The first Chemical Activity Barometer (CAB) of 2014, published by the American Chemistry Council (ACC) on Jan. 28, sees the U.S. economy continuing to grow. In January, the barometer notched up to 94.0, a rise of 0.2 points against December, and is 2.6% ahead of the same point of 2013, the ACC said.

"Slow and steady isn't a bad thing when you consider the alternative," said Kevin Swift, chief economist at the chemistry council. He added that the economic recovery seems to be lagging compared to previous post-recession recoveries, but overall the fundamentals remain strong.

The ongoing expansion in chemistries related to construction and consumer-related resins, as well as light vehicle sales, Swift said. A "particularly bright spot," he added, are recent strong gains in electronic chemicals, food additives, foundry chemicals, lubricant and paint additives, mining chemicals and printing ink.

Overall, ACC said, the four primary components of the CAB were mixed, with production and inventories up, selling prices flat and equity prices declining.