With the recovery of the chemical market, the production of chemicals in the United States and the world in 2011 is expected to continue to grow at a rate of 5%. Kevin Swift, chief economics and management officer of the American Chemical Industry Council, said in the "Year-end Status and Forecasts 2010" report released last weekend.
According to the American Chemical Industry Council, the production of chemicals in all regions of the United States increased in 2010, with the Gulf of Mexico and Ohio valleys showing the most significant increase. The council predicts that the US chemical output value will reach US$734 billion in 2010, an increase of 8.8% from 2009, but it is still lower than the peak value set in 2008. With the further recovery of the economic environment in 2011 and the demand for basic chemicals and plastics exports, it is expected that the US chemical production will increase by 5.1%. The council also expects that the US chemical production will further increase by 5% in 2012, but the high unemployment rate, weak consumption and sluggish housing market have made the overall economic recovery of the United States slower.
One of the larger factors that has caused a dramatic increase in US chemical production is strong exports, which are driven by strong growth in global emerging economies and improved production costs in the US chemical industry. Kevin Swift pointed out that in 2010, the US export market grew rapidly. U.S. chemical products are mainly made of natural gas and natural gas condensate (NGLs) such as ethane. The rise in oil prices has made U.S. chemical producers in an advantageous position in the competition. In addition, due to the development of more shale gas, the natural gas reserves in the United States have increased by one-third in the past five years, which has led to a drop in the prices of natural gas and NGLs in the United States.
According to calculations by the president of the American Chemical Industry Council and CEO Carl Doyle, in the United States, chemical exports will increase by 17% in 2010, and the chemical industry will shift to a trade balance. From the 2009 deficit of 100 million U.S. dollars, it will reach a surplus of 3.7 billion U.S. dollars, which will be the highest in 10 years. Good year. The development of shale gas has enabled American chemical manufacturers to have a strong competitive advantage in the global market.
In addition, Swift also said that by the end of 2010 to 2012, global chemical production will grow at a reasonable rate. With the recovery of the global economy, the global chemical industry reached US$3.4 trillion in 2010, an increase of 8.8%. In addition, with the continuous improvement of global economic conditions, it is expected that world chemical production will increase by 5.4% in 2011 and will increase by 5.1% in 2012.
According to the American Chemical Industry Council, the production of chemicals in all regions of the United States increased in 2010, with the Gulf of Mexico and Ohio valleys showing the most significant increase. The council predicts that the US chemical output value will reach US$734 billion in 2010, an increase of 8.8% from 2009, but it is still lower than the peak value set in 2008. With the further recovery of the economic environment in 2011 and the demand for basic chemicals and plastics exports, it is expected that the US chemical production will increase by 5.1%. The council also expects that the US chemical production will further increase by 5% in 2012, but the high unemployment rate, weak consumption and sluggish housing market have made the overall economic recovery of the United States slower.
One of the larger factors that has caused a dramatic increase in US chemical production is strong exports, which are driven by strong growth in global emerging economies and improved production costs in the US chemical industry. Kevin Swift pointed out that in 2010, the US export market grew rapidly. U.S. chemical products are mainly made of natural gas and natural gas condensate (NGLs) such as ethane. The rise in oil prices has made U.S. chemical producers in an advantageous position in the competition. In addition, due to the development of more shale gas, the natural gas reserves in the United States have increased by one-third in the past five years, which has led to a drop in the prices of natural gas and NGLs in the United States.
According to calculations by the president of the American Chemical Industry Council and CEO Carl Doyle, in the United States, chemical exports will increase by 17% in 2010, and the chemical industry will shift to a trade balance. From the 2009 deficit of 100 million U.S. dollars, it will reach a surplus of 3.7 billion U.S. dollars, which will be the highest in 10 years. Good year. The development of shale gas has enabled American chemical manufacturers to have a strong competitive advantage in the global market.
In addition, Swift also said that by the end of 2010 to 2012, global chemical production will grow at a reasonable rate. With the recovery of the global economy, the global chemical industry reached US$3.4 trillion in 2010, an increase of 8.8%. In addition, with the continuous improvement of global economic conditions, it is expected that world chemical production will increase by 5.4% in 2011 and will increase by 5.1% in 2012.
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