At the annual press conference held in Frankfurt, the German Chemical Industry Association (VCI) revised its growth forecast for the country's chemical sector in 2005. The new projection now stands at over 6%, more than doubling the previous estimate of 2.5%. However, the pace of growth is expected to slow down this year.
According to WNA Wenning, president of Bayer and newly appointed chairman of VCI, the industry has been driven by strong demand from manufacturing customers, particularly in the third quarter of last year, when production rose by 6% compared to the previous year. This positive trend has given chemical companies confidence that robust growth will continue at least through the first half of 2005.
In 2004, the German chemical industry saw sales rise by 7%, reaching 152 billion euros (around $178 billion). Although there was a brief slowdown in the second quarter, the sector maintained steady growth throughout the year. VCI also announced that this year, both output and sales are expected to increase by 2.5% and 3.5%, respectively.
The updated forecasts reflect the ongoing strength of the industry, supported by strong global demand and continued investment in innovation and sustainability. Despite economic uncertainties, the German chemical sector remains a key player in the global market.
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