Chemical Industry Figures New Market Figures Show Chemical Industry in Europe Recovering, US Market Remains Static
Europe's chemical industry recovers as new figures by the European Chemical Industry Council (Cefic) show. This solid grow might well be slowed by imponderabilities due to developments in the Middle East and North Africa or the earthquake in Japan this march. The American market only grows moderately according to the American Chemistry Council (ACC).
Brussels/Belgium & Washington D. C./USA – Europe's chemical industry has largely recovered from it's tremedous losses in 2008, as figures provided by the European Chemical Industry Council (Cefic) show: According to the latest Cefic Chemicals Trends Report, the EU's chemicals production increased by 5.8 percent in February compared with February 2010. The production of chemicals in five major european industrial locations, namely France, Belgium, Germany, Spain and The Netherlands, exceeded the pre-crisis production highs experienced in 2007. The aggregate EU chemicals sector is still slightly (0.5 percent) below the 2007 threshold.
Petrochemical production in the EU increased by 8.6 percent from February 2010 to this year's February. The production of basic inorganics rose by 7.8 percent in the same period. Consumer chemicals increased by 6.5 percent while polymers grew by 4.3 per cent. Specialty chemicals rose by 3.8 per cent within the last year. The February 2011 EU production index was up 24 per cent from the low in December 2008.
Cefic Chief Economist Moncef Hadhri commented: “The data show that the industry is chugging along, but the speed and the overall strength of the EU chemicals recovery in 2011 could be slightly affected by increased uncertainties in the global macro economic environment as well as the latest developments in the Middle East and North Africa.”