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China has become an important market for European chemical companies.
Release time:
2013-04-25
China Glue Network News:
China is a key market highly favored by the world, and today it has also become one of the most important markets for European chemical companies. Most European chemical companies expect that, in the process of developing China’s vast domestic market, half of their planned total investment will be absorbed by China.
As the world’s second-largest economy, China offers abundant opportunities thanks to its enormous market growth potential, according to Thierry Le Henaff, CEO of France’s Arkema. “While the emergence of new competitors does pose a challenge, the benefits far outweigh the drawbacks.” Arkema already has five factories in China and plans to establish its first R&D center there next year.
China produces large quantities of chemicals for its manufacturing, automotive, construction, and agricultural sectors, including plastics, dyes, paints, detergents, and fertilizers. Last year alone, China’s sales of chemicals in both domestic and international markets reached 794 billion U.S. dollars.
There is a possibility of slower economic growth in China, but this is unlikely to dampen the enthusiasm of European chemical companies, as China’s growth rate will still outpace that of Europe or North America.
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