European chemical output to rise 1% in 2016: Cefic
by ChemOrbis Editorial Team - content@chemorbis.com
According to data from the European Chemical Industry Council, Cefic, chemicals production in the European Union (EU) will grow 1% in 2016 following an expected growth rate of 0.5% for this year. Cefic reported that the EU chemical sector would see modest growth in domestic and global demand.
According to Cefic, 2015 was a challenging year for the European chemical industry because of declining buying appetite from key industries, competition from non-European firms and economic slowdowns in important export markets.
Hubert Mandery, Cefic Director General, said, “Although we are forecasting a slight uptick compared to the previous year, the conditions under which this modest growth took place – such as low oil prices and a favorable Euro/dollar exchange rate - cannot be expected to last indefinitely”.
According to Cefic, 2015 was a challenging year for the European chemical industry because of declining buying appetite from key industries, competition from non-European firms and economic slowdowns in important export markets.
Hubert Mandery, Cefic Director General, said, “Although we are forecasting a slight uptick compared to the previous year, the conditions under which this modest growth took place – such as low oil prices and a favorable Euro/dollar exchange rate - cannot be expected to last indefinitely”.
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