In 2023, the Chemicals industry, along with most sectors, experienced softness in M&A activity, disappointing initial expectations of a robust rebound. Transactions that did close were generally higher quality opportunities that took longer than usual to close. Looking ahead to 2024, we are optimistic that the industry is poised for growth, propelled by sustainable manufacturing trends, vertical integration, and transformative deals. Aging private equity portfolios and a focus on decarbonization are set to invigorate the M&A landscape, offering promising prospects for the sector. Our outlook for M&A is for more activity in 2024 compared to 2023.