laers inestent & tae market survey
TRANSCRIPT
FLANDERS INVESTMENT & TRADE MARKET SURVEY
THE CHEMICALS SECTOR
IN THE USA
Market study
www.flandersinvestmentandtrade.com
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THE CHEMICALS SECTOR IN THE
U.S.A. Flanders Investment & Trade – Houston
Published / 17.12.2020
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TABLE OF CONTENTS
1. Preface ..................................................................................................................................................................................... 3 2. Market Subsectors ............................................................................................................................................................ 4
2.1 Basic Chemicals 4 2.2 Specialty Chemicals 7 2.3 Agricultural Chemicals 7 2.4 Pharmaceuticals 8 2.5 Consumer Products 9
3. Market Situation .............................................................................................................................................................. 10
3.1 Existing & Predicted Clusters 10 3.1.1 The Gulf Coast Petrochemicals Cluster 10 3.1.2 Major corporate players in the cluster 13 3.2 Regulatory Agencies 14
4. Investments in Green & Sustainable Chemistry .......................................................................................... 15 5. Research Centers & Federal Programs ............................................................................................................. 16 6. Conferences & Trade Associations ........................................................................................................................17
6.1.1 Conferences 17 6.1.2 Trade Associations 17
7. Conclusion ........................................................................................................................................................................... 19 8. Sources ................................................................................................................................................................................. 20
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1. PREFACE
The United States’ chemicals industry exceeded sales of $765 billion in 2017 and invested $99 billion in research
and development the same year (Select USA - U.S. International Trade Administration, 2020).
The large amount of money invested into research and development and strong enforcement of intellectual
property in the U.S. represents an opportunity for Flemish companies wishing to enter this market to license
their technologies. There are also significant opportunities for companies to act as suppliers to American
chemicals manufacturers, as the U.S. market makes up around 18 percent of global chemical shipments (Select
USA - U.S. International Trade Administration, 2020).
The purpose of this market research study is to provide a comprehensive market picture of the current
situation in the United States of America, what challenges face the chemicals sector as it moves toward green
(sustainable) chemistry, and what support is available for Flemish companies active in this market.
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2. MARKET SUBSECTORS
The chemicals sector in the U.S. is comprised of Basic Chemicals, Specialty Chemicals, Agricultural Chemicals,
Consumer Products, and Pharmaceuticals. The chart below offers a snapshot of the trajectory of shipments
in terms of billions of dollars per year for the main chemical segments in the United States over the 4 year
period from 2014-2018 (American Chemistry Council, 2018).
Source: American Chemistry Council, “2018 Elements of the Business of Chemistry”
2.1 BASIC CHEMICALS
Basic chemicals are often referred to as commodity chemicals. These include inorganic chemicals, bulk
petrochemicals & organic intermediates, plastic resins, synthetic rubber, manufactured fibers, other
derivatives and basic industrials. The pie chart below shows the total amount in billions of U.S. dollars for
shipments of basic chemicals in 2018 (American Chemistry Council, 2018).
0,0
200,0
400,0
600,0
800,0
1 000,0
2014 2015 2016 2017 2018
Total USD Value of Chemical Shipments by Segment , 2014-2018 ($billion)
Basic Chemicals Speciality Chemicals Agricultural Chemicals
Consumer Products Pharmaceuticals
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Source: American Chemistry Council, “2018 Elements of the Business of Chemistry”
As the chart above illustrates, the largest segment of basic chemicals shipped in 2018 were bulk petrochemicals
and organic intermediates, at over 50% of the total shipments of basic chemicals by value. The next largest
segment was plastic resins, followed closely by inorganic chemicals. Synthetic rubber and manufactured fibers
made up a smaller but significant share of the total value of shipments of basic chemicals in 2018 (American
Chemistry Council, 2018).
Bulk Petrochemicals & organic intermediates are derived from hydrocarbon feedstocks mainly in the form of
petroleum, natural gas and coal. Petrochemicals are chemically converted (refined and broken down) to be
combined with other chemicals to produce thousands of chemical products. Bulk petrochemicals help to make
many items we use every day, including plastic garbage bags and personal deodorant.
