In this article, we will look at the 18 highest paying countries for chemical engineers. We have also discussed the global basic chemical market. If you want to skip our detailed analysis, head straight to the 5 Highest Paying Countries for Chemical Engineers.
The global basic chemicals market is projected to grow substantially to a worth of $979.63 billion by 2032, up from $671.45 billion in 2022, with a CAGR of 3.9%. Notably, the Asia Pacific region is leading with a 39% revenue share in 2022. Organic chemicals are dominating the market, constituting 57% in 2022, driven by their extensive use in different industries. Among end users, the chemical industry holds the largest share, accounting for 43% of revenue in 2022.
Basic chemicals play an important role across industries, from pharmaceuticals to food and beverages, polymer, pulp and paper, textiles, and beyond. The pharmaceutical sector, in particular, is experiencing rapid expansion, necessitating increased production of both organic and inorganic basic chemicals like chlorine, a vital raw material for drug manufacturing. However, regulatory requirements and health risks associated with chemical usage pose challenges to market growth. Speaking of the pharmaceutical sector, see the Countries With Highest Pharmaceutical Spend Per Capita.
In 2024, the chemical and advanced materials industry faces persistent challenges, with projections indicating a global economic growth forecast of 2.7%, a slight drop from previous estimates. This decline is attributed to factors such as global trade limitations, low birth rates, and ageing populations. Amidst this low-growth environment, companies are compelled to devise sustainable survival strategies to navigate through the prolonged period of economic stagnation. China, for instance, is prioritizing domestic-driven growth, leading to increased self-sufficiency rates in key chemical markets like ethylene. In response, companies worldwide are rapidly transforming their business portfolios, phasing out obsolete ventures, and embracing new opportunities in eco-friendly sectors like battery materials.
The climate crisis remains a pressing concern, prompting strengthened environmental regulations globally. With the average global temperature hitting record highs, countries are enacting stringent measures to mitigate environmental degradation. These regulations are expected to drive significant shifts in the chemical industry towards sustainability-focused initiatives. For instance, the introduction of circular net molecules/plastics and the promotion of net-zero circular molecules are anticipated to gain prominence. As a result, the industry is poised to witness substantial growth in environmentally friendly businesses, with the global plastic recycling market projected to expand significantly by 2026.
Geopolitical tensions and the imperative to decarbonize further complicate the industry’s landscape in 2024. Protectionist policies and supply chain disruptions necessitate the reconfiguration and diversification of global supply chains. Additionally, governments worldwide are emphasizing the role of robust industrial policies in achieving a net-zero economy. Collaborative efforts across the chemical industry and its value chain are deemed crucial for establishing the necessary regulatory frameworks and achieving collective targets. Despite the challenges, the industry’s resilience and innovation present opportunities for unlocking value and driving sustainable solutions, reinforcing its essential role in shaping the future economy.
According to a survey, in 2015, female chemical engineers earned a median salary of $101,063, slightly more than their male counterparts who earned $100,944. Despite this, men dominated the field, constituting nearly 85% of the 56,266 chemical engineers in the US. The gender pay gap persisted in other sectors, with women generally earning around 80% of men’s wages. However, chemical engineering stood out as one of seven industries where women out-earned men, alongside architectural and engineering management, and dietetics.
Before getting into our list of the top-paying countries for chemical engineers, let’s look at the recent developments related to the key players in the chemical industry.
On January 25, Dow Inc (NYSE:DOW) forecasted a stagnant sales trajectory for the current quarter following a 10.4% drop in the fourth quarter, as revealed in their recent report. The company attributes this downturn to persistent weak demand plaguing its various operational segments. Throughout 2023, chemical manufacturers struggled with inventory management issues with a sluggish demand, particularly in major markets like the UK and China, where post-pandemic recovery has been slower than initially projected. CEO Jim Fitterling expressed anticipation of continued softness in industrial and durable goods demand, extending into the first quarter of 2024. However, there are promising early signs of recovery in sectors such as construction, automotive, and consumer electronics.
