BASF expects China sales to double by 2020

BASF expects its sales in China to more than double and reach $36 billion by 2012 in line with the rapid urbanization in the world’s second largest economy, according to Martin Brudermueller, vice chairman of the board of executive directors.

He said the optimistic forecast for sales in China has been fuelled by the rise in consumption of goods which creates huge demand for chemicals needed in manufacturing. The world chemical market will be worth $3 trillion by 2020, up 50% from now -- and half of that increase will come from China, Mr. Brudermueller added.

In 2010, BASF announced it would devote half its total planned investments to China until 2014. The company employs more than 7,000 people in the country and operates facilities Shanghai and the eastern city of Nanjing, with another one to come online in 2014 in the southwestern municipality of Chongqing.