Plastic resins are created in a process known as “cracking”. Cracking heats hydrocarbons to break down their
molecules into two compounds: ethylene and propylene. Once the cracking process is complete, the
compounds form chains called polymers.
Ghent-born Leo Baekeland has been referred to as the father of the plastics industry (Imperial Chemical
Industries Ltd., Plastics Division, 1962), for creating the first plastic made from synthetic components in 1907,
Bakelite (Chemical Heritage Foundation, 1997).
$90.5
$45.5
$7.4$6.9
$190.5
Basic Chemicals Shipments, 2018 ($billion)
Plastic Resins Inorganic Chemicals
Synthetic Rubber Manufactured Fibers
Bulk Petrochemicals & Organic Intermediates
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Inorganic chemicals are simply compounds which do not contain carbon and its by-products in their
molecular structure. Inorganic compounds commonly found in daily life include water, table salt, and iron.
Synthetic rubber is an artificial elastomer. An elastomer is a polymer which has been synthesized from
petroleum byproducts and has elastic properties. They are most widely used in the automotive industry to
manufacture tires.
Manufactured fibers are often called synthetic fibers and are created through a process known as chemical
synthesis. Examples of common manufactured fibers are polyester, nylon, and fiber glass.
The chart below gives an overview of imports & exports of Basic Chemicals to and from the U.S. in 2018
(American Chemistry Council, 2018).
Source: American Chemistry Council, “2018 Elements of the Business of Chemistry”
As the chart illustrates, the U.S. has consistently been a net exporter of basic chemicals in recent years, due
in large part to shale gas-related chemical investments.
0
20 000
40 000
60 000
80 000
100 000
120 000
2014 2015 2016 2017 2018
Basic Chemicals Imports & Exports, 2018 ($million)
Imports Exports
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2.2 SPECIALTY CHEMICALS
Specialty Chemicals are unique chemicals which are used to perform functions that other chemicals can’t.
They can be distinctive molecules or combined with a mixture of molecules into formulations. Some examples
of specialty chemicals are lubricants, polymers, and fragrances.
The chart below illustrates that the U.S. has been a net exporter of specialty chemicals in recent years
(American Chemistry Council, 2018). The driving factor behind strong export numbers is that the U.S. has been
a leader in product innovations for paints, coatings, lubricants, and construction chemicals.
Source: American Chemistry Council, “2018 Elements of the Business of Chemistry”
2.3 AGRICULTURAL CHEMICALS
Agricultural Chemicals, also known as Agrochemicals, are specialized chemicals designed for the agricultural
market. The most common agrochemicals are pesticides, fertilizers, and herbicides.
The following chart illustrates imports and exports of agricultural chemicals to the U.S. in 2018 (American
Chemistry Council, 2018).
0
10 000
20 000
30 000
2014 2015 2016 2017 2018
Speciality Chemicals Imports & Exports, 2018 ($million)
Imports Exports
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Source: American Chemistry Council, “2018 Elements of the Business of Chemistry”
As the chart above illustrates, the U.S. has been a net importer of agrochemicals over the past few years,
which is not surprising as U.S. agricultural output has been steadily climbing for decades (U.S. Department of
Agriculture, 2020).
2.4 PHARMACEUTICALS
Pharmaceuticals are considered by the NAICS (North American Industry Classification System) to fall under
the umbrella of the chemicals industry, and as such are included in U.S. government statistics for the industry.
While the pharmaceutical industry is often considered a different sector than the chemicals industry, the two
are completely interwoven. Almost all drugs, both prescription and over-the-counter, rely heavily on
chemicals; and so do vitamins, vaccines, biotechnology, diagnostics and biological products. In short, chemicals
are the life-blood of the pharmaceutical business and the life sciences overall.
The next chart provides a picture of the imports and exports of pharmaceuticals to the U.S. in 2018 (American
Chemistry Council, 2018).
0
5 000
10 000
15 000
2014 2015 2016 2017 2018
Agricultural Chemicals Imports & Exports, 2018 ($million)
Imports Exports
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Source: American Chemistry Council, “2018 Elements of the Business of Chemistry”
The chart shows a dramatic increase of 45.7% in just 4 years’ time of pharmaceutical imports into the United
States. There are a number of reasons to explain this dramatic increase, but the key driver is the aging
population of the U.S. According to the Population Reference Bureau there were over 52 million Americans
age 65 and older in 2018 (Population Reference Bureau, 2020).
