17 September 2009 16:33 [Source: ICIS news]
HOUSTON (ICIS news)--Economies in emerging markets such as China, India and Brazil are growing significantly faster than developed markets and offer the best opportunities for near-term growth, a DuPont executive said on Thursday at the Credit Suisse Chemical and Ag Science Conference.
“Our long-term goal is to penetrate all major markets to the same degree that we have in the US,” said Thomas Connelly, executive vice president and chief innovation officer for the US chemical producer. “This will take some time, but offers significant headroom for growth.”
DuPont said significant increases in population and globalisation were transforming markets, adding that sales in emerging markets grew by 80% in the past five years at an annual growth rate of 16%. Those revenues made up nearly one-third of the company’s $30.5bn (€20.7bn) sales in 2008.
The company said that 2009 emerging market sales would be down by about 10% from $9bn in 2008, but said such annual sales were projected to reach $13bn by 2012.
“Our approach to growth outside the ?xml:namespace>
In response to that demand, DuPont said it opened an R&D centre in
“We initially establish relationships with strong local supply chains and build a base of business with our existing offers,” Connelly said. “As we gain market insight, we use our science capabilities to develop products that are tailored to the unique demands of the local market.”
($1 = €0.68)
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