A more optimistic outlook for the global economy and chemicals could be jeopardized by rising geopolitical instability.

- Current downturn reminiscent of 1970’s oil shock

- Global GDP growth could start to recover from 2025

- Geo-political risks are rising and could jeopardise economy

- Chemicals CEOs slightly more upbeat

- PMIs show China manufacturing now expanding

- But China challenged by debt, property bubble, youth unemployment, demographics

- Expect 2-3%/year China GDP growth in 2030s as population declines

- Europe economy is stabilising, driven by services

- US economy should see a soft landing

Market players expressed bearish views on consumption throughout value chains at the recently concluded polyurethanes exhibition and conference UTECH Europe held between 23-25 April 2024 in Maastricht, the Netherlands.

ICIS isocyanates (toluene diisocyanate -TDI and methylene diphenyl diisocyanate-MDI) and polyols, European market editor, Zubair Adam and ICIS senior analyst for isocyanates and polyols, Umberto Torresan who attended the event share their engagements and discuss future developments that will shape future demand in Europe for these products.

SINGAPORE (ICIS)--ICIS analyst Sijia Li, Yvonne Shi, Zhibo Xiao, Lucy Shuai, Joanne Wang and Cindy Qiu discuss the development trend of China's polyolefins and polyester market.