2.5 CONSUMER PRODUCTS
Consumer products are goods that are manufactured for consumption by the consumer market, which is
made up of individuals or households. Almost all consumer goods rely on chemicals for the creation and
delivery of their final product. Common consumer products include soap, toothpaste, deodorant, and
cosmetics; all of these products rely on a combination of chemicals for their creation, packaging, and shipping.
The next chart illustrates that imports & exports of consumer products have been increasing in recent years,
in lock-step with the overall economic growth of the U.S. during the years included (American Chemistry
Council, 2018).
0
20 000
40 000
60 000
80 000
100 000
120 000
140 000
160 000
2014 2015 2016 2017 2018
Pharmaceuticals Imports & Exports, 2018 ($million)
Imports Exports
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Source: American Chemistry Council, “2018 Elements of the Business of Chemistry”
3. MARKET SITUATION
3.1 EXISTING & PREDICTED CLUSTERS
3.1.1 The Gulf Coast Petrochemicals Cluster
The Gulf Coast Petrochemical Cluster covers the regions of Texas,
Louisiana, Mississippi, Alabama, and parts of Florida (shown on the
map at right in red.) This cluster is one of the most important in all
of the United States. It possesses an extremely well-developed
infrastructure, due to the region having been a historical bedrock
of the U.S. oil & gas industry since its early days.
Image Source Wikimedia Commons (User:Derfel73, User:Wapcaplet, & User:Angr, 2011):
0
2 000
4 000
6 000
8 000
10 000
12 000
14 000
2014 2015 2016 2017 2018
Consumer Products Chemicals Imports & Exports, 2018 ($million)
Imports Exports
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According to the U.S. Energy Information Administration, over 45% of total U.S. petroleum refining capacity
is located in this cluster. This region is also home to 51% of total U.S. natural gas processing plant capacity
(U.S. Energy Information Administration, 2020).
The chart below is from the Louisiana State University Center for Energy Studies’ Gulf Coast Energy Outlook
2020 (figure 23 in the document, found on page 25 in the PDF published on their website) and illustrates the
magnitude of capital expenditures per year in billions of USD from cluster member states Texas, Louisiana,
Alabama & Mississippi (Dismukes, Terrell, & Upton, Jr., 2020).
The chart shows historical numbers as well as predictions for future years. Texas and Louisiana dominate as
the cluster’s heavyweights, due to their strategic location to numerous oil & gas fields and their vast network
of refineries, pipelines, and ports.
Source: LSU Center for Energy Studies Gulf Coast Energy Outlook 2020. The next chart (figure 24, found on page 26 in the PDF document published on their website) shows the
capital expenditures by sector of the Gulf Coast Chemical cluster. The chart provides historical numbers as
well as predictions for future years.
Gulf Coast energy manufacturing investments by state
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Source: LSU Center for Energy Studies Gulf Coast Energy Outlook 2020. Cracker/Polymer projects and Methanol/Ammonia investments have been historically strong in the region
and will continue to be so in the future. However, the Liquified Natural Gas (LNG) export market is predicted
to overtake these projects in terms of billions of dollars spent in a dramatic fashion. This is mainly due to the
abundance of shale gas that is found in the region from The Haynesville Shale, which covers large swaths of
East Texas & Northwest Louisiana. According to the EIA the Haynesville Shale possess proved reserves of 44.7
trillion cubic feet of natural gas (U.S. Energy Information Administration, 2019).
The following chart, viewable on the June 23rd, 2020 “Today in Energy” Update on the U.S. Energy Information
Administration’s website (United States Energy Information Administration, 2020), shows the dramatic
increase in LNG exports over the past few years. 2020 has seen a sharp decline due to the worldwide COVID-
19 pandemic, however volumes are expected to start to grow in late 2020.
