Domestic Firms to Drive China’s Chemical Sector Growth

by swisscham in Business

China’s chemical industry is expected to see its revenue expand at 9-11% between 2013 and 2015, with domestic firms largely driving growth, according to KPMG’s latest report on the sector. The report titled China’s chemical industry: The emergence of local champions highlights China’s stable economic growth. Together with steady urbanisation and infrastructure plans, ambitious sustainability targets, and a large Chinese middle class driving demand for consumer, auto, IT and electronic products, these factors all provide ample growth opportunities for the chemical industry in China. Norbert Meyring, KPMG China and Chemical Sector Head for China and Asia Pacific, says: “Chinese companies have reached a certain stage of development and are now increasingly exposed to global competition. The government too has adopted ambitious targets with regards to sustainability and self-sufficiency and chemical companies are expected to respond to this challenge. Driven by these forces, the industry is trying to restructure itself in order to become more competitive and rise up the value chain. This is evident from the emergence of the synthetic materials and specialty chemicals segments and the marginal retreat of basic chemicals.”

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