The United States specialty chemicals market is one of the most significant manufacturing industries in the US and plays a critical role as an economic growth engine. The industry was valued at around $760 billion in 2012 and accounts for nearly 25% of GDP in the United States. Products derived from the specialty chemicals market make there way into almost all parts of the American economy; they account for over 12% of exports; and generate 1 in 5 US patents.
As the cornerstone of the economic future in the US, it is important to have policies that encourage solutions to the biggest challenges through innovation that drives economic growth, protects US jobs, and enhances the safety, health and quality of life. One of the US's biggest challenges and highest priorities today is achieving greater energy security.
In one of the most exciting developments for the industry in decades, the US has seen incredible increases in supplies of natural gas from previously untapped shale deposits. These supplies help provide energy security but also create a competitive advantage for US petrochemical manufacturers, leading to greater US investment and growth.
It is estimated that a modest increase in natural gas supply from shale deposits would generate more than 400,000 new jobs in the United States, more than $132 billion in US economic output and $4.4 billion in new annual tax revenues.
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