07 January 2011 20:38 [Source: ICIS news]
HOUSTON (ICIS)--US auto sales are expected to rise 11.3% in 2011, according to a forecast released on Friday from the National Automobile Dealer Association (NADA), potentially boosting demand for upstream chemicals.
NADA chief economist Paul Taylor said sales were expected to hit 12.9m units, compared with 11.6m in 2010. Sales in 2010 were up 11% from 2009, when they hit a 27-year low.
In December, consulting firm IHS Global Insight released its estimate of 2011 US auto sales at 12.9m, after forecasting 2010 sales would reach 11.5m.
The US automobile industry is a major demand segment for chemicals such as acrylonitrile-butadiene-styrene (ABS), styrene-butadiene rubber (SBR) and several other synthetic fibres and paints and coatings.
The American Chemistry Council (ACC) estimates that each automobile contains an average of $2,700 (€2,079) worth of chemicals.
($1 = €0.77)
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