World Chemical Economy Dynamic Growth in Pharmaceuticals, Chemicals Struggles
Global trends in the production of pharmaceuticals and chemicals continued to pick up in the summer months, reports the German Chemical Association (VCI - Verband der Chemischen Industrie) in its monthly ‘World Chemistry Report’. The VCI-report shows the latest developments in chemical and pharmaceutical production in 16 countries, 6 regions and around the world.
Frankfurt/Germany – While the worldwide production of pharmaceuticals has increased in the current year, the chemical industry is still struggling with the consequences of the drop in demand caused by the corona pandemic. The previous year's level is still far from being reached.
Chemical production in Western Europe fell sharply, while pharmaceutical production showed dynamic growth.
In contrast, Eastern Europe showed a positive growth trend in both chemical and pharmaceutical production despite corona. Asia was affected by the pandemic at a very early stage in some cases, and thus also by the slump in production – the recovery here has already started much more dynamically. In North America, the industry also recovered from severe slumps, but production in the Chemicals and Pharmaceuticals divisions was still below the previous year.