Recently published research from Business Monitor International, "Hungary Petrochemicals Report Q4 2014", is now available at Fast Market Research

Boston, MA -- (SBWire) -- 09/18/2014 --Although there is plenty of upside for the Hungarian petrochemicals industry, basic chemicals production has yet to see any benefit from rising growth and some polymer segments are not benefitting from the upturn in the overall economy, according to BMI's latest Hungary Petrochemicals Report.

In the first five months of 2014, Hungary's total rubber and plastics output grew by an average of 6.2% year-on-year (y-o-y), while chemicals output rose by an average of 14.9%. This compares with total manufacturing output growth of 10.3% y-o-y. In spite of the strong overall growth in chemicals, rubber and plastics, the output of basic chemicals was depressed as a result of external market pressures. In H114, leading Hungarian petrochemicals producer MOL reported that its total petrochemicals output declined 1.3% y-o-y to 464,000 tonnes.

The differences between overall indices and MOL's operating results demonstrate the uneven nature of the recovery of Hungary's chemicals and petrochemicals industries. However, investment continues to flow into the industry, while elsewhere in the EU capacity is being affected by plant closures.

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- With the resumption of production at MOL subsidiary TVK's temporarily closed 65,000 tonnes per annum (tpa) LDPE plant we forecast sustained growth in this segment in 2014, albeit with significant downside risks and recovering from historically low levels.

- Chinese-owned chemical company BorsodChem announced plans in July 2014 for a new hydrochloric acid condensation plant in Kazincbarcika, costing EUR84mn investment and supported by a EUR3.2mn Hungarian government grant. Hydrochloric acid is made during the isocyanate production process; recovery of chlorine can feed into the PVC chain. BorsodChem's chlorine unit has a capacity of 125,000tpa while its VCM production capacity is 220,000tpa. A secure source of cheap chlorine feedstock could enhance the competitiveness of Borsodchem's PVC chain.

- Hungary's macroeconomic landscape appears to be...

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