Chemicals and Materials Chemicals

How large is each chemical name? Dow and LyondellBasell are the commodity pair. Sherwin-Williams, PPG, Ecolab, and IFF are specialty or coatings. Industrial gases are not on this page.

Did the 2022 peak sit only in olefins? The later fade sits in Dow plus LyondellBasell. The specialty and coatings pair did not follow that path. Sums are calendar-year FMP quarters.

Did the olefins downcycle take operating margin with it? Dow plus LyondellBasell went from 14.5% in 2021 to -1.5% in 2025. Sherwin-Williams, PPG, and Ecolab held in the mid-teens. IFF is omitted because impairments distort 2022-2023.

How big is the US industry versus the roster? ACC industry shipments, not the 20-name roster. 2025 is a year-end estimate. 2026 is a forecast. Volume growth in the same tables is much smaller than these dollar levels imply.

Which basic-chemical tape moved? ACC Table 4. Plastic resins were up in 2024 while organics, rubber, and fibers were down. 2025e flipped that mix. This is volume, not price.

Did coatings volumes recover in 2025? ACC coatings were -3.1% in 2024 and +8.4% in 2025e. Consumer products went the other way. This is ACC volume, not Sherwin-Williams plus PPG revenue.

Is the industry still spending? ACC Table 5 puts capex at $38.9B in 2024, $39.8B in 2025e, and $40.5B in 2026f. Linde and Air Products are not added into this total.

How much of the US soda-ash tape is exported? USGS. More than half of 2025e output left the country. This is trona chemistry, not industrial gases and not lithium.