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Boston, MA -- (SBWIRE) -- 02/08/2013 -- BMI's Slovakia petrochemicals report examines how trends in the automotive industry are impacting on output growth and investment in petrochemicals. This report examines investment risks and the impact of a slowdown in exports. It also analyses the growth and risk management strategies that are being employed by the leading players in the petrochemicals sector, as they seek to adapt to an increasingly uncertain market environment.
Although plastic and rubber output declined in 2012, the rate of contraction was far smaller than Slovakia's regional peers due to the robust performance of the country's highly competitive automotive industry. Car production continued to grow in 2012, albeit at more modest rates, and this rate of growth is expected to be sustained through the forecast period.
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Going into 2013 BMI believes that the Slovakian petrochemicals industry has passed the worse and should experience greater stability, although this cannot be guaranteed. Since economic growth was almost entirely generated by the external sector in 2012, the country will remain vulnerable to further slowdown in the eurozone as a result. Export trends will be reflected in the performance of the country's petrochemicals industry.
BMI has revised the following forecasts:
- Fiscal austerity measures and moderating external demand will weigh on Slovak economic growth in
- 2013 and this could have repercussions for an otherwise robust industry.A lack of locally sourced ethane and naphtha feedstocks will force Slovakia's petrochemical industry to depend on imports, which will erode competitiveness. However, expansion may be justified in the context of exponential growth in the automotive industry.
- Despite the country's domestic market potential, ethylene and PE capacities will most likely remain constant at 210,000tpa and 178,000tpa respectively until end-2015 when a new LDPE plant will replace some ageing units in Bratislava. The plans will increase PE capacity to 220,000tpa as well as improve the competitiveness of the PE sector.
- Slovakia's position in BMI's Business Environment Ratings for the petrochemical industry in Central and Eastern Europe has risen from sixth to fifth place with its score increasing 3.7 points to 50.1. While Slovakia has a relatively small petrochemicals industry, the country's infrastructure, improved regulatory environment and the potential for growth, particularly with rising demand from the automotive industry, makes the country an attractive destination for investors in the petrochemicals and plastics industry.
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