Gulf Coast energy manufacturing investments by sector
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Source: U.S. Energy Information Administration “Today in Energy: June 23, 2020 - U.S. liquefied natural gas exports have declined by more than half so far in 2020”
3.1.2 Major corporate players in the cluster
Major corporate players in the chemicals cluster include DOW, Dupont, BASF, LyondellBasell, Solvay,
ExxonMobil, Chevron Phillips, Westlake, Air Products, Eastman and Hunstsman. There are many more medium
and small-sized players in this cluster in the U.S. market.
Gulf Coast
DUPONT
BASF
WESTLAKE
LYNDOLL
SOLVAY
DOW
Gulf Coast
EXXON
AIR PRODUCTS
HUNTSMAN
SABIC
EASTMAN
CHEVRON
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3.2 REGULATORY AGENCIES
In addition to the major regulatory agencies listed below, there may be additional regulating bodies and
regulations issued at the state and local level.
United States Environmental Protection Agency (EPA)
https://www.epa.gov/
The United States EPA is the main regulatory body overseeing the chemicals sector. Manufacturers must
submit premanufacturing notification to the EPA prior to manufacturing or importing new chemicals for
commerce, with some exceptions.
The United States Department of Health and Human Services (DHHS)
https://www.hhs.gov/
The DHHS oversees 11 agencies, including the Food & Drug Administration FDA), the Agency for Toxic
Substances and Disease Registry (ATSDR), the National Institute of Environmental Health Sciences, The National
Institutes of Health, and the Centers for Disease Control and Prevention (CDC). The DHHS investigates health
impacts from environmental health threats, which may include chemicals, often through the aforementioned
agencies.
United States Food & Drug Administration (FDA)
http://fda.gov/
This agency regulates food, tobacco, dietary supplements, pharmaceutical drugs, biopharmaceuticals, animal
foods & feed, veterinary and other products that chemicals may fall under when producing those goods.
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4. INVESTMENTS IN GREEN & SUSTAINABLE CHEMISTRY
By 2020 the renewable chemicals market is projected to reach $85.6 billion, a significant growth rate of 10.6%
from 2015’s figure of $51.7 billion (Forsgren, 2020).
Green chemistry is expected to grow to $100 billion from $11 billion globally over the same five-year period
(Forsgren, 2020). This projection incorporates chemicals, renewable feedstocks, green polymers and less toxic
chemical formulations into the figure. In North America, growth is projected to reach $20 billion in 2020 from
$3 billion in 2015 (Forsgren, 2020).
Companies in the USA who are focused on the circular economy model are the leaders in investments in
green & sustainable chemicals. These companies are currently focused on CO2 capture, advanced recycling,
adding polystyrene products into their original feedstocks, converting waste plastics into feedstocks for
plastics production and fuel, catalytic chemistry to create chemicals from renewable resources, and the
decarbonization of the chemicals industry through a variety of methods.
Because the European market has stricter regulations on chemicals in general, Flemish companies may find
that they have an advantage in the U.S. market, where regulations and sustainability goals have not yet
caught up. Chemical industry analysts from Chemical & Engineering News (C&EN) have pointed to increasing
due-diligence demands for investors in chemical companies, as many investment firms are now requiring that
the companies in their portfolio meet stricter sustainability standards in response to anticipated increases in
regulation in Europe and the U.S. (Zainzinger, 2020).
According to a report from investment firm Jefferies, chemical companies ranked highly in Environmental,
Social & Governance (ESG) performance by scoring firm MSCI during the past decade outperformed those with
low rankings by 4.8% per year (Zainzinger, 2020). The same report found that most of the 2,100 individual
investors it surveyed, preferred to invest in companies that are focused on sustainability, with many citing
climate change as the reason (Zainzinger, 2020).
Organizations that C&EN reported analyze companies to provide ESG scores to investors include:
• Institutional Shareholder Services ESG - https://www.issgovernance.com/esg/ • MSCI - https://www.msci.com/ • RobecoSAM - https://www.robeco.com/ • Sustainalytics - https://www.sustainalytics.com/ • Vigeo Eiris - https://vigeo-eiris.com/
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5. RESEARCH CENTERS & FEDERAL PROGRAMS
Massachusetts Institute of Technology (MIT)
https://cheme.mit.edu/research/
Stanford University
https://chemistry.stanford.edu/research/research-areas
Stanford Synchrotron Radiation Lightsource (SSRL)
https://www-ssrl.slac.stanford.edu/
Stanford Center for Molecular Analysis & Design
https://chemistry.stanford.edu/cmad
Stanford Chemistry, Engineering & Medicine for Human Health (ChEM-H)
https://chemh.stanford.edu/
The U.S. Army Edgewood Chemical Biological Center
https://www.cbc.ccdc.army.mil/
Manufacturing USA
https://www.manufacturingusa.com/
A partnership between 14 public-private institutes and federal sponsoring agencies, including the U.S.
departments of Energy, Defense and Commerce.
