14 July 2011 16:14 [Source: ICIS news]
Chemicals sales rose 12.0% to €90.5bn ($127.5bn) and prices increased by 5.5%, Frankfurt-based Verband der Chemischen Industrie (VCI) said in a mid-year update.
The group said that production will continue to grow in the second half of 2011 but at a slower pace given that many producers are already running their plants at high capacity utilisation levels.
In the first six months producers could not meet demand for some chemicals and chemical products because of capacity constraints, VCI added.
For the full 12 months of 2011, VCI maintained its earlier forecast of 5% year on year growth in
Full-year 2011 chemical sales are expected to rise by 10% and prices by 5%, the group said.
“The mood in the German chemical industry is good,” said VCI president Klaus Engel. In fact, producers are as positive about their outlook as they were in the pre-recession 2006 and 2007 growth years," he said.
Engel added that despite risks, there are “no concrete indicators” that the economic and business situation could turn bad. “On the contrary, the situation seems to be stabilising,” he said.
However, Engel, who is also CEO of specialty chemicals major Evonik, listed a number of risk factors for the global economy and the chemical industry. These include the government debt crises in southern Europe and the
($1 = €0.71)Read Paul Hodges’ Chemicals and the Economy Blog
For the latest chemical news, data and analysis that directly impacts your business sign up for a free trial to ICIS news - the breaking online news service for the global chemical industry.
Get the facts and analysis behind the headlines from our market leading weekly magazine: sign up to a free trial to ICIS Chemical Business.
|ICIS news FREE TRIAL|
|Get access to breaking chemical news as it happens.|
|ICIS Global Petrochemical Index (IPEX)|
|ICIS Global Petrochemical Index (IPEX). Download the free tabular data and a chart of the historical index|
Asian Chemical Connections