Electronics and Textile Sectors Top Chemical Producers’ Targets in China
2007 forecast puts China’s sizzling GDP growth this year at a more modest 9.7%, as opposed to 10.4% in 2006. While the robust growth momentum at a rate higher than GDP growth will continue in most chemical application markets, some sectors will likely experience a similar slowdown. The challenges for chemical companies will be prioritizing their business development efforts and building market share.
A market sizing research by GIA Asia Pacific ranks electronics, information technology, and textile and garments as the fastest growing sectors for chemical applications in the short to medium term, thanks to their large consumption bases and continuing strong growth. Construction is expected to slow down in demand growth, albeit its large market size. The production bases of the automotives sector, as well as electrical machinery and equipment sectors will remain fairly sizable with growth rates comparable to GDP.
To tap into and expand in these high potential application markets, chemical companies could:
• Identify the application markets and the growth potential of their specific chemical segments
• Explore the needs and preferences of the existing and potential customers in the high potential application markets
• Investigate competitors in key application markets and their best practices
Corporate and business strategies formulated based on these hard facts and local insights will bring greater success to chemical companies.
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