The Institute for Advanced Composites Manufacturing Innovation (IACMI)
https://iacmi.org/
Dedicated to supporting development of manufacturing technologies for advanced polymer composites for
vehicles, wind turbines and compressed gas storage.
Department of Energy’s Advanced Manufacturing Office (AMO)
https://www.energy.gov/eere/amo/advanced-manufacturing-office
The Innovative Process and Materials Technologies Project and the Next Generation Materials Project are
two chemicals-related research and development support projects from this office.
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Department of Agriculture’s Rural Business and Cooperative Service (RBSC)
https://www.rd.usda.gov/about-rd/agencies/rural-business-cooperative-service
This service’s Biorefinery, Renewable Chemical and Biobased Product Manufacturing Assistance Program
(BAP) assists in the development of manufacturing facilities for biobased chemical products and renewable
chemicals.
Greentown Labs
https://greentownlabs.com/
A startup incubator devoted to “climatech”, or sustainable solutions.
6. CONFERENCES & TRADE ASSOCIATIONS
6.1.1 Conferences
Due to the COVID-19 pandemic many conferences have been delayed or will take place as virtual conferences.
For the latest information on dates we advise companies to consult conference organizers’ websites directly.
American Chemical Society National Meeting
https://www.acs.org/content/acs/en/meetings.html
IEEE IAS Petroleum and Chemical Industry Committee (PCIC) Annual Conference
http://ieeepcic.com/
6.1.2 Trade Associations
American Chemical Society (ASC) https://www.acs.org American Chemistry Council (ACC) http://www.americanchemistry.org/ American Institute of Chemical Engineers (AIChE) / Council for Chemical Research (CCR) https://www.aiche.org/ www.ccrhq.org
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Colorado Cleantech Industries Association
https://coloradocleantech.com/
Plastics Industry Association
http://www.plasticsindustry.org/
Society of Chemical Manufacturers and Affiliates
http://www.socma.org/
Adhesive and Sealant Council
http://www.ascouncil.org/
American Cleaning Institute (Cleaning Products)
http://www.cleaninginstitute.org/
American Coatings Association
http://www.coatingstech.org/
CropLife America (Pesticides)
http://www.croplifeamerica.org/
The Fertilizer Institute
http://www.tfi.org/
American Fuel & Petrochemical Manufacturers
http://www.afpm.org/
Personal Care Products Council
http://www.personalcarecouncil.org/
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7. CONCLUSION
While the United States’ chemicals industry is a behemoth which accounts for 10% of all U.S. goods exported
(American Chemistry Council, 2020), the sector has consistently shown an ability to adapt to market changes
by rapidly utilizing new technologies to achieve cutting edge breakthroughs.
While COVID-19 attempted to cripple international trade, it was only successful in slowing the momentum.
We believe that the aftereffects will actually prove to be a catalyst for European firms as American companies
will look to Europe in order to diversify their supply chains away from the systematic risk associated with
China. Flemish companies must capitalize on this opportunity.
The Port of Antwerp and the Port of Houston have enjoyed a special relationship which is bolstered by their
strategic positions at the heart of the oil, gas & chemicals industries for Europe and the United States,
respectively. This relationship will continue to grow in the future. Flemish firms should leverage this
advantage in order to reach new chemical markets in the U.S., while strengthening their grip on existing
product offerings & market share.
It is no secret that the United States has lagged Europe in regards to transitioning towards a carbon-neutral
world. As the chemicals industry adapts to an ever-changing world, with a push towards a circular economy,
there exists an opportunity for Flemish companies with expertise in sustainable resources, materials, and
chemicals to capitalize on their proficiency.
