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Global economies went through a roller coaster ride in 2009. The financial crisis peaked in March when Wall Street's key indicator Dow Jones, fell for the first time in over 12 years to below 7,000 points. Around that time, USA's Federal Reserve System launched a US$200 bln consumer aid plan to ease the deeper-than-anticipated crisis that immobilised equity and exchange markets. This led Central banks and governments across the globe to take charge of the situation, leading to the launch of major stimulus programs. Most economists and experts believe that the worst is over and there is a discerning recovery all around the World. Supported by fiscal and monetary policy, as well as government legislative intervention, the global economy is showing signs of recovery. USA and the Eurozone came out of the recession as summer 2009 ended. While USA, Japan and EU are expected to produce low or even negative GDP figures for 2009, Asia's bold GDP run is expected to slow to 5.3-5.5%. China and India will be the major growth drivers in this region, indicating that the financial stimulus packages given by Chinese and Indian Governments have worked in enhancing economic growth in 2009.
Polymer price fluctuations in 2009 were not as volatile as in 2008, though prices fluctuated about 40-65% from the minimum to maximum levels. LDPE price fluctuations were on the higher side while LLDPE, PP and PVC fluctuations were level. Polymer producers saw healthy margins in 2009 on account of continued high prices on robust demand from China.
The economic recession of 2008 and slower recovery in some parts of the World has taken a toll on the petrochemical and polymer industry in Americas, Europe and Japan. Consolidation as well as closures of uneconomic plants took place in these regions and is expected to continue. However, increased investments in refineries, crackers and petrochemical and polyolefin projects were seen in Asia, particularly in China and India, as well as in the Middle East, particularly Saudi Arabia. Asia Pacific region is expected to show polymer growth of 6% or even more. Globally, polymers are expected to show a modest growth of about 3% due to rather flat growths in the developed economies. Global polymer consumption in 2009 is estimated to be around 250-260 mln tpa.
Estimated Polymer Consumption in India in FY-2009
Polymer (KT)
Polyolefins 4600
PVC 1750
PS 290
ABS/SAN 100......                    (Details inside)
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