During the projected period of 2019–2027, the speciality oil, gas, and chemicals market is expected to expand at a CAGR of 5.30%. The market's revenue is anticipated to rise between 2018 and 2027. The market for chemicals and petroleum is expanding as a result of a number of key causes, including the increased demand for environmentally friendly goods, expansion of the APAC economy, rising concern for sustainability, and rising R&D expenditure on specialty chemicals. Consumer preferences are changing in favour of more ecologically friendly items since there is a growing awareness of environmental issues on a worldwide scale. Italy is the third-largest manufacturer of chemicals in Europe, with a 2016 revenue of over €52 billion.

This industry has roughly 3,000 companies operating in it and 108,000 individuals working for it. Italy, which has a substantial industrial base, has a sizable market for chemicals valued over €59 billion. The Italian market places her second in Europe for numerous products. The nation can take use of its strategic location in the Mediterranean Sea. These factors influence the decision of numerous multinational chemical corporations to build a strategic presence here to oversee their operations throughout Southern Europe. Industries in almost every nation in the globe are involved in the trillions of dollars worth of annual global shipments of chemicals and chemical products.

There is no denying that 2010 was a very difficult year for the petrochemical industry. One of the most difficult years for him to forecast was 2011, especially following his 2010 industry recovery. Low-cost Middle Eastern goods arrived in Europe as a result of the global recession and higher-than-anticipated demand, particularly in China.