19 March 2013 07:30 [Source: ICIS news]
SINGAPORE (ICIS)--Asia’s chemical sales are expected to grow at a compounded annual growth rate (CAGR) of about 4-5% through to 2020, consulting and analyst firm Frost & Sullivan said on Tuesday.
European chemical sales, meanwhile, are expected to grow at a CAGR of less than 2% per year through to 2020, it said in statement.
“While other developed regions are flat or fragile, Asia is the growth region for the global chemical industry,” said Krithika Tyagarajan, senior director at Asia Pacific Frost & Sullivan’s chemicals, materials and food practice.
The Asian chemical industry is set to grow at 7% per year, according to Tyagarajan.
The global chemical industry grew from $1,800bn (€1,386bn) in 2001 to about $3,700bn in 2012, according to Frost & Sullivan.
"The per capita consumption of most chemicals in Asia is much lower than the developed markets indicating a large untapped potential from these developing economies,” Tyagarajan added.
($1 = €0.77)
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