LONDON (ICIS)--Global chemicals production, including pharmaceuticals, will grow by 4.5% in 2014, the same rate as expected production growth for the sector in 2013, Germany’s chemicals trade group, the VCI, said on Thursday.
Chemicals production growth in the EU, including pharmaceuticals, is likely to improve to 1.5% from 0.5% in 2013, the trade group forecasts. Chemicals growth in the US is expected to rise to 2.0% from 1.0% in 2013 but for China to contract to 10.0% from 12.0%.
The generally slow improvement in the global economy is reflected in the higher chemicals output projections for 2014 in the EU and the US.
Chemicals production has improved in 2013 as the year has progressed but year on year there have been steep contractions in segments such as petrochemicals.
“The upward trend in global chemical production lasted in the third quarter 2013 but this trend, too, was less dynamic than in the preceding three months,” the VCI said. Global chemical production in the third quarter was up 0.9% on the previous quarter and 4.9% higher than in the third quarter of 2012, although the growth came largely from emerging economies.