17 November 2013 22:30 [Source: ICIS news]
CARTAGENA, Colombia (ICIS)--Market sentiment points to significant demand improvement for chemical products in Latin America in 2014, which will be starting from a disappointing 2013 base, sources said on Sunday.
Chemicals demand growth in Latin America was weaker than expected in 2013, to a great extent because of concerns about the European economy and China’s slowing growth, the sources said on the sidelines of the Latin American Petrochemical Association (APLA) annual meeting.
The Latin American chemicals market was gauged as lethargic this year, as worries about the economies of Greece and Spain and the downward revised growth projections for China drove a risk-averse environment in other regions, according to the sources.
However, industry participants in Latin America are projecting healthy growth in 2014 in mining, petroleum and gas, construction, agrochemicals, pharmaceuticals and personal care products, and polyurethane (PU) products.
Demand for PU commodity products such as mattress should rise in 2014 in line with projections of improving economies and purchasing power in Latin America, the sources said.
Also, increasing construction in Latin America will drive greater demand for paints and plastic resins such as polyvinyl chloride (PVC), according to the sources.
The APLA conference ends on Tuesday.
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