Despite the challenges, Dow Inc (NYSE:DOW) reported a positive conclusion to the destocking process initiated in late 2022, resulting in lean inventory levels across its value chains. Nonetheless, demand remains a persistent concern, with the company reporting diminished net sales across all segments. Notably, its largest segment, Packaging and Specialty Chemicals, witnessed a 7% decline in net sales attributed to global reductions in polyethylene prices. Despite these obstacles, Dow Inc (NYSE:DOW) managed to exceed market expectations for fourth-quarter profits and sales, leading to a 2.1% increase in its shares.
It is also worth highlighting that Dow Inc (NYSE:DOW) is investing $9 billion in Alberta for the world’s first net-zero petrochemical project. The initiative is set to create 8,000 construction jobs and 500 full-time positions, contributing to Alberta’s employment sector. With construction set to commence next year and phases scheduled for 2027 and 2029, the venture by Dow Inc (NYSE:DOW) confirms collaborative efforts between federal, provincial, and municipal entities, relfecting a broader trend of sustainable development.
On the other hand, Huntsman Corp (NYSE:HUN) is a leading American multinational company specializing in the production and distribution of chemical products catering to both consumer and industrial sectors. Renowned for its diverse range of polyurethanes, performance items, and adhesives, Huntsman Corp (NYSE:HUN) serves esteemed clientele such as BMW, GE, Chevron, Procter & Gamble, Unilever, and Walkaroo. Operating across more than 30 countries, Huntsman Corp (NYSE:HUN) has over 70 manufacturing, research and development, and operational facilities, with a workforce of about 9,000 associates spread across its four distinct business divisions. In the fiscal year 2020, Huntsman Corp (NYSE:HUN) recorded revenues nearing $6 billion.
In 2023, Huntsman Corp (NYSE:HUN) announced that it plans to restart maleic anhydride production in Moers, Germany following an unscheduled shutdown due to technical issues. The Moers plant holds an annual capacity of 105,000 tons of maleic anhydride. Challenges in maintaining operational continuity highlight complexities in the chemical industry. Maleic anhydride serves crucial roles across various sectors including pharmaceuticals, plastics, and agriculture. Plasticizers, vital in PVC production, drive demand for maleic anhydride. Huntsman Corp (NYSE:HUN), with a diverse product portfolio, demonstrates a commitment to swiftly addressing operational hurdles.
The estimated chemical engineer salary at Huntsman Corp (NYSE:HUN) is $82K–$122K per year.
A team of scientists in a laboratory observing the sophisticated engineering of specialty chemicals.
Our Methodology
To list the highest paying countries for chemical engineers, we identified the countries with the highest demand for chemical engineers and then made a list for 30 countries with the average salaries for chemical engineers. Of those 30, the 18 with the highest average salaries were selected and have been ranked. We acquired the data for average salaries of chemical engineers by country from ERI Economic Research Institute. The list is presented in ascending order.
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18. United Kingdom
Average Salary: $86,966
According to the IET Skills Survey 2021, nearly half of engineering businesses in the UK struggle to find skilled recruits, highlighting a major shortage of engineers. This demand extends to chemical engineers who play a pertinent role across various sectors, particularly in specialty chemical industries producing high-value products.
It is one of the countries where it is easy to get a job as an American.
17. New Zealand
Average Salary: $87,999
The country has a high demand for skilled professionals in industries like manufacturing, pharmaceuticals, and biotechnology. Additionally, the country’s relatively small population and remote location make it necessary to offer competitive salaries to attract and retain its workforce. It is one of the countries that pay the highest salaries for chemical engineers.
16. United Arab Emirates
Average Salary: $88,293
With abundant natural resources, the UAE relies heavily on chemical engineering expertise for oil refining, petrochemical production, and gas processing. The country’s strategic position as a global hub for trade and investment further amplifies the demand for skilled engineers. On a side note, the UAE is also one of the most visited countries in 2024.
15. Austria
Average Salary: $88,347
The recent establishment of Austria’s inaugural large-scale carbon capture and utilization (CCUS) plant confirms the country’s commitment to environmental innovation. This initiative is led by Australian clean-tech firm MCI Carbon in collaboration with Austrian partner RHI Magnesita that will annually convert approximately 50,000 tonnes of carbon dioxide emissions into construction materials. Such groundbreaking projects necessitate proficient chemical engineers who can devise and implement advanced technologies to address climate challenges. It is one of the countries with the highest paying chemical engineering jobs.
