Industry - Global Industry Forecasts - Chemicals
While energy prices have fallen sharply, we do not expect sectoral production to pick up meaningfully until H2 2024. Even with interest rates likely to fall over the next few months, we expect higher interest rates from previous periods to dampen growth across 2024. Benefits from looser monetary policy are likely to materialise towards the end of 2024 and start of 2025. Basic chemicals output is vital across nearly all industrial subsectors, and as such subdued industrial activity in some regions will result in poor demand for sectoral output. However, there are signs that destocking has run its course. Whilst restocking is yet to materialise, there are signals that the manufacturing sector is beginning to expand.
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