China's chemical market sizzling hot

Swiss company forecasts world's No 1 spot for the country in five to 10 years

Swiss specialty chemicals producer Clariant AG said on Thursday that China will overtake the United States to become the world's largest chemicals market in the next five to 10 years despite an economic slowdown.

"The country's GDP growth rate is about 6.5 percent now and when you look at the chemicals sector, it is about 5 to 6 percent, a growth rate that you find nowhere in the world can match. That means even though China has short-term setbacks in its economy, the fundamental picture for the chemicals market will not change in the long term," said Christian Kohlpaintner, member of the executive committee of Clariant International AG.