25 January 2012 04:10 [Source: ICIS news]
By Fanny Zhang
The country’s car sales grew by 32% in 2010 and 48% in 2009.
The CAAM said the Chinese government’s macroeconomic policies and its removal of its stimulus policy on car purchases are the key reasons for the slowdown of car sales in 2011, although it is likely to see solid growth this year.
“We predict an 8-10% growth this year ,” said Jiang Xueqin, a car market analyst at Shanghai-based SWS Research.
Jiang said the government will gradually loosen its credit policies as inflation eases to a comfortable level. In addition, there is potential for car sales in the country to increase further because of lower penetration per capita.
Car producers and dealers also expect sales to grow faster this year, saying that the deceleration in 2011 will not be repeated in 2012.
“We think that growth will be concentrated on high-end products [such as] luxury SUVs [sport utility vehicles]. Sales of low-end products with 1.0-1.6 litre engines will likely decline in
The car market is a large end-market for plastics and polymers.
The American Chemistry Council (ACC) estimates that each automobile contains an average of $3,297 (€2,539) worth of chemicals, such as styrene butadiene rubber (SBR), acrylonitrile-butadiene-styrene (ABS), nylon (polyamide), polycarbonate (PC) and other synthetic fibres, paints and coatings.
Industry sources said they are cautiously optimistic about demand for chemicals in car applications this year.
“We see some adverse impact on
Borouge posted a strong growth for sales of plastics for car applications in 2011, the source said, without giving specific figures.
The company’s plastics sales in 2011 were higher than in 2010 when
The plastics industry will focus on technical innovation to make cars consume less fuel to drive demand, the source said.
($1 = €0.77)
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