), but in a wide range of other sectors throughout the supply chain (indirect impact supported through procurement of intermediate goods) and wage-financed effects (payroll-induced impact sustained via consumption spending of workers employed by the industry and its suppliers).
“The products that the chemical industry manufactures change people’s lives by providing clean water and making possible renewable energy sources, advanced medical care, stable and nutritious food supplies, recycling technologies and more,” said Hiroshi Watanabe, Director General, Japan Chemical Industry Association (JCIA) ( https://c212.net/c/link/?t=0&
To learn more and to download a free copy of this report, visit: www.icca-chem.org/
About ICCA
The International Council of Chemical Associations (ICCA) is an association of innovators, visionaries, solutions providers and product stewardship pioneers. Through ongoing innovation in chemistry and the constant improvement of safe chemicals management, the global chemical industry makes a significant contribution to a sustainable society: improving human health, protecting the environment, and delivering prosperity worldwide. Learn more about ICCA at: www.icca-chem.org.
SOURCE: International Council of Chemical Associations
