20 November 2013 15:46 [Source: ICIS news]
DUBAI (ICIS)--Global demand for Versalis's polyethylene (PE) products might recover next year, partly boosted by a projected improvement in the world economy, the company's CEO Daniele Ferrari said on Wednesday.
"In the polyethylene market we experienced a dramatic decrease of the demand in the last six years and we expect that this decline will come to an end, with a possibility of a slight recovery [1-1.5% year on year] in the coming years," Ferrari said on the sidelines of the 8th GPCA Forum.
Global economic growth is expected at around 3.5-4% in 2014, driven by emerging countries and North America, whose economy will be boosted by competitive energy costs, according to Ferrari.
"Coming to the European market, our forecasts do not predict a great recovery in 2014, however, we do see possible improvement for the second part of the year," he said.
Versalis expects its styrenics business to grow by 2% year on year in 2014, driven by Asian consumption, according to Ferrari.
"The market environment in the elastomers sector is facing a tough set of conditions this year, but should benefit from a slight recovery in the automotive sector [next year], especially in the high performance area, with an expected growth rate of about 3-4% [year on year] worldwide and 1-2% in Europe," he added.
Versalis is the chemical subsidiary of Italian energy major Eni.
|ICIS news FREE TRIAL|
|Get access to breaking chemical news as it happens.|
|ICIS Global Petrochemical Index (IPEX)|
Asian Chemical Connections