22 January 2010 14:32 [Source: ICIS news]
By Will Beacham
LONDON (ICIS news)--There may be a small amount of growth, but no proper recovery in the global chemical industry in 2010 due to a lack of real demand and volatility in ?xml:namespace>
Paul Hodges, chairman of UK-based Internationa eChem, told ICIS news in a video interview that there was no prospect of recovery to pre-downturn levels in any chemical market globally.
He said: “We don’t see in any market - apart from possibly
“Do we seriously think we’ll return to those levels again this year? No – and that is what a recovery would mean. I think we’ve bottomed and I certainly hope we’re going to see a bit of growth but I don’t see us returning to where we were before.”
Hodges said many in the financial community were confusing the destocking/restocking cycle with real recovery.
During 2010 Europe and the
“I think there’s been a lot of confusion about the
"That’s never been our forecast – we always said that capacity would start ramping up now plus the Chinese capacities coming on and that’s really what we still see,” he added.
Hodges claimed an economic and financial bubble was about to burst in
“I’m very worried about
“So they stimulated the economy. They lent out an incredible volume of money. The Chinese economy is about the size of
There have been grounds for optimism, longer term, for the global chemical industry, said Hodges, as moves towards lower carbon economies would increase demand for polymers and innovative products.
“We’re looking at a complete change in the way we make things and run our society. We might move from 17m auto sales in the
“We’ve just got to get through the next couple of years before we see these benefits coming through. You’ve got to invest now to position yourself for the real recovery when it comes,” Hodges added.
($1 = €0.71)
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