Due to the sluggish demand and production conditions in the first half of the year, the European Chemical Industry Council (Cefic), in its latest forecast, significantly reduced its EU chemical production forecast this year to 1.6%. EU chemicals companies are generally not optimistic about the market in the second half of the year. Cefic expects that the chemical industry will be sluggish for a few months.
In November last year, in the context of industrial and economic recovery, Cefic had predicted that the output of chemicals (excluding pharmaceuticals) will increase by 2.4% this year in 25 EU member states. As global economic growth began to decelerate, the rising price of crude oil suppressed global economic vitality, high oil prices and the strength of the euro will make the competitiveness of European chemical industry decline, so Cefic lowered this expectation.
The impact of slowing economic growth varies from industry to industry, with the finest and specialty chemical industries hit hardest. The expected growth rate in 2005 is only 0.6%, far below the 3.3% in 2004; basic inorganic chemicals Affected by sluggish demand, production is expected to increase only 1.4% in 2005, slightly lower than 1.5% last year; plastic and synthetic rubber production is estimated to increase by 1.5%, last year was 2.5%; Petrochemical production is expected to increase by 2.8%, compared with 3.0% last year; however, pharmaceuticals and household chemicals are expected to maintain high growth this year.
Cefic hopes that the European chemical industry will improve in 2006 and expects the annual growth rate to increase to 1.9%.
In November last year, in the context of industrial and economic recovery, Cefic had predicted that the output of chemicals (excluding pharmaceuticals) will increase by 2.4% this year in 25 EU member states. As global economic growth began to decelerate, the rising price of crude oil suppressed global economic vitality, high oil prices and the strength of the euro will make the competitiveness of European chemical industry decline, so Cefic lowered this expectation.
The impact of slowing economic growth varies from industry to industry, with the finest and specialty chemical industries hit hardest. The expected growth rate in 2005 is only 0.6%, far below the 3.3% in 2004; basic inorganic chemicals Affected by sluggish demand, production is expected to increase only 1.4% in 2005, slightly lower than 1.5% last year; plastic and synthetic rubber production is estimated to increase by 1.5%, last year was 2.5%; Petrochemical production is expected to increase by 2.8%, compared with 3.0% last year; however, pharmaceuticals and household chemicals are expected to maintain high growth this year.
Cefic hopes that the European chemical industry will improve in 2006 and expects the annual growth rate to increase to 1.9%.
Hydraulic Filter Series,Hydraulic Oil Filter,Hydraulic Filter Oil Filter,Hydraulic Oil Filter Element
Xinxiang Zhike Machinery Equipment Co.Ltd , https://www.zhikefilter.com