(prw) -- BASF believes its plastics division will outperform the global market's predicted 5% annual growth, due largely to the company's activities in Asia and its focus on speciality grades.
⌠Last year was far from easy, not only for BASF but for the entire plastics industry. In 2009, sales in the plastics segment dropped as a result of lower demand and falling prices, especially for standard products, said Dr Martin Brudermuller, the member of BASF's board of executive directors responsible for plastics and Asia Pacific. "Sales declined by more than 20% to ┬7.1bn.
As a result of changes in the market the chemicals giant implemented a strategy to reduce overcapacities for standard plastics while expanding its specialties business. According to Brudermuller ⌠shedding sites and activities that are no longer competitive or that are unable to meet our expectations for profitability will help BASF maintain long-term growth.
Instead the company is focusing on areas such as its biodegradable plastics operation Ludwigshafen, which is to be expanded. This trend has seen the sales percentage of speciality plastics rise from around 40% in 2006 to more than 50% today.
MRC
MRC Reference
BASF. The share in the Russian market in 2008:
PS - 9.1% (GPPS - 5.9%, ABS - 11.4%, EPS - 10.6%).
Annual sales growth in Russia over the 5 years:
PS - 15%.
Imports by polymers processing technologies:
foaming;
injection molding