Chemical Industry: Market Study Chemical Industry Overcomes Crisis Aftermath
A recent market study sees the chemical industry well back on a growth course, with sales reaching an alltime high of € 3.1 trillion. But not all markets develop unisonous: while threshold countries gained huge shares, traditional, industrialised economies recover slowly. Germany remains number one exporter.
Frankfurt/Germany – The global demand for chemicals increased in 2010 by 23 percent, reaching an alltime high of € 3.1 trillion after overcoming declines in 2009. Especially Asia, South America and Eastern Europe saw strong growths, says a study by the German chemical industry association VCI. Biggest exporter of chemicals, with foreign sales of € 144 billion, remains Germany, before the U.S. (€ 129 billion) and Belgium (€ 97 billion).
According to the VCI, chemicals worth € 3.14 trillion were produced worldwide, most of which in Asian countries. Despite the crisis years 2008 and 2009, the global market for chemicals expanded by five percent compared with 2005. Today, about 45 percent of the global turnover from chemicals stems from Asian countries – significantly more than from Europe (25 percent) or the US and Canada (about 20 percent). Since emerging countries in Asia, especially China and India were less heavily impacted by the global economy crisis, their production witnessed big growths during the past years. Also Latin-America could gain market shares, although on a smaller scale.
Chemical Industry to Grow in Asia, South America and the Middle East
The emerging countries could increase their competitiveness with new and overhauled production facilities, gaining hug market shares during the last ten years. The PR China witnessed the biggest growth of about 16 percent compared to 2000, surpassing Germany's share in 2004 and the Japan's in 2005. India and Indonesia also increased their chemicals production significantly. The Middle East with its domestic production with of crude oil and natural gas, is currently busy establishing itself as a strong hub and producer of basic chemicals and petrochemicals. The VCI expects a strong future growths in this areas for the coming years.