PODCAST: Demand flops in chemical markets around the world, gloomy outlook
BARCELONA (ICIS)–Chemical markets around the world are suffering from collapsed demand conditions and oversupply with no prospect of a turnaround in the coming months.
- Demand failure globally in Q2, traditionally the strongest of the year
- Hopes of rebound in 2024, but no evidence for this
- Consumers focus on basics as wages not keeping pace with high inflation, interest rates
- Economic drag caused by rising elderly demographic
- Huge growth in chemicals capacity, especially in China
- Prospect of deflation if Ukraine war ends
- China switches from world’s biggest net importer to exporter of many chemicals
In this Think Tank podcast, Will Beacham interviews ICIS Insight Editor, Nigel Davis, ICIS Senior Consultant Asia, John Richardson, and Paul Hodges, chairman of New Normal Consulting.
Editor’s note: This podcast is an opinion piece. The views expressed are those of the presenter and interviewees, and do not necessarily represent those of ICIS.
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