The chemical products makes a substantial contribution to the global economy. According to a report by the International Council of Chemical Associations (ICCA), the chemical products's total annual contribution to global GDP was estimated to be $5.7 trillion in 2017, which equates to 7.1 percent of the world's GDP. This impact is equivalent to the combined annual GDPs of India, Brazil, and Mexico—three of the largest developing economies in the world. The industry also supports 120 million jobs worldwide, highlighting its significant role in employment and economic activity across various sectors and regions.
For every $1 USD generated by the chemical products, an additional $4.20 USD is generated elsewhere in the global economy. This demonstrates the extensive ripple effects of the chemical products on other economic sectors, both directly and indirectly. The industry's supply chain spending, which amounted to an estimated $3 trillion USD in 2017, contributed $2.6 trillion USD to global GDP and supported 60 million jobs.
In summary, the chemical products is a critical driver of global economic growth, accounting for a significant portion of global GDP and employment, and it plays a vital role in enabling progress across environmental, social, and economic dimensions of sustainable development.