German chemical industry grows twice as expected last year but will slow this year

September 17, 2023

At the annual press conference in Frankfurt, the German Chemical Industry Association (VCI) raised its chemical industry growth forecast for 2005. It is expected that the growth rate will be more than double the previous forecast of 2.5%, which can reach 6%. But this year will slow down.
According to WNA Wenning, president of Bayer, VCI’s new chairman, the chemical industry was supported by strong demand from manufacturing customers, especially in the third quarter of last year, with production up 6% from the previous year. Chemical manufacturers have reason to believe that strong industry development will continue at least until the first half of this year. VCI said that last year, German chemical industry sales increased by 7% to 152 billion euros (US$178 billion). Although there was a brief pause in the second quarter, it maintained a continuous growth for the whole year. According to the president of the German Chemical Industry Association, this year's German chemical industry output and sales will increase by 2.5% and 3.5% respectively.

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