The most common and most likely answer to this crossword clue is the 7 letter word HEPTANE
I've seen this crossword clue in The Times
H
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T
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The straight part
We know that "Chemical" is the straight/definition part of the clue. The straight part is often a synonym or definition, in this case chemical = heptane.The cryptic/wordplay part
In cryptic crossword there's often an wordplay/cryptic part as well.This part involves a more complex hint, such as an anagram, homophone, hidden word, etc.
Sadly, We don't have an explanation for this specific crossword clue yet.
What does HEPTANE mean?
HEPTANE noun- Any of the nine isomers of the saturated aliphatic hydrocarbon C7H16, obtained from petroleum, especially n-heptane (CH3(CH2)5CH3)