Industry Focus

The U.S. chemical sector produces more than 70,000 products that impact America’s productivity and standard of living.

These products help to improve fabrics and clothing. They yield life-saving medicines, help to improve the health of both humans and animals, improve agricultural yields and productivity, improve foods and the packaging in which they come, provide longer-lasting paints, stronger adhesives, faster microprocessors, more durable and safer tires, lighten automotive components and create composites for aerospace and defense.

These are only a few examples of an industry that is enabled by the practice of chemistry, polymer science and material science, which in 2007 produced U.S. sales of $664 billion and worldwide sales of $3.19 trillion.

Medicine and access to good healthcare are one of the foundations of a healthy modern society. As a result, healthcare has developed into a rapidly growing global industry, accounting for almost 10% of GDP of many developed nations, and a rising share of GDP in many emerging markets. The sector comprises the broad services offered by hospitals, physicians, nursing homes, diagnostic laboratories, pharmaceuticals, chemicals, medical equipment and their manufacturers and suppliers.

The U.S. healthcare industry drives direct annual spending of about $2 trillion. Goods and services provided by manufacturers of drugs, medical devices and other supplies account for about $300 billion of that, and health care providers account for about $1.5 trillion in billings.