14. Singapore
Average Salary: $89,174
In Singapore, the demand for chemical engineers in 2024 remains strong, driven by the thriving petrochemical, pharmaceutical, and biotechnology industries. With a focus on innovation and sustainability, there’s an increasing need for skilled professionals adept in process optimization, environmental compliance, and product development.
It is also one of the most respected countries in Asia.
13. Netherlands
Average Salary: $91,809
The demand for chemical engineers in the Netherlands is currently facing challenges with the industry’s fluctuating landscape. With a 13% decrease in average annual production compared to 2022, the chemical sector is witnessing a major downturn, impacting the need for skilled professionals. Despite moderately positive production expectations in the near future, the cautious optimism is overshadowed by persisting pressures on international competitiveness and depressed market conditions.
Nevertheless, the Netherlands is still one of the highest paying countries for chemical engineers in Europe.
12. Finland
Average Salary: $92,853
Chemical engineering in Finland offers a blend of innovative research, strong industrial ties, and a supportive academic environment. The country has cutting-edge facilities, emphasizing sustainability and technology. Graduates of chemical engineering can benefit from excellent job prospects in different sectors such as renewable energy, forestry, and pharmaceuticals.
Finland is also one of the best countries for chemical engineers to work.
11. Ireland
Average Salary: $93,082
Ireland is home to a flourishing pharmaceutical and biotech industry, providing abundant opportunities for chemical engineers in research, manufacturing, and process optimization roles. Moreover, Ireland’s favorable corporate tax rates attract multinational companies, leading to a concentration of high-tech firms seeking top talent.
10. Norway
Average Salary: $93,096
Norway’s oil and gas sector presents ample opportunities in upstream and downstream processes, including extraction, refining, and petrochemicals. These industries often offer lucrative salaries to skilled engineers. Moreover, Norway’s commitment to sustainability drives demand for professionals adept at developing renewable energy technologies, such as hydrogen production and carbon capture. It is one of the top 10 highest paying countries for chemical engineers.
9. Japan
Average Salary: $93,727
Japan is a high paying destination for chemical engineers, notably due to industry giants like Mitsubishi Chemical Corporation, Toray Industries, and Sumitomo Chemical. These companies offer high-paying positions in different fields such as materials science, pharmaceuticals, and specialty chemicals. It is one of the highest paying countries for chemical engineers in Asia.
8. Canada
Average Salary: $97,550
In Canada, chemical engineers have a plethora of companies to choose from, spanning various sectors such as petrochemicals, pharmaceuticals, biotechnology, and environmental engineering. Moreover, multinational companies like Dow Chemical, BASF, and Pfizer have a major presence in Canada. For foreigners considering entry into the Canadian job market, various immigration pathways exist. Skilled workers like chemical engineers can apply through the Express Entry system, which assesses candidates based on factors like education, work experience, language proficiency, and other criteria.
It is one of the countries where chemical engineers are in high demand.
7. Belgium
Average Salary: $99,721
Belgium offers competitive salaries to chemical engineers due to its strong chemical industry, which is a significant contributor to the country’s economy. With a high demand for skilled professionals in this field, Belgian companies often compete for top talent by offering attractive compensation packages.
With an average annual salary of $99,721, Belgium is one of the countries where chemical engineers earn the most.
6. Australia
Average Salary: $99,979
In Australia, the demand for Chemical Engineers remains strong, with 2,400 individuals employed in the field in 2016. The majority, around 89%, work full-time, reflecting a high level of engagement within the profession. Chemical Engineers primarily find employment in sectors such as manufacturing (31.6%), professional, scientific, and technical services (21.7%), electricity, gas, water, and waste services (14.3%), and mining (14.1%). It is one of the best countries for chemical engineering.
Click here to see the 5 Highest Paying Countries for Chemical Engineers.
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Disclosure: None. 18 Highest Paying Countries for Chemical Engineers is originally published on Insider Monkey.