Emerging economies outpace industrial countries in chemicals production

During the period from 2005 to 2010, the EU chemicals industry (including pharmaceuticals) showed the second most modest growth rate compared with the biggest regions in the world. The EU chemicals sector grew by 1.6 per cent, well below the world chemicals industry average growth rate of 4.1 per cent.

During the period from 2005-2010, the chemicals industry (including pharmaceuticals) in the North American Free Trade Agreement Area (NAFTA) showed a negative growth rate on average. This is due to the spill-over effects of the crisis in the United States in 2008 and 2009.

The Asia-Pacific region outpaced growth in EU and US markets, with average growth rates of 10.8 per cent in chemicals, including pharmaceuticals, during the past five years. Asia is heavily influenced by the extraordinary performance of the Chinese chemicals sector and a booming economic climate in China, especially its industrial sector.

Emerging economies are outpacing industrial countries in chemicals production and have been pushing up the average growth rate of world chemicals production during the past ten years.