Chemicals cluster forecasts brighter business prospects

A net weighted balance of 2% of firms projects improved business conditions in 2Q-3Q.

More firms within the chemicals cluster predict better business conditions from April to September.

“A net weighted balance of 2% of firms in the chemicals cluster are projecting improved business conditions for the period of April to September 2024 relative to 1Q24, a slight improvement from the net weighted balance of 0% recorded in the preceding quarter,” the Ministry of Trade and Industry (MTI) reported.

The MTI also shares this optimism, noting that the chemicals clusters will continue to grow, supported by ongoing demand for petrochemicals from key export markets and capacity expansions to meet the rising demand for sustainable chemical products.

In 1Q24, there were large capacity expansions to support the production of sustainable aviation fuel in Singapore, boosting production within the specialty chemicals segment by 17.2% YoY. 

Meanwhile, the petrochemical segment output turned expansionary, rising 13.2% YoY.
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