European chemical output to grow by 2% in 2012-2020 period, compared with 40% rise in North America, 48% rise in Asia Pacific, says trade association Cefic; European chemical manufacturers considering growth carefully in 2014 following low upturn in 2013

LONDON , February 13, 2014 () – Data from Cefic, a European trade group based in Belgium, see European chemicals output down by 0.7% in Jan-Sep 2013. The Cefic estimate in Jun 2013 suggested that output would contract in 2013 but would likely grow by 1.5% in 2014. However, European chemical companies may possibly continue to run their plants to correspond with demand and to minimize production costs in 2014. Cefic also predicted that European chemical output would grow by 2% in 2012-2020, compared with a rise of 40% in North America and 48% in Asia Pacific. European chemical manufacturers are considering growth carefully in 2014 in light of the fact that the upturn rate was low in 2013, as echoed by the BASF CEO end Nov 2013. VCI, a Germany-based chemical trade group, anticipates a 2.0% growth in German chemical production in 2014. It also revealed in Dec 2013 that sales could increase by 1.5% to EUR 191 bn. VCI data also displayed a rise by 1.5% in 2013 in German chemical production, inclusive of pharmaceuticals.

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