Germany's VCI sees chemicals sector 'bright spots' as lifts forecast
Germany's chemicals industry association raised its annual output forecast on Wednesday, highlighting 'bright spots' after a better than forecast start to 2024 due to higher demand outside Europe, particularly in Asia, North America and Latin America. The VCI lobby group, which represents around 1,900 companies in Germany's third-largest industrial sector, now expects production volumes including pharmaceuticals to rise by 3.5%. "We are now looking to the future with a little more confidence, as growth prospects are slowly brightening," said VCI President Markus Steilemann, who is also Chief Executive of chemicals group Covestro.