17 May 2013 18:00 [Source: ICIS news]
LONDON (ICIS)--Five years after the global economic and financial crisis, sales and production in ?xml:namespace>
In an update, Frankfurt-based Verband der deutschen Lack- und Druckfarbenindustrie, said that even in 2013 the industry would not regain its pre-crisis levels, mainly because of recessions in many European economies and only "mini-growth" in Germany.
Rather, the group projected that the industry’s 2013 sales volumes would decline by up to 2% from 2012, with sales expected at €7.7bn ($9.9bn).
The group said that sluggish economic growth in the first months of 2013 was weighing on the industry.
Klaus Meffert, the group’s president, said that in March business condition were “catastrophic”, largely because of an extended cold-weather period that hurt sales to the construction and building sector.
Meffert added that
Meanwhile, the recession in
Customers were cautious in placing orders – in particular for furniture and wood coatings, as well as for coatings in the automobile, electro and metals sectors, the group said.
($1 = €0.78)
Paul Hodges studies key influences shaping the chemical industry in his Chemicals and the Economy Blog
|ICIS news FREE TRIAL|
|Get access to breaking chemical news as it happens.|
|ICIS Global Petrochemical Index (IPEX)|
Asian Chemical Connections