The year 2011 will be remembered as the year with the highest catastrophe-related economic losses in history. Of these, the earthquake in Japan impacted the global petrochemicals, automotive and allied industries. Revolts in the Middle East and North Africa led to volatility in oil prices. Oil demand slowed down due to an estimated slowdown in economic growth in China, the fiscal crisis in Europe and deteriorating demand in USA. The world faces considerable downside risks from the Eurozone crisis leading to a trim down of 2011-12 GDP growth forecasts in most countries including China and India. Shale gas development in USA is heralding a major shift in the global petrochemical industry. The US petrochemical industry has announced significant expansions of petrochemical capacity, reversing a decade-long decline. Global polymer consumption for the year 2011 is forecast to be either stagnant or weak. Indian polymer industry in 2011 is expected to be either stagnant or show some modest growth. Generally the second half of financial year (from April- March) in India shows better performance compared to the first half. Overall Indian plastic consumption in 2011 could be around 9.7 mln tons compared to 9.5 mln tons in 2010. Polyolefin comprising of PE & PP could show consumption of around 5.7 mln tons. PVC and Styrenics could show consumption of about 2.4 mln tons. PET film and bottle consumption could reach about 0.8 mln tons. All other plastic resins including thermosets could have consumption of another 0.8 mln tons
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