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U.S. Citigroup analysts recently said that the U.S. auto industry has begun to “return to life†and will stimulate the U.S. chemical industry to achieve profitable growth in 2010 and 2011.
Citigroup chemical analyst Yu Fanka said that in 2010, US light vehicle production will increase from 8.5 million in 2009 to 11.5 million, an increase of about 35%. The strong rebound in automobile production will stimulate the increase in demand in the chemical market because of the current use of chemicals in many parts of the car, especially plastics. According to the statistics of the American Chemical Industry Council (ACC), currently, the United States uses about 331 pounds (150 kilograms) of plastic on average for each car produced, and the chemicals and related technologies involved are worth about $2,700.
Yu Fanka further pointed out that the unprecedented prosperity of China's auto market has also formed good for American chemical industry. In November 2009, the sales volume of passenger vehicles in China increased by approximately 98% year-on-year to approximately 1 million vehicles. He analyzed that the main benefit of the significant increase in car sales was in chemical companies including: PPG Industries, where automotive products accounted for 14% of the company's sales revenue (the same below); DuPont, which accounted for 13%; Celanese Corporation, which accounted for 8%; Dow Chemical Company, accounting for 8%. He also raised the EPS of 2009 and 2010 for some chemical companies. Among them, Dow Chemical raised EPS by 10 cents to 47 cents in 2010. EPS increased by 8 cents to 165 cents in 2011; DuPont increased its EPS by 6 cents to 2.01 US dollars in 2010, and EPS increased by 15 in 2011. The cent rose to $2.35.
Citigroup chemical analyst Yu Fanka said that in 2010, US light vehicle production will increase from 8.5 million in 2009 to 11.5 million, an increase of about 35%. The strong rebound in automobile production will stimulate the increase in demand in the chemical market because of the current use of chemicals in many parts of the car, especially plastics. According to the statistics of the American Chemical Industry Council (ACC), currently, the United States uses about 331 pounds (150 kilograms) of plastic on average for each car produced, and the chemicals and related technologies involved are worth about $2,700.
Yu Fanka further pointed out that the unprecedented prosperity of China's auto market has also formed good for American chemical industry. In November 2009, the sales volume of passenger vehicles in China increased by approximately 98% year-on-year to approximately 1 million vehicles. He analyzed that the main benefit of the significant increase in car sales was in chemical companies including: PPG Industries, where automotive products accounted for 14% of the company's sales revenue (the same below); DuPont, which accounted for 13%; Celanese Corporation, which accounted for 8%; Dow Chemical Company, accounting for 8%. He also raised the EPS of 2009 and 2010 for some chemical companies. Among them, Dow Chemical raised EPS by 10 cents to 47 cents in 2010. EPS increased by 8 cents to 165 cents in 2011; DuPont increased its EPS by 6 cents to 2.01 US dollars in 2010, and EPS increased by 15 in 2011. The cent rose to $2.35.
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