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Specialties: Cautiously optimistic market outlook

 Last Update: 2022-08-27
 Source: Internet
 Author: User

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The spread of the new crown pneumonia epidemic has caused an extremely difficult industry development in 2020, and the market outlook is still uncertain.

The successful development and launch of a vaccine against the new coronavirus has boosted expectations for global GDP growth and chemical demand in 2021

At the same time, many governments around the world have announced post-pandemic economic recovery plans focused on sustainable development and climate neutrality

In addition, M&A activity, a notable feature of the specialty chemicals industry, is likely to remain active in 2021

China is expected to remain the largest consumer of specialty chemicals through 2025, with demand growing faster than North America, Western Europe and Japan, IHS Markit said

Other markets in Asia and the Middle East are also developing the specialty chemicals industry
.
The Confederation of Chambers of Commerce and Industry of India (FICCI) and the Gulf Petrochemicals and Chemicals Association (GPCA) published two separate reports in 2020, saying that the development of the specialty chemicals industry will be a strategic priority for both regions
.
Saudi Basic Industries Corporation (Sabic) announced in October that its specialty chemicals business would start operating as a separate business unit by the end of 2020
.

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