Our Houston office recommends that Flemish companies active in the chemicals sector include the U.S. market
in their plans due to the industry’s immense size and growth potential. Our office is available to help Flemish
companies active in any area of chemicals with their market entry or expansion strategies.
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8. SOURCES
American Chemistry Council. (2018). 2018 Elements of the Business of Chemistry. Retrieved from American
Chemistry Council: https://www.americanchemistry.com/
American Chemistry Council. (2020). U.S. Chemicals Trade By the Numbers. Retrieved 2020, from American
Chemistry Council: https://www.americanchemistry.com/Trade-by-the-Numbers/
Chemical Heritage Foundation. (1997). Leo Baekeland. In M. E. Bowden, Chemical achievers: the human face of
the chemical sciences. Philadelphia, PA.
Dismukes, D. E., Terrell, D., & Upton, Jr., G. B. (2020). Gulf Coast Energy Outlook 2020. Retrieved from
Lousiana State University Center for Energy Studies:
https://search.lsu.edu/ces/publications/2019/gceo2020.pdf
Forsgren, C. (2020). Market Analysis on Green Chemistry & Technology. Modern Chemistry & Applications,
7(4). Retrieved July 01, 2020, from https://www.longdom.org/open-access/market-analysis-on-green-
chemistry--technology.pdf
Imperial Chemical Industries Ltd., Plastics Division. (1962). Landmarks of the Plastics Industry. England.
Population Reference Bureau. (2020). Fact Sheet: Aging in the United States. Retrieved from Population
Reference Bureau: https://www.prb.org/aging-unitedstates-fact-sheet/
Select USA - U.S. International Trade Administration. (2020, July 01). Chemical Spotlight - The Chemical
Industry in the United States. Retrieved from Select USA: https://www.selectusa.gov/chemical-industry-
united-states
U.S. Department of Agriculture. (2020, May 05). A Look at Agricultural Productivity Growth in the United
States, 1948-2017. Retrieved from U.S. Department of Agriculture:
https://www.usda.gov/media/blog/2020/03/05/look-agricultural-productivity-growth-united-states-1948-
2017#:~:text=The%20level%20of%20U.S.%20farm,annual%20rate%20of%201.53%20percent.
U.S. Energy Information Administration. (2019, December 13). U.S. Crude Oil and Natural Gas Proved Reserves,
Year-end 2018. Retrieved from Energy Information Administration:
https://www.eia.gov/naturalgas/crudeoilreserves/
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U.S. Energy Information Administration. (2020). Gulf of Mexico Fact Sheet. Retrieved from U.S. Energy
Information Administration: https://www.eia.gov/special/gulf_of_mexico/
United States Energy Information Administration. (2020, June 23). U.S. liquefied natural gas exports have
declined by more than half so far in 2020. Retrieved from U.S. EIA - Today in Energy:
https://www.eia.gov/todayinenergy/detail.php?id=44196
User:Derfel73, W. C., User:Wapcaplet, W. C., & User:Angr, W. C. (2011, August 21). "The Gulf Coast region of the
US, in red.". Retrieved December 2020, from Wikimedia Commons:
https://en.wikipedia.org/wiki/Gulf_Coast_of_the_United_States#/media/File:US_map-Gulf_Coast.svg
Zainzinger, V. (2020, November 15). Is green investing influencing the value of chemical companies? Chemical
& Engineering News, 98(44). Opgeroepen op 2020, van https://cen.acs.org/business/finance/green-investing-
influencing-value-chemical/98/i44
Flanders Investment & Trade – Houston Office Brad Hargis, Director of Business Development 720 Rusk Street, Suite 206 Houston, TX 77002 USA Email: [email protected] Telephone: +1-281-643-8804 Disclaimer The information in this publication is provided for background information that should enable you to get a picture of the subject treated in this document. It is collected with the greatest care based on all data and documentation available at the moment of publication. Thus this publication was never intended to be the perfect and correct answer to your specific situation. Consequently it can never be considered a legal, financial or other specialized advice. Flanders Investment & Trade (FIT) accepts no liability for any errors, omissions or incompleteness, and no warranty is given or responsibility accepted as to the standing of any individual, firm, company or other organization mentioned.