In 2018, the U.S economy grew by 3.5%. Although, in 2019, the growth reduced by a rate of 2.5%. The economic growth is poised to grow at 1.9% in 2020 and 1.8% in 2021 respectively. The decline in growth is accounted for by the U.S-China trade tensions and post-pandemic effects. According to the market database, the chemical industry proved a strong backing for the U.S economy for the year 2019. It contributed to roughly 2.5% of the overall growth. The chemical sector is expected to constitute approximately 3% of the growth dynamics for the year 2020.
As of 2019, 334 chemical projects inclusive of plastics have been announced in the U.S. These projects were valued at a worth of about USD 204 Billion. 53% of the investment transaction was completed while 40% were still in the pipeline. According to the chemical market research reports obtained from the American Chemical Council, further capital gains are expected to increase by 4.1% during 2020.
In 2019, the U.S Chemical Industry posted a trade surplus with a value of USD 37 Billion and the exports rose by a value of roughly 5.9%. The exports accounted for an amount of USD 149 Billion. The imports rose by a value of 2.4% to a value of USD 114 Billion approximately. Two-way trade between the United States and its foreign partners reached a value of USD 260 billion in 2019. The expansion rate was estimated to be 4.4% as compared to 2018. For the year 2019, the industry employed roughly 535 thousand people.
According to the market database, composites are typically derived from two or more materials. These substances have significantly different physical and chemical properties as compared to the product conceived upon combination. Even in a combined state, the individual components remain distinct within a composite. It majorly consists of two main categories of constituent materials including a matrix and a reinforcement. The matrix material supports the reinforcements by maintaining their relative positions. These reinforcements impart physical and chemical properties that further enhance the matrix.
The derived product is generally lighter and highly malleable. These materials are essentially corrosion resistant and have high tensile strength. The stress to strain ratio for composites is very high because of which it is used in place of certain metals. The combined substance is highly robust and is cheaper as compared to conventional steel or iron.
Several researchers in the field of material science are trying to incorporate other technologies with these materials. Components like sensors, actuators, computational, and well as communicational devices are being embedded into these systems to enhance their range of application. These products are also known as robotic materials. The components are repeated in an amorphous pattern. Some of the engineered composites include reinforced concrete, reinforced wood (plywood), reinforced plastics (fiberglass), ceramic matrix composites, and metal matrix composites.
These synthetically engineered substances have a wide range of applications including, the building of bridges, automobile parts, defense applications, etc.
Key companies in the U.S
According to the market database, Owens Corning is a key player in the U.S Chemical Industry. The company majorly deals with the manufacture of roofing, insulation, and fiberglass composite materials.
Fiberglass Rebar is one of the new products launched by this company. The material is a versatile and superior alternative to concrete reinforcement. The material is typically corrosion resistant and has lightweight. The price incurred to purchase this product is lesser as compared to the price for steel. Fiberglass Rebar is a composite of fiberglass roving and resin. The product can be used for strengthening structures in construction sites. Additionally, it has a long service life which reduces the maintenance cost associated with the structures.