The end of 2007 heralds a new 2008 with newer aspirations and hopes. Global GDP growth rate in 2007 is estimated around 5.2%,
at almost the same rate (5.3%) witnessed in 2006. This is possible because of about 7.5% growth in Asia mainly due to robust economies of China and India . China is estimated to show an excellent economic growth of almost 11% while India would show 8.9% in 2007. The subprime problems in USA have been one of the major concerns in 2007, heading the world's largest economy towards recession. The global economic slowdown forecast for 2008 led by USA , will hit Asia Pacific's exports, but will not be enough to derail the region's expansion.
China and India will continue to support an increase in demand of polymers. Polymer business in the Asian region is expected to grow by 7-8% in 2008, with both China and India expected to grow at about 10%.
Indian polymer industry continues to shine with a very spectacular growth exceeding 15% in 2007.
The total consumption of polymers for plastics application in India in 2007 financial year is expected to exceed 6.5 million tons and could inch towards 7 million tons.
Polyolefins have shown a growth of about 20% in 2007. LLDPE and HDPE are going to grow at more than 20%.
2008 will start with significant expansion as well as setting up of new petrochemical and polymer projects in India. A general overview of the global polymer industry for 2008 looks certainly rosy and stimulating.
India is expected to show at least 10% growth of polymer consumption in 2008.
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India's polyolefin consumption in 2007 was over 60% of total polymer consumption exceeding 6.5 mln tons
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