Global plasticizers demand to grow 3.5% on Asia’s lead

13 September 2012 12:27  [Source: ICIS news]

HONG KONG (ICIS)--Global demand for plasticizers is expected to grow at an annual rate of 3.5%, with Asia taking the lead in consumption, an industry official said on Thursday.

Current plasticizers demand globally is around 6.5m tonnes, with Asia consuming about 3.5m tonnes or 54% of the total, KLJ Group director Pushp Jain told delegates at the International Plasticizers & Upstream Summit in Hong Kong.

Asia’s demand is projected to grow at the faster pace of 4-6% as consumption in India alone is likely to increase by more than 10% on an annual basis, said Jain.

But the forecast increase in India’s demand faces some risks as its economy is slowing down, he said.

India’s GDP growth was almost 9.8% until 2010, with current estimates lowered to less than 6% due to local and global factors, he added.

“The Indian government has taken numerous of fiscal measures to curtail high inflation rates and to control consumer prices, which would result in growth at a slower pace,” Jain said.

The summit runs from 13-14 September.

By: Samuel Wong

AddThis Social Bookmark Button

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.

Printer Friendly