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According to Kevin Swift, senior manager of economics and statistics at ACC, due to the reduction of downstream stocks, global chemical demand is expected to increase by 4% in 2007, and then adjust to 3.6% in 2008. Chemical production in 2006 is expected to increase by 3.8%.
Demand in Western Europe is accelerating, while China, India, and other emerging regions are accelerating their pace of development, offsetting the shrinking market demand in the United States, Japan, and Latin America. It is expected that the US chemical industry will continue to grow at a growth rate of 3.2% in 2007 and may decrease to 2.5% in 2008.
The growth rate of the non-pharmaceutical industry in the United States is expected to decrease from 4.5% in 2006 to 1.9% in 2007. In 2006, the American chemical industry recovered from the hurricane disaster in the Gulf of Mexico in 2005. The operating rate of equipment has risen sharply, and profits have also increased strongly.
Global chemical industry will continue to be a new growth year in 2007
According to the 2007 forecast report released recently by the American Chemical Commission (ACC), the global chemical industry will continue to be a new growth year in 2007, but the growth rate will slow down because it has entered a period of cyclical maturity.